Recently, the actual controller and concerted action persons of Guangdong Zijing Information Storage Technology Co., Ltd. (hereinafter referred to as "Zijing Storage") have been suspected of the crime of fraudulent issuance of securities and have been taken compulsory measures. This incident made Zijing Storage one of the first suspected cases of fraudulent issuance on the Science and Technology Innovation Board, which had a huge impact on the company's future development.
According to the announcement, the actual controller Zheng Mu and the concerted action person Luo Tiewei are currently detained in the Meixian District Detention Center in Meizhou City and have been arrested by the Meizhou City Prosecutor's Office.

It is understood that Zijing Storage stated in the announcement that the above event may have a significant adverse impact on the company's production and operation, and may involve a change of actual controller, and it is uncertain whether it will have an impact on the company's finances. The company clearly stated that there is no risk of termination of listing due to this handling. However, this incident still raises many doubts among investors about the company's future.
It is worth noting that Zheng Mu and Luo Tiewei's charges of fraudulent securities issuance are consistent with the illegal facts identified in the Administrative Penalty Notice previously issued by the China Securities Regulatory Commission.
It is reported that Zijing Storage has attracted widespread market attention due to its inflated operating revenue and profit exceeding 430 million yuan between 2017 and 2019. The company mainly engages in financial fraud by fabricating sales contracts, forging logistics and acceptance documents, arranging fund receipts, and confirming revenue in advance.

The case of amethyst storage has raised market concerns about whether other companies have similar issues. Investors are increasingly sensitive to the financial condition and operational risks of listed companies, and have higher requirements for their sustainable development and governance level
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