On November 2, Tongling announced that the company and its related party Zhenjiang Shangkun Business Consulting Co., Ltd. (Hereinafter referred to as "Shangkun Business") and Yan Rongfei, the company's actual controller, had recently received a warning letter issued by Jiangsu Securities Regulatory Bureau and were recorded in the integrity files of the securities and futures market.
Or affected by this, Tongling shares fell 3% the next day, closing at 40.04 yuan per share, and the market value evaporated more than 100 million yuan in a single day.
After investigation, Shangkun Business, a related party of Tongling Stock, occupied Tongling Stock Funds from April 8 to April 13, 2026 by means of paid borrowing funds, which constituted the occupation of non-operating funds by related parties. However, the listed company failed to fulfill the review procedures and information disclosure obligations for the related party transactions in a timely manner.
In this process, Yan Rongfei, as the actual controller, chairman and chief financial officer of Tongling shares, the actual controller, legal representative and director of Shangkun Business, led the capital lending behavior and was mainly responsible for the relevant violations. According to the relevant provisions, Jiangsu Securities Regulatory Bureau decided to take administrative supervision measures to issue warning letters to Tongling Stock, Shangkun Business and Yan Rongfei, and record them in the integrity files of the securities and futures market. According to
the official website, Tongling shares were founded in July 1984 and listed in December 2021. The company focuses on the photovoltaic industry, covering photovoltaic module junction boxes, connectors, interconnected wiring harnesses, photovoltaic power stations, etc., as well as the layout of new energy automotive components, energy storage batteries and core components. In the
first three quarters of this year, Tongling achieved revenue of 866 million yuan, down 20.87% year-on-year; net profit of 10.9161 million yuan, down 75.59% year-on-year. In the third quarter, the Company achieved a revenue of RMB312 million, representing a year-on-year increase of 2.04%, and a net profit attributable to parent company of RMB7.8368 million, representing a year-on-year decrease of 41.58%.
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