On December 12, 2025, Guangdong RuiXin Information Storage Technology Co., Ltd., a company that had been delisted from the Science and Technology Innovation Board, released a pivotal announcement regarding the progress of litigation, shedding light on the criminal judgment outcomes for both the company and its key management personnel. According to the criminal judgment document (2024) Yue 14 Xing Chu No. 23 issued by the Meizhou Intermediate People's Court in Guangdong Province, RuiXin Storage was slapped with a hefty fine of 37 million yuan for the crime of fraudulent securities issuance. All 10 of its executives, including the actual controllers Zheng Mu and Luo Tiewei, were handed down prison sentences, with the longest term extending to seven years and six months.

Since 2017, RuiXin Storage, driven by the ambition to go public and issue shares to the general public, resorted to inflating its revenue and profits through illicit means such as entering into sham contracts and forging logistics documents. Moreover, it concocted false data in its prospectus and concealed crucial information regarding external guarantees. The company's fraudulent practices persisted even after its public listing, leading to the inclusion of false records in multiple annual reports.

In July 2023, RuiXin Storage faced delisting by the Shanghai Stock Exchange as a result of its major illegal activities, which inflicted losses amounting to approximately 1.097 billion yuan on 17,000 investors. However, amidst the stringent accountability measures, the investor protection mechanism also swung into action. Four intermediary institutions voluntarily stepped forward to pay 1.275 billion yuan in commitment funds as compensation. As of June 30, 2023, 17,000 eligible investors had been duly compensated, with the total compensation amounting to 1.086 billion yuan.