Trainee reporter Wen Yan
On the evening of April 24, the Shanghai Stock Exchange issued a regulatory warning to Huang Wei, the then secretary of the board of directors of Furong Technology.
On the evening of the same day, Furong Technology announced that the company recently received the "Decision on Issuing a Warning Letter to Sichuan Furong Technology Co., Ltd. and Huang Wei" issued by the Sichuan Securities Regulatory Bureau.
The reporter noticed that the regulatory authorities took turns to warn Furong Technology, all of which were due to the fact that it was classified as an AI concept stock after it replied to investors on the SSE interactive platform, resulting in a number of daily limits for the stock price, and the market value once exceeded 10 billion yuan.
Rub on the concept of AI
After regulatory investigation, after the close of trading on February 29, Furong Technology replied to investors on the SSE interactive platform: "The Samsung S24 series mobile phones, Google Pixel 8 series mobile phones and other products supplied by the company all have AI functions. The company has been the main supplier of Samsung, Google and other end customers. In the future, with the continuous application of AI technology, the company will supply more and more products with AI functions. ”
On March 1, Furong Technology was listed as an AI-related concept stock such as "AI mobile phone" by the market, and closed the daily limit for 4 consecutive trading days from March 1 to March 6, with a cumulative increase of 46.51%.
After regulatory supervision, Furong Technology announced on March 5: "After the company's self-inspection, regarding the supply of AI smartphones, the company currently mainly provides aluminum middle frame structural parts for Google Pixel 8 and Samsung S24 mobile phones with AI functions, which have nothing to do with chips directly related to AI functions." ”
On March 7, Furong Technology announced that "the company's products do not have AI functions".
Furong Technology is mainly engaged in the research and development, production and sales of aluminum structural materials for consumer electronics, the main products are aluminum structural materials for consumer electronics, which are further processed for smart phones, tablets and laptops.
Regulatory warnings are given
The SSE pointed out that Furong Technology released AI-related information on the SSE e-interactive platform, but did not explain that its products have nothing to do with AI functions according to its actual situation, and the information released was inaccurate and incomplete, which may mislead investors' decision-making.
The above-mentioned behavior of Furong Technology violated Article 1.4 of the Rules Governing the Listing of Stocks on the Shanghai Stock Exchange (hereinafter referred to as the "Stock Listing Rules") and Articles 7.1.1, 7.5.3 and 7.5.4 of the Self-Regulatory Guidelines for Listed Companies on the Shanghai Stock Exchange No. 1 - Standardized Operation.
Huang Wei, the then secretary of the board of directors of Furong Technology, failed to be diligent and responsible for the above violations as the specific person in charge of information disclosure affairs. His conduct violated Articles 4.3.1, 4.3.5 and 4.4.2 of the Stock Listing Rules and the commitments made in the Declaration and Undertaking of Directors (Supervisors and Senior Management).
Based on the facts and circumstances of the above-mentioned violations, the Shanghai Stock Exchange issued a regulatory warning to Huang Wei, then secretary of the board of directors of Furong Technology, in accordance with Article 13.2.2 of the Stock Listing Rules and the relevant provisions of the Measures for the Implementation of Disciplinary and Regulatory Measures of the Shanghai Stock Exchange.
The SSE pointed out that under the circumstance that AI-related concepts are highly concerned by the market, listed companies should be prudent and objective in publishing relevant information on the SSE e-interactive platform to ensure that the published information is true, accurate and complete, and fully warn of risks to avoid misleading investors.
Editor: Joey
Review: Xu Wen