Supervision will actively maintain market order and enhance investor confidence by "striking out" violations of laws and regulations.

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  China Securities Network News (Reporter Huang Lingling) On November 29th,hotly discussed information Zhejiang Securities Regulatory Bureau issued a warning letter to Li Zimu, the secretary of Simei Media and the company. Recently, Simei Media Co., Ltd. has been taken relevant regulatory measures by the Securities Regulatory Commission and Shenzhen Stock Exchange for allegedly violating laws and regulations on information disclosure.

  Hit the outcrop and "zero tolerance" for violations of laws and regulations. Recently, the CSRC and Shenzhen Stock Exchange also took corresponding regulatory measures against Zhang Xi, the actual controller and then chairman of Yilianzhong. Insiders pointed out that the supervision of securities violations has always maintained a high-pressure supervision situation. The CSRC, the exchange and other regulatory agencies took the initiative to deal with violations of laws and regulations strictly and quickly, and actively maintained market order, which helped to enhance investors' confidence.

  Simei Media is suspected of violating the rules.

  At noon on November 27th, some investors asked Simei Media on the interactive platform: Tik Tok launched Tik Tok Supermarket. As a long-term partner of Tik Tok, does the company have any related business to cooperate with Tik Tok Supermarket? In this regard, Simei Media selectively replied that the supermarket in Tik Tok is operated by the company at this stage.

  As soon as the news came out, it quickly attracted market attention. On that day, the company's share price rose linearly and finally closed at the daily limit. The company's share price on that day showed a quasi-"ground-sky board" trend.

  However, after the closing on the 27th, the official account of Tik Tok E-commerce denied this, saying that Simei Media operated the Tik Tok supermarket on behalf of the Internet, which was untrue. Tik Tok supermarket business is operated by Tik Tok e-commerce.

  Since then, Simei Media "changed its mind" and said in the interactive reply: "The company's operation of Tik Tok Supermarket means that the company operates one of the official live broadcast rooms of the official supermarket in Tik Tok".

  Subsequently, the Shenzhen Stock Exchange issued a letter of concern to the company on the same day. In view of the obvious deviation in the contents of the company's own replies, Simei Media replied to the letter of concern of Shenzhen Stock Exchange on the evening of 29th, saying that the first reply failed to take into account the contents of non-advertising media that may be involved in the agency operation, and did not fully consider the stock market environment, the actual situation of the company and the misunderstanding of specific words in different contexts, and failed to fully describe the actual situation of the company's business in detail, which led to the misunderstanding of investors. The second reply defines the scope and meaning of the business of "agency operation" in more detail and accurately.

  As for the cooperation with Tik Tok, the company said that the live broadcast room of Tik Tok supermarket is only a small branch of Tik Tok supermarket. The cooperation between the company and Tik Tok Supermarket started in September, 2023, and no written agreement has been signed yet. According to the facts of customer data messages, the company entrusted to carry out the work first. Up to now, there is no significant investment, and the income has not been confirmed yet. It is estimated that the average monthly income accounts for less than 0.3% of the total revenue of Simei Media in 2022, and the gross profit of Simei Media in the live broadcast room of Tik Tok supermarket accounts for less than 0.5% of the total gross profit of Simei Media in 2022, which has little impact on the company's business. The cooperation between the company and Tik Tok Supermarket is uncertain. Tik Tok Supermarket has the right to find other suppliers to provide the live broadcast agency business similar to Simei Media.

  On the evening of November 29th, Simei Media also announced that the company had received the Notice of Filing a Case issued by the CSRC. The CSRC decided to file a case against the company because the company was suspected of violating laws and regulations in information disclosure.

  Yi Lianzhong was put on file for investigation.

  On November 29th, Yi Lianzhong announced that on the same day, the CSRC issued a Notice of Filing a Case to Zhang Xi, the controlling shareholder, actual controller and then chairman of the company. Because Zhang Xi was suspected of violating laws and regulations in information disclosure, the China Securities Regulatory Commission decided to file a case against him.

  Previously, on November 28th, Yi Lianzhong disclosed the "Announcement on the Existence of Illegal Guarantees, Illegal Loans and the Company's Involvement in Major Litigation and Arbitration Matters", saying that the company's self-examination found that the controlling shareholder, actual controller and then chairman Zhang Xi had illegal guarantees, illegal loans and illegal joint loans in the name of the company; In addition, during the period from 2018 to 2020, Zhang Xi repeatedly failed to borrow the official seal in accordance with the company's regulations. 

  On the same day, Shenzhen Stock Exchange issued a letter of concern to the company, asking the company to check Zhang Xi's personal debt and related litigation arbitration and asset pledge freezing, including the borrower and the borrower, the main contents of the loan agreement, the use of funds, the date of litigation arbitration, the specific case, the progress of the case, the relevant situation of asset pledge freezing, and the latest progress of the company's shares held by Zhang Xi being auctioned by the judiciary.

  In addition, the Shenzhen Stock Exchange said that Zhang Xi's illegal guarantee and illegal loan in the name of the company involved a huge amount, a long time span and serious circumstances, and was suspected of violating the GEM Listing Rules and other relevant regulations. The Shenzhen Stock Exchange will initiate disciplinary proceedings against relevant illegal parties.

  Clearly convey the concept of "zero tolerance"

  Judging from the above-mentioned cases, after the relevant violations of laws and regulations of Simei Media and Yilianzhong appeared, the Shenzhen Stock Exchange issued a letter of concern on the same day, and the Securities and Futures Commission's Notice of Filing followed.

  Analysts said that it can be seen that supervision has a keen sense of supervision for listed companies for a long time, while maintaining a high-pressure supervision situation for securities violations, which is not only conducive to maintaining normal market order, but also helps to enhance investor confidence.

  The relevant person in charge of the China Securities Regulatory Commission has previously stressed that activating the capital market and boosting investors' confidence are complementary to each other and are internally unified. Without a relatively stable market environment, it is impossible to activate the market and boost confidence. The CSRC resolutely maintains the stable operation of the market, adheres to the main responsibility of supervision, increases the intensity of anti-counterfeiting in the capital market, and severely and promptly investigates and deals with typical illegal cases such as fraudulent issuance, financial fraud, market manipulation and insider trading, so as to provide investors with authentic and transparent listed companies and consolidate long-term investment confidence.

  It is understood that in 2022, the Shenzhen Stock Exchange made a total of 265 disciplinary decisions against various illegal subjects, an increase of about 17% year-on-year. 143 securities issuers and 908 other responsible persons were punished, an increase of about 7% year-on-year. This clearly conveys the concept of "zero tolerance" and shows that regulators actively safeguard the "three public" principles and good market ecology in the capital market.

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