Guizhou Bailing was penalized for four years of financial fraud, and the chairman has resigned!

On March 27, Guizhou Bailing Pharmaceutical Group Co., Ltd. (hereinafter referred to as Guizhou Bailing) issued an announcement, saying that it had received an “Administrative Penalty Decision” issued by the Guizhou Securities Regulatory Bureau.

The “Administrative Penalty Decision” shows:

Guizhou Bailing underreported sales expenses by 35,012.49 million yuan in 2019, overreported profits by 35,012.49 million yuan, accounting for 95.73% of the absolute value of the total profit recorded in the current report(;

Guizhou Bailing underreported sales expenses by 24,080.95 million yuan in 2020, overreported profits by 24,080.95 million yuan, accounting for 115.35% of the absolute value of the total profit recorded in the current report);

Guizhou Bailing underreported sales expenses by 6,379.16 million yuan in 2021, overreported profits by 6,379.16 million yuan, accounting for 45.04% of the absolute value of the total profit recorded in the current report(;

In 2023, Guizhou Bailing overreported sales expenses by 45,941.10 million yuan, underreported profits by 45,941.10 million yuan, accounting for 93.17% of the absolute value of the total profit recorded in the current report).

The above financial fraud behavior led to false records in Guizhou Bailing’s annual reports for 2019, 2020, 2021, and 2023.

The Guizhou Securities Regulatory Bureau imposed a fine of 10 million yuan on Guizhou Bailing; imposed a fine of 5 million yuan on Jiang Wei (then Chairman of Guizhou Bailing) and took a 10-year prohibition from the securities market; imposed a fine of 3.5 million yuan on Niu Min (then Director, General Manager, and Secretary of the Board of Guizhou Bailing); and imposed fines of 2 million yuan, 1.5 million yuan, 80 million yuan, 60 million yuan, 50 million yuan, 50 million yuan, and 50 million yuan respectively on the other seven then senior executives.

Guizhou Bailing stated that, according to the circumstances identified in the “Administrative Penalty Decision,” the company did not fall under the circumstances of major illegal acts leading to mandatory delisting as stipulated in Chapter 9, Section 5 of the “Shenzhen Stock Exchange Stock Listing Rules(2025 Revision).”

On the same day, Guizhou Bailing also issued an announcement stating that on March 26, 2026, it received a written resignation report submitted by Chairman Jiang Wei. For personal reasons, he applied to resign from his positions as Chairman, Director, Acting Secretary of the Board, convener of the Strategic Committee under the Board, members of the Nomination Committee and the Compensation and Assessment Committee, and Legal Representative.

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