Xingyun Technology's controlling shareholders and related parties receive prior administrative penalty notice, with a total proposed fine of 10 million yuan.

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CloudTech Co., Ltd. (Stock Code: 300209, Stock Name: CloudTech) announced on March 17 that the company’s actual controller and controlling shareholder, Wang Wei, along with his concerted action partner Shenzhen Tianxingyun Supply Chain Co., Ltd. (hereinafter referred to as “Tianxingyun”) and shareholder Xiao Siqing, received the “Administrative Penalty Notice of Prior Notification” ([2026]1) issued by the Hunan Regulatory Bureau of the China Securities Regulatory Commission. The three parties are being fined a total of 10 million yuan for illegal activities such as failing to disclose other material information as required.

The announcement states that these violations stem from matters during the restructuring of Youkeshu Technology Co., Ltd. (hereinafter “Youkeshu”). On September 30, 2024, the court accepted Youkeshu’s restructuring application; on November 14 of the same year, Youkeshu announced that Tianxingyun was its restructuring industry investor; on December 23, the court approved the completion of Youkeshu’s restructuring plan and terminated the restructuring process. During this period, Xiao Siqing, Wang Wei, and Tianxingyun signed relevant agreements and commitments. If fulfilled, these would cause significant changes to Youkeshu’s equity structure and greatly impact the restructuring progress, but so far, these agreements and commitments have not been publicly disclosed.

The Hunan Regulatory Bureau’s investigation found that from November 14, 2024, to March 11, 2025, Xiao Siqing, as the controlling shareholder and actual controller of Youkeshu, and Tianxingyun, as the industry investor in its restructuring, both had disclosure obligations but failed to fulfill them, constituting violations under Article 197, Paragraph 1 of the Securities Law. Wang Wei, as the actual controller of Tianxingyun during this period, was the directly responsible supervisor for Tianxingyun’s illegal disclosure; from March 11, 2025, onward, Wang Wei became the controlling shareholder of Youkeshu and also failed to fulfill disclosure obligations, constituting the same violations.

Based on these facts, the Hunan Regulatory Bureau proposes the following administrative penalties:

CloudTech stated in the announcement that the matters in the “Administrative Penalty Notice” only involve the company’s actual controller, controlling shareholder Wang Wei, his concerted action partner Tianxingyun, and shareholder Xiao Siqing, and are unrelated to the company’s operations. They will not affect the company’s business activities. Additionally, according to the findings in the “Administrative Penalty Notice,” the above situations involving the actual controller and controlling shareholder do not meet the criteria for major illegal violations that would lead to mandatory delisting under the Shenzhen Stock Exchange Growth Enterprise Market Listing Rules. The company will urge the disclosure obligors to fulfill their disclosure obligations in a timely manner according to relevant regulations.

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Editor: Xiao Lang Kuai Bao