Sierxin was punished even after withdrawing its IPO application

After withdrawing its IPO application on the Science and Technology Innovation Board, Shanghai Sierxin Technology Co., Ltd. ("Sierxin") was still punished by the regulatory authorities for suspected illegal and irregular matters such as inflating revenue. The Shanghai Stock Exchange issued a disciplinary penalty to Sierxin, which means that the regulatory authorities' punishment for Sierxin's fraudulent issuance has finally been fully implemented.