Will the SFC's investigation have any results?

Legal analysis: The results of the investigation will be published in about one year. First of all, because the law does not clearly stipulate how long it will take for the CSRC to produce results after filing an investigation. The second is also related to the illegal matters involved. If the matter is particularly complicated, it may take longer to investigate. In recent years, most cases have been investigated within a year or so. Most of the cases in which listed companies are put on file for investigation will end up with administrative punishment, and only a few of them are found not to have violated the rules. Generally speaking, information disclosure violations are not a big problem. Even if it is verified, the punishment is generally to order the company to correct the illegal behavior, give a warning and impose a fine. What is more serious is public condemnation.

Legal basis: Article 193 of the Securities Law of People's Republic of China (PRC). If a listed company or other information disclosure obligor fails to disclose information as required, or the disclosed information contains false records, misleading statements or major omissions, the securities regulatory body shall order it to make corrections, give it a warning and impose a fine of not less than 300,000 yuan but not more than 600,000 yuan. Give a warning to the directly responsible person in charge and other directly responsible personnel, and impose a fine of more than 30,000 yuan and less than 300,000 yuan. If an issuer, listed company or other information disclosure obligor fails to submit relevant reports in accordance with the regulations, and the reports submitted contain false records, misleading statements or major omissions, the securities regulatory body shall order it to make corrections and impose a fine of not less than 300,000 yuan but not more than 600,000 yuan. Give a warning to the directly responsible person in charge and other directly responsible personnel, and impose a fine of more than 30,000 yuan and less than 300,000 yuan.