Sanqi Interactive Entertainment, executives fined for disclosure violations

Sanqi Interactive Entertainment Network Technology Group and several personnel, including former directors, independent directors, supervisors, and a vice general manager, received a warning letter from the Anhui Securities Regulatory Bureau on December 5, 2025, for various disclosure violations. These included false statements in annual reports regarding shareholder holdings from 2014 to 2018, failure to disclose the acquisition of Jiangsu Jiguang equity as a related party transaction in 2018, and undisclosed related party transactions totaling 115 million yuan with Hainan Liyuan and other companies in 2018.

Further violations in 2020 included the indirect acquisition of Guangzhou Sanqi equity as a related party transaction, false statements in a December 7, 2020, interim announcement, and significant omissions in the 2020 annual report. These actions violated the 2005 "Securities Law" and the "Measures for the Administration of Information Disclosure by Listed Companies." Consequently, the CSRC imposed administrative penalties, including a warning and a 9 million yuan fine for the company.

Additionally, the CSRC issued an "Administrative Penalty Decision" on December 5, 2025, penalizing key individuals. Li Weiwei, the actual controller and chairman, was warned and fined 14 million yuan. Yang Jun and Zeng Kaitian, directors and vice general managers, were each warned and fined 3.5 million yuan. Ye Wei and Hu Yu Hang, a director and vice general manager respectively, were warned and fined 1.5 million yuan and 800,000 yuan, respectively. Wu Weihong was warned and fined 250,000 yuan. The company confirmed that these measures would not significantly impact its normal operations.