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FINWIRES

China Regulator Fines Jihua, Former Executives for Financial Misstatements

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China's securities regulator fined Jihua Group (SHA:601718) and 13 former executives for misstating financial records between 2018 and 2021, according to a Thursday filing with the Shanghai bourse.

The securities regulator fined Jihua 7 million yuan and issued warnings and fines against 13 executives ranging from 500,000 yuan to 2 million yuan.

The penalty stemmed from the misrecognition of revenue from a land sale in 2020, overstating financing trade revenue in 2018 and 2019, and overstating revenue from agency accounting in 2020 and 2021.

The executives appealed the decision on the grounds of good faith and adherence to older standards, but the regulator denied the motion.

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