The Securities Regulatory Commission imposed administrative penalties on Yuandao Communications Co., Ltd. and its then-chairman Li Jin, director Wu Zhifeng, and Deputy General Manager and Chief Financial Officer Cao Yalei for illegal issuance and information disclosure violations. It was discovered that from 2019 to 2022, Yuandao Communications inflated operating income through fictitious workload certificates, etc., and fabricated major false content in its announced securities issuance documents, and there were false records in the disclosure of information in the 2022 annual report. The Securities Regulatory Commission decided to fine Yuandao Communications of 238.4 million yuan, fine Li Jin of 7.5 million yuan and adopt a 5-year ban on the securities market, fine Cao Yalei of 6 million yuan and a 4-year ban on the securities market, and fine Wu Zhifeng of 3 million yuan.

The Securities Regulatory Commission imposed administrative penalties on Yuandao Communications Co., Ltd. and its then-chairman Li Jin, director Wu Zhifeng, and Deputy General Manager and Chief Financial Officer Cao Yalei for illegal issuance and information disclosure violations. It was discovered that from 2019 to 2022, Yuandao Communications inflated operating income through fictitious workload certificates, etc., and fabricated major false content in its announced securities issuance documents, and there were false records in the disclosure of information in the 2022 annual report. The Securities Regulatory Commission decided to fine Yuandao Communications of 238.4 million yuan, fine Li Jin of 7.5 million yuan and adopt a 5-year ban on the securities market, fine Cao Yalei of 6 million yuan and a 4-year ban on the securities market, and fine Wu Zhifeng of 3 million yuan.