Shanghai Stock Exchange: Regulatory warning issued to Hongquan Technology and related responsible individuals.

On January 15th, the Shanghai Stock Exchange's Sci-Tech Innovation Board Company Management Department issued a decision to issue a regulatory warning to Hangzhou Hongquan Internet of Things Technology Co., Ltd. and relevant responsible persons. The decision document shows that the company has the following violations: first, the company did not disclose the non-operating fund transactions between the company and the actual controlling shareholder He Junqiang in the 2024 annual report and the 2025 semi-annual report as required; second, the company's cash management review process for raised funds is not standardized, with cases of raised funds cash management being overdue for review; third, the company did not convene audit committee meetings as required; fourth, the company failed to effectively control its subsidiaries, Shanghai Chengsheng Technology Co., Ltd. and Shanghai Xianshu Intelligent Technology Co., Ltd. In addition, the company also has issues in seal management, insider information disclosure, and shareholder meeting records. The Sci-Tech Innovation Board Company Management Department of the Shanghai Stock Exchange has made the following regulatory measures: Hangzhou Hongquan Internet of Things Technology Co., Ltd., the former Chairman and General Manager He Junqiang, the former Board Secretary Lu Huihua, the former Board Secretary Zhang Xujian, and the former CFO Liu Jiangzhen shall be issued regulatory warnings.