002159, a 10 million fine! The original controlling shareholder is permanently banned from entering.

【Briefing】 Santai Cable Car (rights protection) releases an “Advance Notice of Administrative Penalties”: The company may be fined 10.5 million yuan; former actual controller Ai Luming may face a lifetime ban from the securities market

China Fund News reporter Chenxi

Another listed company receives a penalty of up to tens of millions!

On the afternoon of March 29, Santai Cable Car released an announcement stating that the company and relevant parties received an “Advance Notice of Administrative Penalties” (hereinafter referred to as the “Notice”) issued by the Hubei CSRC.

As it involves the failure to disclose related-party transaction matters in a timely manner, and major omissions in the annual reports for 2019 and 2020, the Hubei CSRC plans to decide to issue a warning to Santai Cable Car and impose a fine of 10.5 million yuan; impose a fine of 11 million yuan on Ai Luming, the then actual controller of Santai Cable Car, and take lifetime measures to bar him from the securities market; and issue warnings to the other four relevant responsible persons, with fines ranging from 2.5 million yuan to 4.5 million yuan.

Failure to disclose capital occupation in a timely manner

Major omissions in annual reports for two consecutive years

After investigation, Santai Cable Car and relevant parties mainly have the following alleged violations:

Since 2019, due to the funding needs of Contemporary Group, the indirectly controlling shareholder, Santai Cable Car has remitted funds into the collection entities designated by Contemporary Group; the funds ultimately transferred to Contemporary Group and its related parties and counterparties, forming non-operating capital occupation by related parties.

From August 3, 2020 to December 2020, Santai Cable Car failed to timely disclose the amount of funds transferred to Contemporary Group, which was 340 million yuan, accounting for 31.89% of the most recent audited net assets. In 2021, Santai Cable Car failed to timely disclose the amount of funds transferred to Contemporary Group, which was 1.904 billion yuan, accounting for 131.67% of the most recent audited net assets. In January 2022, Santai Cable Car failed to timely disclose the amount of funds transferred to Contemporary Group, which was 500 million yuan, accounting for 34.58% of the most recent audited net assets. For the above information, Santai Cable Car failed to disclose it in a timely manner in accordance with regulations.

At the same time, in 2019, the amount of non-operating capital occupation between Santai Cable Car and Contemporary Group was 1.423 billion yuan, accounting for 133.49% of Santai Cable Car’s 2019 net assets. In 2020, the amount of non-operating capital occupation between Santai Cable Car and Contemporary Group was 370 million yuan, accounting for 25.59% of Santai Cable Car’s 2020 net assets. Regarding the related non-operating capital occupation, Santai Cable Car did not disclose it in its 2019 and 2020 annual reports, which led to major omissions in the annual reports.

Based on the above issues, the Hubei CSRC plans to decide to issue a warning to Santai Cable Car and impose a fine of 10.5 million yuan; to impose a fine of 11 million yuan on Santai Cable Car’s actual controller Ai Luming; and to issue warnings to the other four relevant responsible persons, with fines ranging from 2.5 million yuan to 4.5 million yuan.

In addition, the Hubei CSRC pointed out that Ai Luming instructed Santai Cable Car to engage in the relevant illegal acts involved in this case; his conduct was恶劣 and the circumstances of the violation were serious; and within the past five years, the CSRC had taken measures to bar Ai Luming from the securities market. The Hubei CSRC plans to decide: to take lifetime measures to bar Ai Luming from the securities market.

Filed for investigation in August 2023

Not involving major illegal mandatory delisting

Earlier, Santai Cable Car had disclosed in August 2023 that it was put on file by the CSRC, more than two years before the results of this investigation were released.

Regarding the impact of this administrative penalty on the company, Santai Cable Car stated that, according to the determinations in the “Notice,” the company has not been involved in any circumstance of major illegal mandatory delisting, nor any other circumstance requiring risk warning; regarding the non-operating capital occupation matters involving the former controlling shareholder involved in the “Notice,” the principal and interest related to the occupation were fully repaid in cash in April 2022.

Santai Cable Car also stated that all of its production and business activities are normal, and the above matters will not have a material impact on the company’s production and business operations. The board of directors of the company offers a sincere apology to the vast number of investors regarding this matter.

Before the announcement by Santai Cable Car, Contemporary Group, Ai Luming, and relevant listed companies had already been subject to regulatory penalties. In February this year, the CSRC issued an announcement stating that it would seriously investigate and deal with illegal and违规 acts by Cinda? Securities (rights protection). Among them, it said that Contemporary Group and Cinda? Securities jointly carried out relevant illegal acts, severely violating securities laws and regulations. The Hubei CSRC plans, in accordance with law, to impose a top-tier combined fine of 25 million yuan on Cinda? Securities and Contemporary Group, and to take lifetime measures to bar Ai Luming, the actual controller of Contemporary Group, from the securities market.

In December 2025, ST Renfu (rights protection) announced the administrative penalty decision made by the Hubei CSRC: Contemporary Group was fined 9 million yuan, ST Renfu was fined 8.5 million yuan, and Ai Luming was fined 3.9 million yuan along with measures barring him from the market for seven years.

Public information shows that Contemporary Group was previously the largest private enterprise group in Hubei Province and had controlled A-share listed companies including Santai Cable Car, ST Renfu, ST Mingcheng (rights protection), and Cinda? Securities. After a crisis broke out in the “Contemporary Group” line, the control of Santai Cable Car also changed, and the Management Committee of the Wuhan East Lake High-Tech Development Zone became the actual controller of Santai Cable Car.

As of the close on March 27, Santai Cable Car’s share price was 19.18 yuan per share, with a total market capitalization of 3.4 billion yuan.

（Source: China Fund News）

A massive amount of information and precise interpretation are available in the Sina Finance app