Financial Services News, Feb. 19 (Reporter Gao Yanyun) As Olympic League Electronics is about to complete its one-year investigation, the company's ticket landed, and Xu Mingjun, a perovskite “expert”, was also punished.

Olympic League Electronics recently issued an announcement. The company received the “Advance Notice of Administrative Penalty” issued by the Securities Regulatory Commission on February 7. The CSRC plans to order corrections, give a warning, and impose a fine of 3 million yuan; the then-chairman Chen Guangshui, board secretary Xue Juanhua, general manager Fu Zongchao, general manager Jiang Biao, who acted as general manager, and Xu Mingjun, the general manager of Aolian Solar Energy at the time. The specific fines were Chen Guangshui (1.5 million yuan) and Xue Juanhua (Xue Juanhua). 1 million yuan), Fu Zongchao (600,000 yuan), Jiang Biao (600,000 yuan), Xu Ming Jun (800,000 yuan). The total fines mentioned above amount to 7.5 million yuan.

After investigation, Olympic League Electronics' disclosure failed to objectively, accurately, and completely reflect Xu Mingjun's past work performance and core competitiveness in the perovskite industry, exaggerated Xu Mingjun's influence in the industry, and was highly misleading.

Lu Juan's research team at CITIC Construction Investment Securities once stepped on Leo Electronics. They recommended Olympic Electronics as a “dark horse” during a conference call and published a research report. At the time of the conference and report's launch, the company's stock price had already surged 139.1%. The company's stock price then experienced a roller coaster. The company's stock price first rose 25.97% within 7 trading days after the above meeting, then fell rapidly. Within 1 month of the launch of the research report, the company's stock price dropped by a total of 34.48%.

The history of the perovskite “expert” is untrue

The Securities Regulatory Commission pointed out that there are misleading statements about Xu Mingjun's performance in the field of perovskite disclosed by Olympic League Electronics.

On February 13, 2023, Olympic Electronics stated in response to a letter of concern to the Shenzhen Stock Exchange that Xu Mingjun had 12 main achievements in the perovskite industry, including guiding the completion of the Huaneng Qingneng Institute's 550 x 650 mm perovskite battery module test line process equipment design.

The Securities Regulatory Commission pointed out that in fact, Xu Mingjun did not play a leading or leading development role in the 12 projects mentioned above. The “completion” referred to in the announcement only indicates that Xu Mingjun participated in the project and that the project was finally completed. The “guidance” referred to in the announcement only indicates that Xu Mingjun proposed the project and did not play a guiding role in key core technologies or major processes.

According to the Securities Regulatory Commission, there are misleading statements about the core competitiveness of Xu Mingjun and his team. In fact, Xu Mingjun's professional background is military guidance automation. Before joining Hangzhou Zhongneng in May 2020, Xu Mingjun had never been involved in a perovskite project. Xu Mingjun is not a core technician at Hangzhou Zhongneng, Zhejiang Zhongneng Optical Storage Technology (Group) Co., Ltd., and Wuxi Zhongneng; his work mainly focuses on operation management.

“Xu Mingjun and a number of team members including Lu Ting” actually include people recruited by Aolian Solar such as Xu Mingjun and Lu Ting, as well as former employees and partners of Hangzhou Zhongneng and other people who have no cooperative relationship with AFC. “Independent research and development of multi-type perovskite process equipment”, “achieved adaptation to the perovskite battery preparation process”, “completed and delivered multiple test lines and pilot line equipment”. In fact, for the project completed by Hangzhou Zhongneng and its partners, Xu Mingjun and Lu Ting only participated in part of the management of the project.

According to the Securities Regulatory Commission, the above information disclosure by Olympic League Electronics failed to objectively, accurately, and completely reflect Xu Mingjun's past work performance and core competitiveness in the perovskite industry, exaggerated Xu Mingjun's influence in the industry, and was highly misleading.

Chen Guangshui, as the then chairman of Olympic Electronics, and Xue Juanhua, as the secretary of the board of directors of Olympic Electronics at the time, are directly responsible supervisors. Fu Zongchao, as the then general manager of Olympic Electronics, and Jiang Biao, as the then deputy general manager of Olympic Electronics and acting as general manager, are other directly responsible personnel. Although Xu Mingjun, then general manager of Aolian Solar Energy, was not a director, supervisor, or senior manager of Olympic League Electronics, the relevant personal information he provided directly caused illegal disclosure of information, and was also one of the main participants in Olympic Electronic Information Disclosure Violations.

Olympic League Electronics said that as of the disclosure date, the company's various production and operation activities were carried out normally, and the perovskite project was progressing in an orderly manner. The company sincerely apologizes to investors for this incident. The company will carefully learn lessons from experience, strengthen the standardization of internal governance, improve the quality of information disclosure, strictly abide by relevant laws and regulations, fulfill its information disclosure obligations truthfully, accurately, completely, in a timely and fair manner, and safeguard the interests of the company and shareholders.

The seller's research “stepped on the thunderbolt”

Lu Juan, head of machinery at CITIC Construction Investment Securities, fell into a vortex of public opinion when recommending Olympic Electronics late the night before.

From 23:30 on January 31 to 00:00 on February 1, 2023, CITIC Construction Investment Securities Lu Juan's research team announced an emergency conference call to report on perovskite investment opportunities to investors. The conference call of 300 people was full that night. Lu Juan's team recommended Olympic Electronics as a “dark horse.”

In the early morning of February 1, at the end of the conference, Lu Juan's team announced that they would hold a second conference call with the same content at 8 o'clock the next day to meet the needs of investors who were unable to attend the conference before. “Sorry, the conference can only accommodate 300 people. Leaders who haven't entered can attend the second session.” Lu Juan's team said in the conference notice.

During the conference call on the 31st, the exact time was “2023-01-31 23:42”. Lu Juan's team simultaneously released Olympic Electronics's first coverage research report. The title of the article on WeChat was “Olympic Electronics's First Coverage: Strategic Layout in the Perovskite Field, Battery Module+Equipment Creates a New Growth Curve [CITIC Construction Investment Machinery Lu Juan Team]”

In this research report, Lu Juan's team detailed the relevant work experience of Xu Mingjun, the leader in perovskite at Olympic Electronics, in the perovskite industry. The relevant content is consistent with part of Olympic Electronics' announcement “Olympic Electronics: Notice on Responding to the Letter of Concern on the Shenzhen Stock Exchange” on February 13 last year.

Currently, the WeChat account “High-end Manufacturing Lu Juan Team” that published the above research report was renamed “CSC Research Machinery Team” on August 28, 2023, and the WeChat account “lvjuanteam”. The Olympic League electronic research report no longer exists.

Furthermore, the source of the information in the above research report has been questioned by the market. According to Olympic League's electronic research announcement, the company published a total of 3 research notes in 2022, and CITIC Construction Investment did not participate in any research activities.

When the above research report was launched, Olympic Electronics's stock price rise was nearing its end. Olympic Electronics experienced a roller coaster ride after Lu Juan's team recommended it.

The company's stock price closed at 9.35 yuan on February 8, the last trading day before the Spring Festival this year, which is far from the closing price of 32.66 yuan on the day of Lu Juan's team meeting.