Controversies

Repeatedly Summoned and Penalized by Postal Regulator, Yanwen Logistics Withdraws IPO Before Review

During and after the reporting period, Yanwen Logistics was repeatedly summoned, ordered to rectify, and penalized by postal regulators, with 11 cases from 2018 to the first half of 2021 and fines totaling 48,760 yuan: its Tianjin branch was fined 90,000 yuan for failing to establish an accident hazard inspection system, its Putian branch was fined 100,000 yuan for failing to inspect mailed items as required and the person in charge was fined 5,000 yuan, and it was separately fined 23,000 yuan for overstating operating revenue in statistical reports. On January 17, 2023, before its originally scheduled review by the Shenzhen Stock Exchange main board, the company abruptly withdrew its IPO materials; it later disclosed that this was related to an equity dispute with the family of actual controller Zhou Wenxing (and his father Zhou Daren). IPO terminated; multiple administrative penalties.