Espressif Systems issued an Announcement (Note: The term 'Announcement' is retained here as it appears to be a specific term used by the company; if a more Anglicized alternative is desired, 'notice' or 'official announcement' could be used) stating that it had received a warning letter from the Shanghai Securities Regulatory Bureau for two instances of non-compliance with information disclosure regulations.
Firstly, on March 14, 2025, the company's board of directors approved the acquisition of a research and development building at a total transfer price (inclusive of taxes) of no less than 437 million yuan. However, this information was not disclosed in the prescribed format until April 30, 2025.
Secondly, in April 2024, the company entered into an equity transfer agreement to gain control of Shenzhen Mingzhan Information Technology Co., Ltd. Upon discovering in October 2024 that the target company's net profit for 2023 amounted to 13.6595 million yuan, meeting the disclosure threshold, Espressif Systems failed to promptly disclose this information in the required format.
Espressif Systems stated that it would sincerely reflect on its experiences, learn from them, and enhance its understanding of relevant regulations. The company also emphasized that this administrative regulatory measure would not impact its normal operations and management.