Previously, on July 25, 2025, * ST Mubang was investigated by the China Securities Regulatory Commission for suspected illegal acts such as false disclosure of financial data in periodic reports such as annual reports. (For details, please click: Accused of Financial Fraud, Jiangxi Photovoltaic Cross-border Players Come to an End in 3 Years?
Now, seven months later, * ST Mubang's punishment "boots" officially landed. On February 27
, 2026, * ST Mubang announced that the company and related parties had received the Prior Notice of Administrative Penalty issued by Jiangxi Regulatory Bureau of China Securities Regulatory Commission (hereinafter referred to as "Jiangxi Securities Regulatory Bureau").
After investigation, Jiangxi Securities Regulatory Bureau believes that there are three illegal acts , one is that there are false records in the annual report of * ST Mubang in 2023 and the semi-annual report in 2024; Second, there are false records in the Prospectus and the Listing Statement of Issuing Shares to Specific Targets disclosed by * ST Mubang; third, * ST Mubang did not timely disclose the occupation of non-operating funds by Liao Zhiyuan, the actual controller, and Zhang Zhongan, other related parties.
In response, the Jiangxi Securities Regulatory Bureau decided to order * ST Mubang to correct, give a warning, and impose a fine of 7 million yuan ; give a warning to Liao Zhiyuan, and impose a fine of 8 million yuan ; Zhang Zhongan, Tang Xiaochun, Zhang Zhonghua and Huang Meiliang were fined 3.5 million yuan, 2 million yuan, 1 million yuan and 1 million yuan respectively.
In addition, Jiangxi Securities Regulatory Bureau has also taken six-year measures to prohibit the entry of * ST Mubang's legal representative, actual controller, chairman Liao Zhiyuan, performance commitment obligor, chairman of Inner Mongolia Hao'an and chairman of Jierui Mechatronics from entering the securities market.
As of February 28, 2026, * ST Mubang closed at 9.6 yuan per share , with a total market value of 4.163 billion yuan .
It should be noted that * ST Mubang's stock has been warned of delisting risk because the amount of business income deducted in 2024 is less than 300 million yuan and the net profit is negative. If the company fails to reverse this situation in 2025, the company's shares will be terminated after the disclosure of the annual report in 2025.
According to the performance forecast issued on January 31, 2026, * ST Mubang's revenue in 2025 is expected to be 320 million yuan to 380 million yuan after deducting business income unrelated to the main business and income without commercial substance; The total profit is a loss of 670 million yuan to 940 million yuan , and the net profit loss of 660 million yuan to 930 million yuan .
In addition, * ST Mubang is actively promoting matters related to the company's pre-reorganization . It is reported that the first provisional creditors' meeting of * ST Mubang's pre-reorganization will be held at 9:30 a.m. on March 13, 2026.
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