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The Filing Archive

Disclosure reviews, enforcement case studies, regulatory briefings and notes from the fine print.

Published records
26
Companies reviewed
17
Editorial lines
4
Latest record
October 3, 2026

Editor’s file / 026

Disclosure Note · Visionox · 002387.SZ

Visionox's 2025 R&D expense decline combines lower total investment with higher capitalization. Project movement tables track the cost into intangible assets and an expanding development balance, while the 2026 figures and a new consolidation boundary qualify the interpretation.

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26 Disclosure Note

Visionox · 002387.SZ

Visionox's R&D Expense Fell. Its Development Asset Grew.

The 2025 annual report, pp.195–196, shows CNY218.8 million of new capitalized R&D and CNY157.3 million transferred to intangible assets, not current profit or loss. Development expenditure reached CNY259.5 million in the 2026 interim report, p.153.

Visionox's 2025 R&D expense decline combines lower total investment with higher capitalization. Project movement tables track the cost into intangible assets and an expanding development balance, while the 2026 figures and a new consolidation boundary qualify the interpretation.

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  • Annual Reports
  • Cash Flow
  • Development Costs
25 Weekly Brief

China Capital Markets · 21 to 27 September 2026

China Capital Markets Weekly: Airline Growth Meets the Balance Sheet

Loong Airlines’ inquiry response connects fleet growth with aircraft assets, leases and liquidity. Other responses link earnings volatility to working capital and capital expenditure. No additional rule first published during September 21–27 was confirmed in the supplementary review; the private-fund proposal and future-effective futures rules remain follow-up matters.

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  • IPO Review
  • Inquiry Responses
  • Regulatory Developments
24 Weekly Brief

China Capital Markets · 14 to 20 September 2026

China Capital Markets Weekly: Chip Expansion and the Quality of Earnings

Huazhuo Jingke and Changjing Technology illustrate how loss-making status, asset values and business-model expansion shape disclosure questions. A September 18 whistleblower reward notice implements an existing framework; it is not a new rule or seventeen new penalties. Earlier private-fund and futures measures remain continuing matters.

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  • IPO Review
  • Inquiry Responses
  • Regulatory Developments
23 Disclosure Note

East Group · 300376.SZ

East's Debt Growth Has a CNY504 Million Non-Cash Line

The 2025 annual report, p.180, shows CNY504.1 million of non-cash increases within a CNY568.7 million rise in long-term payables, including current portions. The 2026 interim report, p.140, then records CNY430.0 million of cash reductions and a CNY391.5 million balance decline.

East's 2025 financing-liability reconciliation records CNY504.1 million of non-cash additions to long-term payables. Cash-receipt, carrying-value, and contractual-payment bridges identify the missing transaction-level explanation, while substantial first-half 2026 settlement counters a simple debt-accumulation thesis.

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  • Cash Flow
  • Annual Reports
  • Financing Liabilities
22 Disclosure Note

Sungrow · 300274.SZ

Sungrow's Warranty Provision Has a Remaining-Months Assumption

The 2025 annual report, p.193, carries CNY5.569 billion of assurance-warranty provisions based on remaining warranty months and an average service rate. The 2024 report, p.161, separately moves CNY2.295 billion of 2023 warranty expense from selling costs to cost of sales.

Sungrow estimates warranty obligations from products still covered, remaining months, and an average service rate. The closing balance, an expense reclassification, retention assets, and strong cash resources explain why investors need a cohort and movement bridge before judging product economics or future service costs.

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  • Annual Reports
  • Cash Flow
  • Warranty Estimates
21 Disclosure Note

Mindray · 300760.SZ

Mindray's 75% Acquisition Leaves a Future Cash Obligation

The 2025 annual report, p.283, records CNY415.5 million for a future purchase of Gorka's then-held DiaSys interest. The 2026 interim bridge, p.216, shows its CNY23.6 million decrease was entirely non-cash, not repayment.

A price-floor clause disclosed in the original DiaSys acquisition leaves a conditional future equity purchase obligation. Its accounting balance changes without cash settlement, while strong group cash generation and the contract's unresolved pricing inputs keep the analysis focused on capital commitments rather than an immediate liquidity alarm.

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  • Annual Reports
  • Cash Flow
  • Acquisition Terms
20 Weekly Brief

China Capital Markets · 7 to 13 September 2026

China Capital Markets Weekly: Futures Firms Face a New Rulebook

The CSRC published revised futures-company supervision measures and an implementation announcement on September 11. Both take effect January 1, 2027. Their licensing, ownership-transparency and subsidiary-transition provisions are new published regulation, but not yet-operative duties or changes to IPO admission.

