In-depth Analysis Report on the Misleading Statement Incident of Rongbai Technology

Now, let me prepare a complete analysis report for you.

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On January 14, 2026, Ningbo Rongbai New Energy Technology Co., Ltd. (Stock Code: 688005.SS) was suspected of making misleading statements in its announcement of a major daily operation contract. On January 18, 2026, the company received a “Notice of Case Filing” issued by the China Securities Regulatory Commission (CSRC), and was formally placed under investigation [1][2][3]. Following financial fraud and information disclosure violations, this is another major law enforcement case by the CSRC targeting information disclosure violations, marking that the information disclosure supervision of the A-share market has entered a new stage of “zero tolerance” and “accountability to individuals”.

Rongbai Technology is a leading enterprise in the domestic lithium battery cathode materials sector, focusing on the R&D, production and sales of ternary cathode materials and precursors. The company was listed on the STAR Market in 2019, and was one of the first STAR Market listed companies to adopt the fifth set of listing standards (allowing unprofitable enterprises to go public). Its current market capitalization is approximately USD 26.32 billion, with a stock price of USD 37.35, representing a year-on-year increase of 71.49% [0]. However, the company’s financial situation is not optimistic. As of the third quarter of 2025, the company’s TTM net profit is negative, with an ROE of -0.29%, indicating that the company is still in a period of strategic investment and its profitability has not been fully realized.

The Rongbai Technology incident is not an isolated case, but a continuation of the CSRC’s sustained high-pressure supervision since 2025. According to market statistics, a total of

were placed under investigation on suspicion of information disclosure violations throughout 2025, and nearly 80 listed companies received administrative penalty decisions, among which as many as , setting a historical record [4][5].

Within just 9 working days of the start of 2026, at least 6 listed companies have received regulatory fines or case filing notices, including Baoxin Energy, Tianpu Co., Ltd., Jushi Chemical, ST Erya, Tibet Everest, ST Huilun, etc. This phenomenon indicates that the new regulatory normal characterized by “teeth and thorns” has been fully established, and the focus of supervision is becoming increasingly precise and in-depth.

As a testing ground for reform and innovation in the A-share market, the STAR Market has higher standards for information disclosure supervision:

1. More Strict Delisting System
   : The STAR Market has a shorter delisting period and faster delisting speed; there are more delisting scenarios, including new scenarios such as market capitalization falling below the specified standard, and delisting due to major defects in information disclosure or standardized operation of listed companies; the implementation standards are stricter, and listed companies that have obviously lost their sustainable operating capabilities and only rely on trades unrelated to their main business or connected transactions without commercial substance to maintain revenue may be delisted.

2. Information Disclosure as the Core Under the Registration System
   : The registration system takes information disclosure as its core, requiring issuers and intermediaries to bear greater responsibility for the authenticity, accuracy and completeness of information disclosure.

3. More Flexible Institutional Arrangements
   : The STAR Market allows for weighted voting right arrangements, listing of red-chip enterprises, expansion of the scope of equity incentives, etc. These innovative systems put forward higher requirements for information disclosure.

According to the relevant provisions of the Securities Law, information disclosure violations include three types:

1. False Records
   : False records in information disclosure documents, i.e., the act of an information disclosure obligor recording non-existent facts in information disclosure documents when disclosing information.

2. Misleading Statements
   : Although information disclosure documents do not directly record false content, the statements are inaccurate, unclear or incomplete, which are sufficient to cause investors to make wrong judgments on investment value.

3. Material Omissions
   : Information disclosure documents fail to fully disclose matters that are required by law to be disclosed or conceal major events.

The “misleading statements” involved in the Rongbai Technology case are relatively difficult to identify in judicial practice. The Shanghai Financial Court pointed out in relevant precedents that forward-looking information itself should be significantly identifiable, that is, ordinary investors should be able to simply and accurately judge whether the information disclosed by a listed company is forward-looking information. Information disclosure content cannot be simply identified as forward-looking information just because it contains subjective terms such as “expected” or “uncertain” [6].

In the Rongbai Technology case, the major contract announcement is suspected of misleading statements, and the core disputes may lie in:

1. Completeness of Contract Information
   : Whether key information such as key terms of the contract, performance conditions, and default risks has been fully disclosed.

2. Accuracy of Expected Statements
   : Whether the statements on the performance effect of the contract and revenue expectations are based on reasonable assumptions, and whether sufficient risk warnings have been provided.

3. Materiality Judgment
   : Whether the impact of the contract on the daily operation of the listed company meets the statutory disclosure standards, and whether it is information that “may have a relatively large impact on the stock trading price of the listed company”.

The CSRC’s “Guiding Opinions on Improving the Quality of Prospectus Information Disclosure Under the Registration System” clearly proposes to implement the requirement of “responsibility upon declaration”, urging issuers and intermediaries to attach importance to the quality of initial declaration documents. The Rongbai Technology incident once again reminds STAR Market listed companies:

1. Information Disclosure Must Be True, Accurate and Complete
   : No false records, misleading statements or material omissions are allowed.

