*ST Tianwei Receives Warning Letter from Sichuan Securities Regulatory Bureau for Information Disclosure Violations and Accounting Treatment Issues

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Sichuan Tianwei Electronics Co., Ltd. (Stock Code: 688511, Stock Abbreviation: *ST Tianwei) announced on March 18 that the company, along with Chairman Ju Wanli, General Manager Zhang Chao, and CFO Hou Guangli, received a notice from the Sichuan Regulatory Bureau of the China Securities Regulatory Commission on March 17 titled “Decision to Issue Warning Letters to Sichuan Tianwei Electronics Co., Ltd., Ju Wanli, Zhang Chao, and Hou Guangli” (〔2026〕21). The Sichuan CSRC pointed out that the company had issues such as overstating credit impairment losses and incomplete disclosure of fundraising usage information, and took administrative regulatory measures by issuing warning letters to the company and responsible persons. The relevant information will be recorded in the securities and futures market integrity archive.

The announcement shows that during the investigation, Sichuan CSRC found two main issues with *ST Tianwei. First, the company overstated credit impairment losses by 3.5822 million yuan in 2024, which does not comply with Articles 46 and 48 of the “Accounting Standards for Business Enterprises No. 22—Recognition and Measurement of Financial Instruments.” Second, the company failed to disclose the purchase of deposit products with raised funds in the “Special Report on the Deposit and Actual Use of Raised Funds” for the semi-annual report of 2024, the annual report of 2024, and the semi-annual report of 2025, resulting in discrepancies between the disclosed cash management balances at the end of each period and the actual situation, violating the relevant provisions of “Guidelines for the Supervision of Listed Companies No. 2” and “Regulations on the Supervision of Fundraising for Listed Companies.” Sichuan CSRC believes that these behaviors violate Article 3, Paragraph 1 of the “Administrative Measures for Information Disclosure of Listed Companies,” and that Chairman Ju Wanli, General Manager Zhang Chao, and CFO Hou Guangli are responsible for these violations.

In response to these issues, *ST Tianwei has taken corrective measures. Regarding the overstated credit impairment losses, the company issued an announcement on February 28, 2026, titled “Correction of Previous Accounting Errors and Revision of Periodic Reports,” adjusting relevant items in the “2024 Annual Report” and its summary, including the balance sheet and income statement, and also corrected related data in the first to third quarter reports of 2025. For the fundraising disclosure issues, the company has proposed rectification measures in the “Special Report on the Deposit and Actual Use of Raised Funds in 2025” and stated that it will strictly manage the raised funds according to the rectification requirements. Sichuan Huaxin (Group) Certified Public Accountants and Guojin Securities have issued unqualified opinions on the company’s 2025 fundraising deposit and usage.

The company stated that it will strengthen the study of securities laws and regulations, improve the management of information disclosure, and enhance the quality and standardization of disclosure operations. This administrative regulatory measure will not have a significant impact on the company’s daily production and operation activities. The company will strictly fulfill its disclosure obligations in accordance with regulatory requirements.

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