According to Zhito Finance APP, Guangdong Modren High-tech Fiber (300876.SZ) announced that the company recently received a warning letter from the China Securities Regulatory Commission’s Guangdong Regulatory Bureau regarding the decision to issue a warning letter to Guangdong Modren High-tech Fiber Co., Ltd., Guo Qinghai, Chen Guangming, Zhu Shaofen, and Zheng Xiaoyi. The warning letter stated:

There are issues with the company's management and use of raised funds: First, from March 2023 to August 2024, the company used bank acceptance bills, commercial acceptance bills, and letters of credit to first pay for the funds required for the Convertible Bonds fundraising projects, and then replaced 70.6365 million yuan with the raised Convertible Bonds funds, without timely performing the review procedure and information disclosure obligations regarding related matters. Second, as of the end of 2022, the actual use of raised funds for the company's R&D center fundraising project differed by over 30% from the planned investment amount, and the actual investment progress significantly differed from the investment plan, yet the company did not timely disclose the specific reasons and adjustments to the fundraising investment plan. Third, the company used idle raised funds for cash management, holding two term deposits totaling 70 million yuan for an actual holding period of 1 year and 3 months, which exceeded the relevant regulations that state 'the investment product's term cannot exceed twelve months.' Fourth, after the completion of the R&D center fundraising project, the company continued to use raised funds to cover the salaries of R&D personnel for April to June 2024, totaling 1.1128 million yuan. Fifth, the company's management of the fundraising special account is inadequate, with commingling of the fundraising special account, leading to instances where own funds were used for advance payments and then replaced from the regulatory account.