2. Language Expression Must Be Concise, Clear and Easy to Understand
   : The prospectus should be concise, clear and easy to understand, convenient for ordinary investors to read and use; at the same time, it should be rich and detailed in content to meet the needs of professional investors.

3. Risk Disclosure Must Be Sufficient and In-Place
   : Combined with the key nodes of the flow chart of main products or services, the specific application of core technologies and the effects achieved should be explained; combined with financial data, the commercial application situation should be analyzed from the aspects of the fields and scope of commercial application of new technologies and products, the stage of commercial application, and the revenue obtained.

The Rongbai Technology incident will also have a profound impact on sponsors and securities service institutions:

1. Sponsors Should Continuously Pay Attention to the Operation of Listed Companies
   : Have a full understanding of the listed company and its business; pay attention to the daily operation and stock trading situation of the listed company through daily communication, regular return visits, access to materials, attendance at general meetings of shareholders, etc., and effectively identify and urge the listed company to disclose major risks or major negative events [7].

2. More Strict Verification Responsibilities
   : Sponsors should verify whether the disclosure of major risks by listed companies is true, accurate and complete. If there are false records, misleading statements or material omissions in the disclosed content, sponsors and sponsored representatives should issue opinions to explain.

3. More Precise Accountability
   : Supervision is forming a three-dimensional accountability pattern of “pursuing the principal culprit and punishing accomplices”, which not only targets listed companies, but also fully covers intermediaries and relevant responsible persons.

Type of Violation	Administrative Penalty	Civil Compensation	Criminal Liability
Misleading Statements	Warning, fine, market entry ban	Investor claims (3-year statute of limitations)	Referral to judicial authorities if the circumstances are serious
False Records	Same as above	Same as above	Same as above
Material Omissions	Same as above	Same as above	Same as above

When investing in STAR Market stocks, investors should focus on the following risk signals:

1. Abnormal Wording in Announcements
   : Using vague and optimistic expressions, such as forward-looking terms like “expected”, “promising”, “great potential”, etc., without sufficient data support and risk warnings.

2. Disclosure of Major Contracts
   : The disclosure of major contracts should include information on the counterparty, contract amount, performance period, main terms, liability for breach of contract, etc. Investors should carefully verify whether these elements are complete and accurate.

3. Abnormal Stock Price Fluctuations
   : If the stock price fluctuates abnormally unrelated to fundamentals before and after the release of a major announcement, it may imply information leakage or market manipulation.

4. Regulatory Inquiry Letters
   : Inquiry letters issued by exchanges are often early warning signals of problems in the company’s information disclosure. Investors should pay close attention to the content of the inquiries and the company’s responses.

For STAR Market listed companies, investors should establish a multi-dimensional information verification system:

1. Cross-Comparison
   : Cross-verify company announcements with financial reports, research reports and industry data to identify information inconsistencies.

2. On-Site Research
   : For major contracts, connected transactions, etc., investors can learn about the actual situation of the counterparty through research.

3. Pay Attention to Peer Companies in the Industry
   : By comparing the information disclosure of peer companies in the industry, judge whether the target company’s disclosure is sufficient.

4. Utilize Regulatory Information
   : Pay attention to regulatory information such as exchange inquiry letters, regulatory letters, and penalty decisions, which are often early warnings of company problems.

According to the “Several Provisions of the Supreme People’s Court on Trying Civil Compensation Cases for Infringement of False Statements in the Securities Market”, after discovering information disclosure violations, investors may file a lawsuit for liability disputes over false statements in the securities market in accordance with the law [6][8].

:

1. Statute of Limitations
   : The statute of limitations for disputes over liability for false statements in the securities market is
   3 years
   , calculated from the date when the right holder knows or should know that his rights have been damaged and who the obligor is.

2. Conditions for Claims
   : Investors need to prove the existence of false statements, investment losses, and a causal relationship between the losses and the false statements.

3. Pre-procedure
   : Although the new judicial interpretation cancels administrative punishment as a pre-procedure, obtaining an administrative punishment decision will be helpful to the lawsuit in practice.

4. Delisting Does Not Affect Claims
   : Even if a listed company is delisted, as long as its actions constitute false statements in the securities market and the investor meets the statutory conditions for claims, the investor can still claim compensation for losses in accordance with the law.

5. Special Representative Litigation
   : Special representative litigation initiated by investor protection institutions has become normalized, and eligible cases will initiate litigation procedures faster.

:

As of December 23, 2025, there are

eligible for investors to file claims in accordance with the law, which are within the statute of limitations and have definite violations or are suspected of violations [8].

1. Establish a Risk Early Warning Mechanism
   : Set early warning indicators such as abnormal stock price fluctuations, regulatory inquiries, and release of important announcements.

2. Diversify Investment Risks
   : STAR Market listed companies generally have characteristics such as large R&D investment, long profit cycle, and rapid technological iteration. Investors should pay attention to diversifying investments and avoid over-concentration.

