Suspected of financial fraud! A delisting photovoltaic company was fined 375 million yuan.

On September 12, Yili Jieneng Co., Ltd. (Hereinafter referred to as "Yili Jieneng") announced that the company, controlling shareholders and related parties had received a prior notice of administrative penalties from the Inner Mongolia Securities Regulatory Bureau .

It has been found that the company, controlling shareholders and related parties were suspected of financial fraud, related guarantees, capital occupation and fraudulent issuance of creditor's rights during the period from 2016 to 2023.

According to the notice, Yili Jieneng is mainly suspected of two illegal facts , on the one hand, there are false records and major omissions in the information disclosed by the company in the stock and bond markets. During the period from 2016 to 2023, Yili Jieneng and its subsidiaries conducted financial fraud by falsely increasing profits, assets and income; provided guarantees for controlling shareholders and their related parties; and directly or indirectly provided funds to controlling shareholders and their related parties.

On the other hand, Yili Jieneng fraudulently issued corporate bonds. In addition, Yili Resources Group Co., Ltd. (Hereinafter referred to as "Yili Group"), the controlling shareholder of Yili Jieneng, is suspected of organizing and instructing Yili Jieneng to engage in the above-mentioned acts.

It is noteworthy that in July 2024, Yili Jieneng was terminated and delisted by the Shanghai Stock Exchange because its share price was below 1 yuan for 20 consecutive trading days, triggering delisting conditions. But in fact, as early as before the delisting of the company, Yili Jieneng had been investigated by the SFC on June 10, 2024 for suspected securities violations.

On the same day, Yili Jieneng also announced that the CSRC had filed an investigation into Yili Resources Group Co., Ltd. on September 10 on suspicion of illegal information disclosure.

According to previous reports, Wang Wenbiao , the actual controller of Yili Jieneng, was a "hero of sand control" and founded Yili Jieneng in 1999.In 2000 , the company was listed on the Shanghai Stock Exchange and was called the " < a href =" https://www.databm.