On October 30, the CSRC released an administrative penalty decision. In its IPO prospectus, Qingyue Technology committed financial fraud: from 2020 through the first half of 2022, the company overstated total profits by RMB 3.3740 million, RMB 7.6453 million, and RMB 23.5816 million, respectively, by deliberately understating inventory write-down provisions and through fictitious chip sales. Its 2022 annual report and 2023 semi-annual report also contained false records. The CSRC decided to impose fines of RMB 9 million, RMB 9 million, RMB 6 million, and RMB 4 million on Gao Yudi, Mu Xinju, Zhang Xiaobo, and Wu Lei, respectively, totaling RMB 28 million.