Years of financial fraud, a well-known brand faces heavy penalties! Chairman Jiang Wei is fined 5 million yuan, banned from the industry for 10 years, and has applied for resignation! He previously voluntarily did not receive salary or compensation, and his net worth once exceeded 20 billion yuan.

Source | Daily Economic News

On March 27, Guizhou Baoling (ST Baoling (Rights Protection), 002424.SZ) issued multiple announcements, stating that the company and relevant parties received the “Administrative Penalty Decision” issued by the Guizhou Securities Regulatory Bureau.

It was found that Guizhou Baoling’s annual reports for 2019, 2020, 2021, and 2023 contained false records. The Guizhou Securities Regulatory Bureau decided to order the company to make corrections, issue a warning, and impose a fine of 10 million yuan.

Reportedly, Guizhou Baoling did not base its current sales expenses on the accrual basis and failed to recognize sales expenses according to the principle of matching income and costs, which led to an underreporting of sales expenses from 2019 to 2021, resulting in a cumulative inflated profit of 65,472.60 million yuan, and an overreporting of sales expenses in 2023, leading to a reduction of profit by 45,941.10 million yuan.

Former Chairman Jiang Wei allowed the occurrence of financial fraud and illegal activities in the company, resulting in false records in the company’s annual reports for many years. The Guizhou Securities Regulatory Bureau issued a warning to him, imposed a fine of 5 million yuan, and took measures to bar him from the securities market for 10 years. Related personnel from the company, including Niu Min, Jiang Yong, Feng Jixian, Li Hongxing, Yuan Yuanzhen, Zhang Hongwu, Yang Ming, and Hu Jian, received warnings and fines ranging from 500,000 yuan to 3.5 million yuan.

At the same time, Guizhou Baoling announced that on March 26, 2026, it received a written resignation report submitted by Chairman Jiang Wei, in which he applied to resign from the positions of Chairman, Director, Acting Secretary of the Board, Convener of the Strategy Committee under the Board, Member of the Nomination Committee, Member of the Compensation and Assessment Committee, and Legal Representative for personal reasons. The resignation report takes effect from the date it is delivered to the company’s board of directors. After resigning, Jiang Wei no longer holds any position in the company.

Public information shows that Jiang Wei, a Chinese national without foreign residency rights, male, 65 years old, with a college education, is a senior engineer. He has served as the director of Anshun Pharmaceutical Factory, Chairman of Guizhou Baoling Pharmaceutical Co., Ltd., and Chairman of Guizhou Baoling Enterprise Group Pharmaceutical Co., Ltd. Jiang Wei has been the Chairman of Guizhou Baoling since December 25, 2007.

Image source: Tianyan News

Data shows that Jiang Wei voluntarily does not receive salary compensation.

Jiang Wei’s wealth once exceeded 20 billion yuan, ranking in the top 100 of the Hurun Rich List in 2015. However, in 2021, his wealth plummeted to 3 billion yuan, and the following year, he fell off the rich list.