Autel Intelligent Technology sanctioned over governance and disclosure failures

Shenzhen Autel Intelligent Technology Co., Ltd. and its relevant personnel, including chairman and general manager Li Hongjing, director and deputy general manager Nong Yingbin, and board secretary Fang Wenbin, have received an administrative regulatory decision from the China Securities Regulatory Commission's Shenzhen Supervision Bureau. The company has been ordered to rectify issues, while the three individuals received warning letters.

The identified issues include the failure to review and disclose changes in related-party transactions, the non-disclosure of related-party fund occupation, the non-disclosure of the concerted action relationship between Li Hong and Xuan Yuan Ke Xin 46 Private Securities Investment Fund among the top ten shareholders, and incomplete recording of deliberation processes in general meeting documents. These omissions violate several regulations, including the "Administrative Measures for Information Disclosure by Listed Companies" and "Regulatory Requirements for Capital Flows and External Guarantees of Listed Companies."

Autel Intelligent Technology is required to submit a written rectification report within 30 days of receiving the decision. The company's board stated that it takes these issues seriously and will strengthen its compliance, internal controls, and information disclosure practices to ensure accurate, timely, and fair reporting.