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Hongtu Sanbao

Controversies

Controversies tied to this brand in public sources. A listing is not a finding of fault.

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  1. 2019

    Helped fabricate purchases and sales in Hongtu High-Tech's five-year annual report fraud; bond default; Yuan Yafei banned for 10 years

    The CSRC found that Hongtu High-Tech, through Hongtu Sanpower and other entities, fabricated purchases and sales to inflate revenue and profit, and used off-balance-sheet financing to understate liabilities, resulting in false records in its 2017–2021 annual reports; Hongtu High-Tech was fined RMB 2 million, Sanpower Group RMB 4 million, and actual controller Yuan Yafei RMB 2 million plus a 10-year market ban. Several of Hongtu High-Tech's medium-term notes and super-short-term financing bonds have been in substantive default since 2019, with no repayment arrangement as of September 2026. Fine, market ban; bond default.

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