of February 6, Rongbai Science and Technology announced that it had received the Prior Notice of Administrative Penalty issued by Ningbo Regulatory Bureau of the Securities Regulatory Commission because of suspected misleading statements in major contract announcements. According to
the Notice, Ningbo Regulatory Bureau decided to warn Rongbai Science and Technology and impose a fine of 4.5 million yuan, and impose a fine of 3 million yuan and 2 million yuan respectively on Chairman Bai Houshan and Dong Mi Yu Jiyun, totaling 9.5 million yuan.
On January 13, Rongbai Science and Technology announced that it had signed a huge procurement cooperation agreement with Ningde Times , "the amount exceeds 120 billion yuan". As soon as the announcement came out, it triggered a heated discussion in the market and immediately attracted the attention of regulators.
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