Zhejiang Qingyue Technology Co., Ltd. (Qingyue Technology) announced on May 9 that the company has been fined 170 million RMB for three consecutive years of financial fraud, and may also face forced delisting.
Qingyue Technology released a public notice titled “Announcement Regarding Receipt of the China Securities Regulatory Commission’s ” on May 9. The announcement stated, “On October 31, 2025, the company received the China Securities Regulatory Commission’s ‘Case Filing Notice’ (No. CSRC Case Filing No. 0382025011). Due to suspected false recording of financial data in regular reports, the China Securities Regulatory Commission decided to file a case against the company.”
The reason for the filing was stated as follows: “In 2021, Qingyue Technology inflated the total profit amount by 10,654,935.32 yuan through intentional underreporting of inventory write-down reserves, false chip sales, accounting for 21.72% of the total profit for the year 2021 as disclosed in the prospectus and registration statement. Qingyue Technology fabricated significant false content in its securities offering documents. Second, Qingyue Technology failed to disclose significant events as required, with false disclosures in the 2022 annual report and 2023 semi-annual report.”
The announcement indicated that due to financial fraud, “Suzhou Qingyue Optoelectronics Technology Co., Ltd. was ordered to make corrections, given a warning, and fined 172.88 million yuan.” At the same time, four executives including the then Chairman and General Manager of Qingyue Technology, Gao Yudi, were fined between 10.5 million and 6 million yuan, and each faced securities market entry bans ranging from 8 to 4 years.
According to another announcement released by Qingyue Technology on the same day, titled “Announcement on Implementing Delisting Risk Warnings and Continuing to Implement Other Risk Warnings and Suspending Trading,” the company’s stock was halted with effect from May 11, 2026. Furthermore, after resumption of trading, the company’s stock will be subject to delisting risk warnings, with an asterisk *ST added before the stock name. Starting from May 12, the company’s stock name will be changed to *ST Qingyue Technology.
The announcement also stated, “If the facts determined according to the administrative penalty decision constitute a significant violation leading to compulsory delisting, the company’s stock will be delisted.”
Public records show that Zhejiang Qingyue Technology Co., Ltd. was established in June 2020, and is a platform-based technology company with electrochemical technology as its core. The company is headquartered in Huzhou City, Zhejiang Province, China, and was listed on the Shanghai Stock Exchange’s Sci-Tech Innovation Board on December 28, 2022.
According to news from The Paper on May 8, Qingyue Technology is a typical case of peaking after listing, as the company’s performance turned from profit to loss in the second year after its IPO.
Qingyue Technology had revenues of 436 million yuan, 498 million yuan, and 694 million yuan in 2019, 2020, and 2021 respectively; with net profits of 48.25 million yuan, 57.02 million yuan, and 53.2984 million yuan.
After its IPO, the company recorded revenues of 661 million yuan in 2023, with a net loss of 118 million yuan, a 311% year-on-year decrease; revenues of 753 million yuan in 2024 with a net loss of 69 million yuan; and revenues of 669 million yuan in 2025, a 11.16% year-on-year decrease, and a net loss of 98 million yuan attributable to shareholders of the listed company, marking a 42.2% increase in losses compared to the previous year. The company attributed the expanded losses mainly to revenue decline, increased impairment losses, and ongoing high levels of research and development investment.
In the first quarter of 2026, Qingyue Technology’s operating income was 140 million yuan, a decrease of 18.57% year-on-year; net loss attributable to the parent company was 32.4486 million yuan, a decrease of 102.95% year-on-year; non-recurring net loss attributable to the parent company was 33.6568 million yuan, a decrease of 89.94% year-on-year. This indicates that the company’s performance has not improved and continues to show losses.