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  • IPO Review
  • Inquiry Responses
  • Listing Committee
19 Weekly Brief

China Capital Markets · 31 August to 6 September 2026

China Capital Markets Weekly: Fundraising Controls and Faster Bond Review

The CSRC opened consultation on private-fund fundraising rules on September 4, with feedback due October 4. Shanghai and Shenzhen revised corporate-bond review arrangements on the same day. Proposed investor controls must be distinguished from effective exchange rules, and neither changes the IPO admission framework.

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  • IPO Review
  • Inquiry Responses
  • Beijing Stock Exchange
18 Weekly Brief

China Capital Markets · 24 to 30 August 2026

China Capital Markets Weekly: Property Financing Moves to the Project Level

The CSRC published a property-financing opinion on August 28, although the document is signed December 27, 2025. It supports refinancing, acquisitions, bonds, ABS and REITs subject to project-level requirements. The shift toward project-based financing does not amount to a blanket reopening of property IPOs.

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  • IPO Review
  • Inquiry Responses
  • Listing Committee
17 Disclosure Note

Offcn Education · 002607.SZ

Offcn's Guarantee Total Counts Some Debts More Than Once

The 2025 annual report, p.58, states that the same credit or debt arrangements can be listed in both company-to-subsidiary and subsidiary-to-subsidiary categories, causing repeated counting. The reported CNY1.308 billion aggregate and 172.78% ratio are not a reconciled measure of distinct debt.

Offcn explicitly states that compound guarantees cause repeated counting in its headline totals. Debt, support obligations, restricted assets, and cash-flow bridges explain why the aggregate is not unique principal, while deduplication alone does not resolve the financial-flexibility question.

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  • Guarantees
  • Cash Flow
  • Annual Reports
16 Disclosure Note

Kylinsec · 688152.SH

Kylinsec's Accepted Sales Can Still Have a Provisional Price

The 2025 annual report, p.47, describes provisional-price recognition and subsequent approved-price adjustments. The same report, p.222, marks significant contract changes or significant transaction-price adjustments as not applicable; the reviewed tables do not quantify revenue or receivables awaiting price approval.

Kylinsec describes revenue recognized at provisional prices once recognition conditions are met, with later approved-price differences adjusting revenue. The annual report does not quantify that cohort and marks significant price adjustments as not applicable. Receivable and cash-flow bridges show why pricing uncertainty must remain distinct from credit loss.

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  • Annual Reports
  • Cash Flow
  • Revenue Measurement
15 Disclosure Note

Hepalink · 002399.SZ / 09989.HK

Hepalink's CNY89.8 Million Advance: Who Keeps the Recovery?

The 2025 annual report, p.195, and 2026 interim report, p.157, retain a CNY89,809,600 payable to Leren and state that the advance is to be returned after the relevant recovery or compensation is obtained.

A CNY89.8 million advance supplied cash after an Italian subsidiary's scam loss. The related-party note ties its return to recovery or compensation, while the cash-flow tables reveal how limited its contribution was to overall operating cash generation.

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  • Related Parties
  • Cash Flow
  • Annual Reports
14 Disclosure Note

Kweichow Moutai · 600519.SH

Moutai's Cash-Flow Surge Has a Deposit Footnote

The 2026 interim report, pp.97–98, identifies CNY25.426 billion of related-party deposits accepted by the finance subsidiary, not deposits made by the listed company with its parent. Changes in two rows on pp.33–34 account for CNY57.206 billion of the CNY57.572 billion operating cash-flow increase.

Two financial cash-flow rows reconcile approximately 99.36% of Moutai's first-half 2026 operating cash-flow increase. The deposit note, consolidation boundary, and cash composition explain why that surge is not a direct measure of liquor cash conversion or immediately distributable surplus.

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  • Related Parties
  • Cash Flow
  • Annual Reports
13 Weekly Brief

China Capital Markets · 17 to 23 August 2026

China Capital Markets Weekly: A Memory Giant Enters the IPO Queue

Yangtze Memory’s STAR Market application leads a week of nine inquiry responses and five committee passes. Two Shanghai exchange operating guides also changed on August 21: bond trading and public REITs continuing operations. These are effective operational updates, not changes to IPO admission standards.

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  • IPO Review
  • STAR Market
  • Yangtze Memory Technologies Holding
12 Enforcement

Shenzhen Guangdao Digital Technology Co., Ltd. · 920680.BJ (formerly 839680)

When Revenue Looked Documented but Failed Independent Verification

A final penalty, major-illegal forced delisting, auditor enforcement and advance compensation show why apparently consistent documents still require independent verification.

