Cirxin was banned from issuing shares for 5 years by Shanghai Stock Exchange due to false records

Shanghai Sierxin Technology Co., Ltd. ("Sierxin") fabricated major false information in its securities issuance documents, including fictitious sales transactions, early recognition of revenue, and understating period expenses, resulting in an inflated operating income of RMB 15.3672 million in 2020, accounting for 11.55% of the revenue that year, and an inflated total profit of RMB 12.4617 million, accounting for 118.48% of the total profit that year. As a result, the Shanghai Stock Exchange imposed a disciplinary sanction on Sierxin, which is not to accept its issuance and listing application documents within five years.