January 30, Baoxin Science and Technology announced that the CSRC had decided to investigate the company and its actual controller Ma Wei for suspected information disclosure violations in accordance with relevant laws and regulations.
Affected by this bad news, Baoxin Technology's share price dropped for two consecutive days, with the highest decline of 9. As of February 10, Baoxin Technology's share price rose slightly, closing at 5.68 yuan per share . Total market value 40.
It is noteworthy that there are reports that the SFC filed a case or was related to the occupation of two previous non-operating funds of Baoxin Science and Technology . Although as of the end of May 2024, 1.
(For details, please click: Drop Limit! databm.com/hot/2000/" target="_blank" style="color: #4284f4; text-decoration: underline; "Data-word =" "> that on January 14, Sunflower , a cross-border photovoltaic company , also issued a notice saying that it was suspected of illegal information disclosure. It has been investigated by the China Securities Regulatory Commission. Up to the time of publication, the results of the case have not yet been published.
In fact, it is not new for photovoltaic enterprises to be punished by the SFC. Especially since 2025, the photovoltaic industry has accelerated its reshuffle. In this process, a large number of photovoltaic enterprises are involved in the "ticket tide".
According to Digital New Energy DataBM.
More attention should be paid to the fact that in the first month of 2026 alone, the photovoltaic industry has revealed that the above two enterprises have been placed on file for investigation. In addition, four other enterprises, including * ST Changyao and Haitai Xinneng, have received administrative penalties. What are the reasons behind the intensive fines of
photovoltaic enterprises ? What market signals have been released? Among the 22 fined enterprises , the largest proportion was suspected of violating the rules .
Judging from the scale of the punishment, the punishment involved more than 100 people , of which three enterprises under Dongxu Department (Dongxu Group, Dongxu Optoelectronics, Dongxu Blue Sky) involved 43 people, accounting for nearly half; Yili Jieneng followed closely, with 29 people punished, becoming the "hardest hit area" second only to Dongxu.
It is noteworthy that the three enterprises of Dongxu Department (Dongxu Group, Dongxu Optoelectronics, Dongxu Blue Sky) not only have the largest number of fines, but also rank first in the amount of fines, totaling 16.
Illegal collection of more than 11 billion, but also the existence of false financial data, non-operating capital occupation and other irregularities.
More noteworthy is that the fined enterprises also include four delisted enterprises -Dongxu Blue Sky, Dongxu Optoelectronics, Yili Jieneng, Aikang Science and Technology.
Among them, although Yili Jieneng was delisted in July 2024, it was still fined by the SFC for serious violations such as information disclosure violations and fraudulent issuance of bonds.
"Delisting is not exempt from liability." This series of penalties imposed by the SFC directly hit the key points, completely breaking the wishful thinking of some enterprises and relevant responsible persons to "evade responsibility by delisting and shirk responsibility by leaving their jobs". The details are as follows:
Since 2025, the regulatory authorities have issued a number of new regulations, insisting on "zero tolerance" for violations of listed companies, especially in the areas of information disclosure, capital use and so on, to build a multiple strike and prevention system.
Especially in December 2025, the Securities Regulatory Commission issued the Regulations on the Supervision and Administration of Listed Companies (Draft for Public Consultation), which means that China's capital market will usher in the first special administrative regulation on the supervision of listed companies.
According to the public information, in 2025, the SFC and its local offices imposed 524 administrative penalties, involving 1402 people . 144 of them were banned from entering the market. As a new track that has risen rapidly in recent years, the photovoltaic industry has exposed many problems under the penetrating verification of the regulatory sword.
Second, the industry cycle changes, so that the "sequelae" of enterprises that have borrowed photovoltaic heat and crazy circle money are thoroughly exposed.
From the 22 enterprises fined this time, the vast majority of them are cross-border players who break into the photovoltaic track.
As we all know, with the explosive growth of the photovoltaic industry in 2022, the huge market dividend has attracted enterprises from "pig raising, clothing, toys" and other industries to cross the border. But in this wave of cross-border tide, many players do not intend to cultivate the main photovoltaic industry, but want to rub " that the photovoltaic industry has entered a downward cycle, and those cross-border players with weak technology and unstable foundation are the first to get into trouble. The irregularities such as misappropriation of raised funds, which had been covered up before, were also exposed.
For example, Jiangxi cross-border player * ST Mubang, in order to cope with the company's huge losses of more than 1.1 billion yuan in 2024, from February 2024 to April 2025, illegally prepaid part of the fund-raising to the suppliers of the fund-raising projects. After several rounds of turnover, the funds were transferred back in the name of previous payments, and eventually used for non-fund-raising purposes such as repayment of loans and daily operations.
Postscript
This "ticket tide" is also alert to the present: " Compliance management is the lifeline for the survival and development of enterprises".
If the enterprise is lucky and touches the red line of violation, its behavior will inevitably be exposed to the regulatory vision, not only to bear severe punishment, but also to slow down the pace of enterprise development, and even ruin the future development prospects.
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