Zhitong Finance App News, Shandong Huapeng (603021.SH) issued an announcement. On February 2, 2024, the company received the “Decision on Ordering Corrective Measures against Shandong Huapeng Glass Co., Ltd.” and “Decision on Issuing Warning Letter Measures against Hu Lei, Fan Chunlei, and Zhao Yingxian” issued by the Shandong Regulatory Bureau of the China Securities Regulatory Commission.

According to reports, the company has the following problems: (1) insufficient depreciation calculation for projects under construction and fixed assets; (2) improper revenue recognition period for some projects; and (3) improper billing period for some costs. Hu Lei did not perform his duties faithfully and diligently as the company's chairman, Fan Chunlei as general manager, and Zhao Yingxian as financial director, and bears the main responsibility for the company's related actions.