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  • Enforcement Case Study
  • Revenue Quality
  • Audit Evidence
11 Weekly Brief

China Capital Markets · 10 to 16 August 2026

China Capital Markets Weekly: Chip Growth Meets the Cash Flow Test

Calterah’s STAR Market filing pairs rapid growth with continuing losses and negative operating cash flow. The CSRC’s August 14 accounting review adds an important regulatory reference on revenue recognition, impairment, development expenditure and disclosure. The review is not a new accounting standard.

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  • IPO Review
  • STAR Market
  • Calterah Semiconductor
10 Enforcement

Dongxu Optoelectronic Technology Co., Ltd. · 000413.SZ / 200413.SZ

When Reported Financial Strength Did Not Mean Usable Cash

Final decisions connect false financial reporting, related-party fund occupation, securities issuance and gatekeeper failures, while the company’s earlier delisting followed a separate trading-based route.

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  • Enforcement Case Study
  • Cash Quality
  • Related Party Transactions
09 Weekly Brief

China Capital Markets · 3 to 9 August 2026

China Capital Markets Weekly: Robotics Meets the Commercialization Test

Deep Robotics’ inquiry response puts commercialization, profitability and fundraising assumptions at the center of the week’s disclosure review. No newly published rule was confirmed in the official channels reviewed for August 3–9; earlier measures remain continuing matters, not fresh rulemaking.

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  • IPO Review
  • Inquiry Responses
  • Deep Robotics
08 Company Review

Jilin Sino-Microelectronics Co., Ltd. · 600360.SH

Jilin Sino-Microelectronics: What Repayment Resolves

The company reported full recovery of occupied funds and stronger operating results. Repayment records, cash-flow classification, and tests of revised payment controls answer different parts of the recovery question.

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  • Company Disclosure Review
  • Related Party Transactions
  • Audit Opinion
07 Company Review

Lingnan Eco & Culture-Tourism Co., Ltd. · 002717.SZ

Lingnan's Cash Inflow in a Shrinking Business

Positive operating cash flow sits beside collapsing revenue, a large loss, negative equity, overdue debt, a disclaimer audit opinion and adverse internal-control findings.

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  • Company Disclosure Review
  • Audit Opinion
  • Cash Flow
06 Weekly Brief

China Capital Markets · 27 July to 3 August 2026

China Capital Markets Weekly: Governance Beyond the Boardroom

A four-agency governance opinion, signed in March and publicly released by the CSRC on July 31, connects ownership, board oversight, remuneration and internal controls. Investment-banking regulatory measures reinforce the importance of working-paper discipline. The July 24 insider-trading interpretation took effect on July 27 without becoming a second new publication.

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  • Governance
  • IPO Review
  • Inquiry Watch
05 Weekly Brief

China Capital Markets · 20 to 24 July 2026

China Capital Markets Weekly: Inside Information and Asset Credit

A July 24 judicial interpretation brought the timing of inside information and the evidence for trading defenses into sharper focus. Shanghai and Shenzhen also revised their ABS guidelines. The IPO pipeline continued to move through inquiries, committee reviews and registration without new acceptances.

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  • Rules
  • IPO Review
  • Inquiry Watch
04 Enforcement

Qingyue Technology and Yuandao Communication · 688496.SH / 301139.SZ

When IPO Disclosures Become an Investor Protection Problem

Two CSRC prior-notice cases show why IPO-period financial information, post-listing disclosure, procedural status, and major illegal forced-delisting risk must be read carefully and separately.

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  • Enforcement Case Study
  • Regulatory Issue
  • Delisting Risk
03 Company Review

Beijing Oriental Eco-New Energy Co., Ltd. · 002310.SZ

Dongfang Xinneng's Next Test After Restructuring

Positive equity returned after restructuring, but losses continued. The proposed renewable-energy purchase would add leverage and goodwill, making its funding and expected cash generation the next test.

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  • Company Disclosure Review
  • Restructuring
  • Accounting Issue
02 Company Review

Zhongtai Chemical Co., Ltd. · 002092.SZ

Zhongtai Chemical After the Corrections

After correcting historical revenue and repaying occupied funds, Zhongtai continued to report losses alongside positive operating cash flow. Related-party finance, guarantees, and asset valuations help explain what changed and what remains exposed.

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  • Company Disclosure Review
  • Accounting Issue
  • Regulatory Issue
01 Company Review

China Fortune Land Development Co., Ltd. · 600340.SH

China Fortune Land's Unfinished Debt Workout

Debt settlements have improved reported results in some periods without restoring operating cash generation. Large contract assets, guarantees, and the unfinished restructuring leave the timing of recovery open.

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  • Company Disclosure Review
  • Restructuring
  • Audit Opinion