Lianchuang Electronics received a warning letter from the Jiangxi Securities Regulatory Bureau due to irregular financial accounting and internal control deficiencies.

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联创电子科技股份有限公司 (stock code: 002036, stock abbreviation: 联创电子) recently announced that the company and its chairman, Zeng Jiyong, and chief financial officer, Zhou Manzhen, received a warning letter issued by the Jiangxi Regulatory Bureau of the China Securities Regulatory Commission. The warning letter pointed out that the company has issues such as irregular financial accounting and deficiencies in internal control management, which violate the relevant provisions of the “Measures for the Administration of Information Disclosure by Listed Companies.” Zeng Jiyong and Zhou Manzhen bear primary responsibility for the aforementioned situation due to their failure to fulfill their diligence and responsibility obligations.

The announcement shows that the issues highlighted by the Jiangxi Securities Regulatory Bureau in the “Warning Letter” mainly include two aspects. In terms of irregular financial accounting, first, the company fully included the collection and payment of utilities in revenue and transferred costs in 2023 and 2024, resulting in an overstatement of revenue and costs of 13.9048 million yuan in 2023 and 15.0859 million yuan in 2024, which does not comply with the relevant provisions of “Enterprise Accounting Standards No. 14 - Revenue.” Second, the company misclassified accounts receivable from customers totaling 130 million yuan as prepaid accounts in 2023, correcting it to accounts receivable in 2024, but did not recognize bad debts in 2023 and instead made a late adjustment in 2024, resulting in an overstatement of net profit of 3.9145 million yuan in 2023 and an understatement of net profit of 3.9145 million yuan in 2024, which does not comply with the relevant provisions of “Enterprise Accounting Standards No. 37 - Financial Instruments Presentation.”

Regarding deficiencies in internal control management, on one hand, the company’s internal control system was not effectively implemented, and in 2023 and 2024, it did not carry out internal accountability and implement assessment work such as rewards and punishments according to the relevant internal control management system for accounts receivable. On the other hand, records and relevant evidence materials for accounts receivable collection were not properly preserved, specifically reflected in the incomplete preservation of collection records due to changes in responsible personnel, lax management of collections, and inadequate internal controls, as well as the failure to effectively retain relevant evidence materials for the analysis and judgment of whether accounts receivable from bankrupt customers are unrecoverable, which does not comply with the relevant provisions of “Application Guidelines for Internal Control No. 9 - Sales Business.”

In response to the above issues, the Jiangxi Securities Regulatory Bureau decided to impose administrative regulatory measures on 联创电子 and Zeng Jiyong, Zhou Manzhen by issuing a warning letter, and these will be recorded in the integrity archives of the securities and futures market. At the same time, it requires the company and the relevant personnel to seriously learn from the lessons, effectively strengthen financial accounting management, improve accounts receivable management systems, enhance the management of bad debts for accounts receivable, and strictly fulfill information disclosure obligations.

联创电子 stated that the company and relevant personnel attach great importance to the issues pointed out in the “Warning Letter,” will seriously summarize and learn lessons, further strengthen the study of relevant laws, regulations, and normative documents, enhance compliance awareness, improve corporate governance, strengthen information disclosure management, and avoid similar incidents from happening again. The company emphasizes that receiving this warning letter will not affect its normal production and operation management activities, and it will strictly fulfill information disclosure obligations as required, reminding investors to be aware of investment risks.

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