3. Rational Investment Decisions
   : Avoid blindly chasing hot concepts, and focus on the company’s fundamentals and long-term value.

4. Continuous Tracking and Attention
   : For invested companies, continuously track their information disclosure and adjust investment strategies in a timely manner.

The above chart shows:

• Rongbai Technology’s Stock Price Trend
  : From 2025 to January 2026, the stock price rose from USD 21.8 to USD 37.35, an increase of approximately 71%, but faces significant uncertainty after the announcement of the investigation.
• Number of Information Disclosure Violations by Sector
  : In 2025, there were 562 cases on the Main Board (Shanghai), 298 on the Main Board (Shenzhen), 187 on the ChiNext Board, 95 on the STAR Market, and 42 on the Beijing Stock Exchange. The number of violation cases on the STAR Market is relatively small, but the regulatory standards are stricter.
• Timeline of Regulatory Intensity
  : Shows the trend of continuous strengthening of regulatory intensity.
• Investor Rights Protection Path
  : The complete path from discovering violation clues to obtaining civil compensation.

The above chart systematically sorts out:

• Types of Information Disclosure Violations
  : Four main types including misleading statements, false records, material omissions, and delayed disclosure.
• Regulatory Penalty Measures
  : A four-level accountability system including administrative penalties, mandatory delisting, civil compensation, and criminal liability.
• Key Points for Investor Risk Identification
  : Five key points including paying attention to announcement wording, verifying major contracts, being alert to abnormal fluctuations, multi-party verification, and paying attention to regulatory inquiries.

The misleading statement incident of Rongbai Technology is an important node in the information disclosure supervision of the STAR Market, which marks:

1. Supervision Has Entered the “Deep Water Zone” of “Zero Tolerance”
   : From financial fraud to misleading statements, the scope of supervision continues to expand, and law enforcement intensity continues to increase.

2. Information Disclosure Quality Has Become a Core Competitiveness
   : Under the registration system, the quality of information disclosure directly determines a company’s market reputation and financing capacity.

3. Investor Protection Mechanisms Are Gradually Improved
   : The normalization of mechanisms such as special representative litigation and advance compensation provides more effective channels for investor rights protection.

Looking forward, the information disclosure supervision of the STAR Market will show the following trends:

1. Technology-Enabled Supervision
   : Use technical means such as big data and artificial intelligence to realize “penetrating” monitoring and improve supervision efficiency.

2. Linkage Between Civil Recovery and Administrative Penalties
   : The connection between administrative penalties, civil compensation and criminal liability will be closer, forming a complete accountability chain.

3. Further Strengthening the Responsibilities of Intermediaries
   : Sponsors and securities service institutions will face greater practice risks and responsibilities.

, the Rongbai Technology incident is a profound warning: compliance with information disclosure requirements is no longer an “optional item”, but a “mandatory item”; the legal consequences of misleading statements include not only administrative penalties, but also civil compensation and even criminal liability.

, they should establish risk awareness, learn to identify information disclosure problems, and safeguard their legitimate rights and interests in accordance with the law. Under the background of “zero tolerance” supervision, investors’ awareness and ability to safeguard their rights will become the key to protecting their own interests.

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[1] The Paper - “CSRC Launches Investigation into Rongbai Technology for Suspected Misleading Statements in Major Contract Announcement” (https://www.thepaper.cn/newsDetail_forward_32411022)

[2] Yicai Global - “Rongbai Technology: Placed Under Investigation by CSRC for Suspected Misleading Statements in Major Contract Announcement” (https://www.yicai.com/brief/103009889.html)

[3] National Business Daily - “CSRC Launches Investigation into Rongbai Technology for Suspected Misleading Statements in Major Contract Announcement” (https://www.nbd.com.cn/articles/2026-01-18/4224864.html)

[4] Securities Times Network - “6 Fines Issued at the Start of the Year Unveil the New Normal of A-share Supervision: Fines to Hurt, and Accountability to Individuals” (https://www.stcn.com/article/detail/3591468.html)

[5] 21st Century Business Herald - “Regulatory Crackdown in 2026! CSRC Responds to Pain Points in Investor Rights Protection” (https://finance.eastmoney.com/a/202601053608090255.html)

[6] China Securities Regulatory Commission - “Judicial Cases of Liability Disputes Over False Statements in Securities Market” (http://www.csrc.gov.cn/shaanxi/c105609/c7590834/content.shtml)

[7] Shanghai Stock Exchange - “Listing Rules for STAR Market Stocks” (https://www.sse.com.cn/lawandrules/sselawsrules/repeal/rules/c/10118921/files/9bd863640cc44cfb8db0a7e756df68dc.pdf)

[8] Securities Times Network - “Representative Litigation Has Become Normalized, with Over 250 Securities Eligible for Investor Claims This Year” (https://www.stcn.com/article/detail/3554695.html)