Sichuan Tianwei Electronics Co., Ltd. Announcement on Receiving the Administrative Supervision Measures Decision Letter from Sichuan Securities Regulatory Bureau

MaticHoleFiller · 2026-03-28T02:03:58+00:00

Sichuan Tianwei Electronics was issued a warning letter by the Sichuan Securities Regulatory Bureau for overestimating credit impairment losses and failing to disclose the use of raised funds. The responsible personnel are required to strengthen information disclosure management. The company has begun rectification to ensure that operations are not affected.

MaticHoleFiller

2026-03-28 02:03:58

Abstract generation in progress

Stock Code: 688511 Stock Short Name: *ST Tianwei Announcement No.: 2026-019

Sichuan Tianwei Electronic Co., Ltd.

Announcement on Receipt of an Administrative Regulatory Measures Decision from the Sichuan CSRC

The board of directors of the Company and all its directors warrant that this announcement contains no false records, misleading statements, or material omissions, and they shall bear legal responsibility for the truthfulness, accuracy, and completeness of the contents of this announcement in accordance with the law.

Sichuan Tianwei Electronic Co., Ltd. (hereinafter referred to as the “Company”) received on March 17, 2026, from the Sichuan Regulatory Bureau of the China Securities Regulatory Commission, the Decision on Taking Measures of Issuing a Warning Letter against Sichuan Tianwei Electronic Co., Ltd., Juwanli, Zhang Chao, and Hou Guangli (〔2026〕21) (hereinafter referred to as the “Warning Letter”). The specific contents are hereby announced as follows:

I. Contents of the Warning Letter

“Sichuan Tianwei Electronic Co., Ltd., Juwanli, Zhang Chao, Hou Guangli:

After investigation, I have found that Sichuan Tianwei Electronic Co., Ltd. (hereinafter referred to as “Tianwei Electronic” or “the Company”) has the following issues:

Over-provisioning for credit impairment losses

In 2024, the Company over-provided for credit impairment losses of RMB 3.5822 million, which does not comply with Articles 46 and 48 of the Accounting Standards for Business Enterprises No. 22—Recognition and Measurement of Financial Instruments.

Failure to disclose matters regarding the purchase of time deposit products under agreement using raised funds

The Company did not disclose the relevant raised-funds purchase of time deposit products under agreement in its “Special Report on the Deposits and Actual Use of Raised Funds” for the 2024 interim period, 2024 full year, and 2025 interim period. As a result, the disclosed cash management balances at the end of each period do not match the actual situation, which does not comply with Article 12 of the Listing Company Regulatory Guidelines No. 2—Regulatory Requirements for the Management and Use of Raised Funds of Listed Companies (CSRC Announcement〔2022〕15) and Article 16 of the Listing Company Raised Funds Regulatory Rules (CSRC Announcement〔2025〕10).

The above conduct violates Article 1 of Paragraph 1 of Article 3 of the Measures for the Administration of Information Disclosure by Listed Companies (CSRC Decree No. 182). Pursuant to Articles 4 and 51 of the Measures for the Administration of Information Disclosure by Listed Companies (CSRC Decree No. 182), the Chairman of the Company, Juwanli, the General Manager, Zhang Chao, and the Chief Financial Officer, Hou Guangli, bear responsibility for the above circumstances.

Pursuant to Article 52 of the Measures for the Administration of Information Disclosure by Listed Companies (CSRC Decree No. 182), my bureau has decided to take the administrative regulatory measures of issuing a warning letter against your company and Juwanli, Zhang Chao, and Hou Guangli, and to record this in the integrity dossier for the securities and futures market. Your company and the relevant responsible persons shall strengthen their study of securities laws and regulations, enhance the management of information disclosure matters, effectively improve the quality of information disclosure, and prevent such violations from occurring again. Please submit to my bureau a written report within 15 days after receipt of this decision.”

II. Explanations of Relevant Circumstances and Measures Taken

Regarding the issue of over-provisioning for credit impairment losses, the Company has actively rectified. On February 28, 2026, it published on the website of the Shanghai Stock Exchange (www.sse.com) the Announcement on Prior Accounting Error Corrections and Corrections to Periodic Reports (Announcement No.: 2026-017), and adjusted relevant items in the balance sheet and income statement of the Company’s “2024 Annual Report” and its summary. Meanwhile, it correspondingly amended the related data contained in the “2025 First Quarterly Report,” the “2025 Semi-Annual Report,” the “2025 Third Quarterly Report,” and their summaries.

Regarding the issue that matters regarding the purchase of time deposit products under agreement using raised funds were not disclosed, the Company has actively rectified. In the “Special Report on the Deposits and Actual Use of Raised Funds for 2025” published on the website of the Shanghai Stock Exchange (www.sse.com) (Announcement No.: 2026-012), the Company has proposed rectification measures in the section describing problems existing in the use and disclosure of raised funds. Going forward, the Company will strictly manage raised funds in accordance with the rectification measures. The accounting firm Sichuan Huaxin (Group) Certified Public Accountants (Special General Partnership) believes that the special report faithfully reflects the actual deposits and use of raised funds of Sichuan Tianwei Electronic Co., Ltd. for 2025. JinGjin Securities Co., Ltd. has no objection to the Company’s deposit, management, and use of raised funds for 2025.

Going forward, the Company and the relevant responsible persons will effectively strengthen their learning of securities laws and regulations, enhance the management of information disclosure matters, improve the quality of information disclosure and the level of standardized operations, promote the healthy, stable, and sustainable development of the Company, and safeguard the lawful rights and interests of the Company and all its shareholders.

This administrative regulatory measure will not have a significant impact on the Company’s daily production and operating management activities. In its subsequent work, the Company will strictly comply with the relevant regulatory requirements and the provisions of relevant laws and regulations, and timely fulfill its information disclosure obligations. All investors are kindly requested to make rational investments, and pay attention to investment risks.

This is hereby announced.

Sichuan Tianwei Electronic Co., Ltd.

Board of Directors

March 18, 2026

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