Jin Tong Ling hit with fraud fine, shareholder's stake auctioned

Jin Tong Ling Technology Group announced on September 30, 2025, the receipt of a criminal judgment from the Shanghai Third Intermediate People's Court. The company was found guilty of fraudulently issuing securities and ordered to pay a fine of 8 million yuan. This fine represents 1.17% of the company's net assets from the most recent audited period. Six individuals, including former executives, were also sentenced for offenses such as fraudulent issuance of securities and illegal disclosure of important information, receiving prison terms and fines.

Separately, the company provided an update on the judicial auction of shares held by a shareholder holding over 5%. As of September 30, 2025, 11.12 million shares, representing 0.7467% of the company’s total share capital, were successfully auctioned for a total of 30,334,248.00 yuan. Another 2.78 million shares, or 0.1867% of total share capital, remained unauctioned and will proceed to a second auction between October 16 and 17, 2025.

The shareholder is not the controlling shareholder or de facto controller, so these auctions will not alter the company's control or daily operations. Following the successful transfer of the auctioned shares, the shareholder and an associated party will collectively hold 4.4426% of the company, ceasing to be shareholders holding 5% or more. The company emphasized that this matter does not trigger mandatory delisting under SZSE rules.