ST Site has been penalized by the Anhui Securities Regulatory Bureau for information disclosure violations. The company fabricated engineering construction business and falsified urea purchases and organic fertilizer sales through a subsidiary, resulting in an inflated total profit of 36.3467 million yuan in its 2021 annual report, accounting for 6.76% of the disclosed total profit for that period, and an understated total profit of 17.3485 million yuan in its 2023 annual report, accounting for 10.35% of the disclosed total profit for that period. The Anhui Securities Regulatory Bureau ordered Site to rectify the situation, issued a warning, and imposed a fine of 6 million yuan. Former chairman Jin Guoqing was fined 3 million yuan and banned from the securities market for 5 years. Former general manager Jin Zhenghui was warned, fined 3 million yuan, and banned from the market for 5 years. Former deputy general manager Fang Jun was warned and fined 2 million yuan. Huang Xili, former head of the audit department and financial director of Guizhou Lufa, was warned and fined 1.5 million yuan. Former deputy general manager Wen Jibing was warned and fined 1.5 million yuan. Ma Lei, former section chief of the office and director of the sales and production scheduling center, was warned and fined 800,000 yuan. Yao Jing, former head of the finance department and deputy financial director, was warned and fined 800,000 yuan.
Anhui Sierte Fertilizer Industry Ltd CoFined 6 million yuan for false annual report records; former chairman and others penalized.