UCloud disclosed regulatory situations over the past five years, previously receiving a warning letter for violations related to associated transactions.

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UCloud Technology Co., Ltd. (Stock Code: 688158, Stock Abbreviation: UCloud) released an announcement on March 21, disclosing the regulatory measures or penalties taken by securities regulatory authorities and exchanges in the past five years. The announcement shows that there have been no penalties against the company in the past five years, but there were two instances of regulatory measures taken, both related to the failure to timely fulfill the review procedures and information disclosure obligations for certain related-party transactions in the 2021 fiscal year.

The announcement pointed out that the company, due to its plan to issue A-share stocks to specific targets, conducted a self-examination of its regulatory situation over the past five years according to relevant requirements. The results show that as of the date of the announcement, the company has not been penalized by securities regulatory departments or exchanges in the past five years.

Regarding regulatory measures, the company was subjected to regulatory actions twice due to violations related to related-party transactions:

On December 15, 2022, the company received a decision from the Shanghai Securities Regulatory Bureau of the China Securities Regulatory Commission titled “Decision on the Issuance of a Warning Letter to UCloud Technology Co., Ltd.” (Shanghai Securities Regulatory [2022] No. 302). This decision pointed out that the company failed to timely fulfill the board of directors and shareholders’ meeting review procedures and information disclosure obligations for certain routine related-party transactions in the 2021 fiscal year, violating relevant provisions of the “Administrative Measures for Information Disclosure of Listed Companies.” The then Chairman, CEO, and President Ji Xinhua, and the then Director, Board Secretary, and CFO Gui Shuifa were held responsible for not diligently fulfilling their duties and were also subjected to administrative regulatory measures in the form of a warning letter.

On March 8, 2023, the company received a decision from the Company Management Department of the Shanghai Stock Exchange’s Sci-Tech Innovation Board titled “Decision on Supervisory Warning for UCloud Technology Co., Ltd. and Relevant Responsible Persons” (Shanghai Stock Exchange Sci-Tech Innovation Public Supervision Letter [2023] No. 0005), which similarly pointed to the failure to timely fulfill the board of directors and shareholders’ meeting review procedures and timely disclose issues regarding certain related-party transactions in the 2021 fiscal year, believing that the company violated relevant provisions of the “Listing Rules for Sci-Tech Innovation Board Stocks.” The then Chairman and actual controller Ji Xinhua and the then Board Secretary Gui Shuifa were held responsible for the aforementioned violations, and the Shanghai Stock Exchange issued a supervisory warning to the company and the relevant responsible persons.

In response to the above violations, the company and the relevant responsible persons have attached great importance and taken corrective measures, including organizing self-examinations of related-party transactions, improving internal review and supervision mechanisms, strengthening the study of relevant laws and regulations, enhancing the ability to identify related-party transactions, and improving the quality of information disclosure, to strengthen the level of standardized operation.

Apart from the above situations, the company has not been subjected to any other penalties or regulatory measures by securities regulatory departments or exchanges in the past five years.

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Editor: Xiao Lang Quick Report