Beijing Zuojiang Technology, a Chinese chip developer, has come under scrutiny from the country’s securities regulator due to suspicions of financial fraud.
- The China Securities Regulatory Commission found Zuojiang’s 2023 financial disclosures to be ‘seriously untrue’
- The regulator said its investigation, which was initiated on November 24, was still ongoing
Quick Summary :
- An investigation by the China Securities Regulatory Commission found the 2023 financial disclosures of Beijing Zuojiang Technology to be seriously untrue’.
- Shares of Zuojiang closed down 19.99 per cent to 33.94 yuan (US$4.77) on Thursday, following the stock’s resumption of trading on Wednesday.
- Those goods were later classified as “not in actual development or sales” because the client enterprise that bought the chips did not use most of them.As such, the 12.6 million yuan deal for those DPUs could not be verified, according to Zuojiang’s filing.
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