Yunnei Power Faces Administrative Penalty for Overstating Revenue
3 week ago / Read about 0 minute
Author:小编   

On July 9, Yunnei Power released a statement acknowledging receipt of a "Notice of Prior Administrative Penalty" from the Yunnan Securities Regulatory Bureau. Following an investigation, it was revealed that the company's 2021 and 2022 annual reports contained inaccuracies and non-compliant practices across multiple financial accounting aspects, including sales and procurement rebates and expense accounting. These discrepancies led to the misrepresentation of financial figures, with Yunnei Power falsely decreasing operating revenue by approximately RMB 180 million and artificially inflating profits by RMB 7.67 million in 2021. In 2022, the company overstated revenue by RMB 22.58 million while understating profits by RMB 102 million. As a result, the Yunnan Securities Regulatory Bureau plans to impose a fine of RMB 6 million on the company and issue warnings and fines to the responsible individuals involved.