Hainan Huatie has been fined 3 million yuan by the Zhejiang Bureau of the China Securities Regulatory Commission for failing to disclose material progress on a computing power service agreement. The 3.69 billion yuan computing power service agreement signed by the company's wholly-owned subsidiary, Huatie Bumblebee, was not delivered on schedule, and the company failed to promptly disclose two extensions and the eventual termination of the agreement. The regulator ordered the company to rectify the issue, issued a warning, and imposed a fine of 3 million yuan. Hu Danfeng, the company's then-general manager, was fined 1 million yuan; Zhang Qi'ao, the chairman, was fined 600,000 yuan; and Guo Haibin, the board secretary, was fined 600,000 yuan. Hainan Huatie stated that this matter does not trigger mandatory delisting, and the company's production and operations remain normal.
Zhejiang Huatie Constr SafetyFined 3 million yuan for failing to disclose material progress on a computing power service agreement.
Wholly-owned subsidiary Huatie Bumblebee failed to deliver on a 3.69 billion yuan computing power service agreement, leading to the parent company's fine.