Beingmate, executives receive regulatory warnings over disclosures, fund use

Beingmate Co., Ltd. (SZSE: 002570) and several executives, including Chairman Xie Hong, have received administrative supervision measures from the Zhejiang Securities Regulatory Bureau (Zhejiang CSRC) due to identified compliance failures. The regulator found that Beingmate's revenue recognition practices did not comply with accounting standards, resulting in inaccurate financial reporting. Additionally, Beingmate's controlling shareholder, Beingmate Group Co., Ltd., was found to have improperly used company funds, with amounts totaling CNY 3,091,660 in 2021 and CNY 1,693,550 in 2022, although these funds were repaid within the respective years. The company also failed to promptly deliberate and disclose its financial assistance to Guangxi Quan'an Sheng Enterprise Management Co., Ltd.