Late at night on April 26, Tinghuajiu, which was exposed at the CCTV March 15 Party this year, finally received regulatory penalties. Its parent company, Qinghai Spring, issued an announcement saying that Tinghua Shengshi violated the law due to illegal publicity in the business premises. Competition Law, it is planned to be fined 1.8 million yuan, which Qinghai Spring and its subsidiaries sincerely accept. In addition, the announcement stated that the stores opened by Tinghua Shengshi have resumed operations recently.
It is reported that Tinghua Shengshi received the "Administrative Penalty Notice" from the Wuhou District Market Supervision and Administration Bureau of Chengdu City on April 25. This notification stated that in the process of selling "Tinghua" wine at the business premises, Tinghua Shengshi used scientifically inconclusive views and unverified user reviews on the efficacy of "Tinghua" wine for "Tinghua" wine. "The product promotion of wine is misleading and the circumstances are serious. Violates Article 8, Paragraph 1 of the Anti-Unfair Competition Law of the People's Republic of China, which states that "Operators shall not make false or misleading statements about the performance, functions, quality, sales status, user evaluations, honors, etc. of their products." Propagate, deceive, and mislead consumers."
According to Article 20, Paragraph 1, of the Anti-Unfair Competition Law of the People’s Republic of China, “Operators violate Article 8 of this Law by making false or misleading commercial publicity for their products, or by organizing false transactions, etc. If other operators conduct false or misleading commercial promotions, the supervision and inspection department shall order them to stop their illegal activities and impose a fine of not less than 200,000 yuan but not more than 1 million yuan; if the circumstances are serious, they shall be fined not less than 1 million yuan but not more than 2 million yuan. "A fine of less than RMB 1,000,000 may result in the revocation of the business license", ordered Tinghua Shengshi to stop illegal publicity activities, and planned to impose a fine of RMB 1.8 million.
Qinghai Spring stated that the company and its subsidiary Tinghua Shengshi sincerely accepted this. The company, its subsidiaries, and all Tinghuajiu dealers will seriously learn lessons, further improve the law-abiding awareness of all employees, standardize the words and deeds of sales staff, and prevent this kind of propaganda behavior from happening again.
reporters learned from relevant insiders that Tinghuajiu’s experience stores in Beijing, Chengdu and other places have returned to normal business conditions. After
was exposed at the CCTV March 15 party this year, Qinghai Spring's stock price plummeted, and was nearly halved on April 17. Based on the closing price of 6.68 yuan on March 18, the market value has dropped by approximately 1.4 billion. The 2023 annual report and 2024 first quarter report, originally scheduled to be disclosed on April 22, were also postponed to April 30.
In addition, on April 16, at the suggestion of the company’s chairman and general manager Zhang Xuefeng, the company planned to use its own funds to repurchase some of the company’s issued A shares through centralized bidding transactions: the total repurchase funds are 30 million Between RMB (inclusive) and RMB 50 million (inclusive), the stock repurchase will be used for subsequent sales and possible equity incentives to boost market confidence.
Text | Reporter Cheng Xinghuan
