On November 27, the official website of the Shanghai Stock Exchange showed that the shares of photovoltaic "sand grass" quartz were warned by supervision. Chen Shibin, the then chairman and general manager of Quartz, Lu Liangyi, the then secretary of the board of directors, and Zhang Liwen, the then chief financial officer, were warned by the regulatory authorities for
failing to timely review and disclose related party transactions and errors in the disclosure of annual reports.
1. Failure to timely review and disclose related party transactions
Wuhan Xinyoutai Photoelectric Technology Co., Ltd. and Donghai Shangri Eco-Park Co., Ltd. are related legal persons disclosed by quartz shares. In 2022, quartz shares did not perform the review procedures and disclose the related transactions of 11.6258 million yuan with Wuhan Xinyoutai and 0.8 million yuan with Donghai Shangri.
Second, there are errors
in the relevant disclosure of the annual report. First, part of the construction in progress failed to be recognized as fixed assets in time, resulting in a false increase of the company's net profit of 253300 yuan in 2022; Second, the Company did not list the social security expenses of various employees in reasonable accounting subjects, resulting in the false decrease of sales expenses and manufacturing expenses of 4.279 million yuan and 9.7995 million yuan respectively in the financial data of the annual report of the Company, and the false increase of administrative expenses of 14.0786 million yuan; third, there were many disclosure errors in the non-financial data of the annual report of the Company.
To sum up, the Shanghai Stock Exchange has given regulatory warnings to Jiangsu Pacific Quartz Co., Ltd., Chairman and General Manager Chen Shibin, Chief Financial Officer Zhang Liwen and Secretary of the Board of Directors Lv Liangyi.
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