Suspected Misleading Statement: Yahui Long Under Investigation

Securities Times Reporter Cheng Dan

On February 6, the China Securities Regulatory Commission (CSRC) announced that it has initiated an investigation into Shenzhen Yahui Long Biotechnology Co., Ltd. (hereinafter referred to as “Yahui Long”) for allegedly making misleading statements. The CSRC stated that, moving forward, it will handle the case in accordance with the law based on a comprehensive investigation to effectively maintain a healthy market development.

Yahui Long also issued a statement saying that all of the company’s operations and business activities are currently proceeding normally. During the investigation, the company will actively cooperate with the CSRC’s work and will strictly fulfill its information disclosure obligations in a timely manner according to relevant laws, regulations, and regulatory requirements.

Prior to this investigation, Yahui Long had already received a regulatory warning letter from the Shanghai Stock Exchange. On January 7, 2026, Yahui Long disclosed that it had signed a strategic cooperation framework agreement with Shenzhen Brain-Computer Chain Technology Co., Ltd. (hereinafter referred to as “Brain-Computer Chain”). The two parties will collaborate in product development, market promotion, and equity investment, among other areas. The company described Brain-Computer Chain as an enterprise driven by artificial intelligence, focusing on both non-invasive and invasive dual technical paths, and having developed products such as brainwave collection analyzers. After this announcement, market attention was sparked.

Subsequently, in response to inquiries from the Shanghai Stock Exchange, Yahui Long issued a supplementary announcement stating that the current technical route of Brain-Computer Chain’s products under research is non-invasive, with no invasive technology layout at this stage. The brainwave collection analyzers and similar products have not yet entered the registration and declaration phase, and some products are still in early development or pre-clinical stages.

The inconsistency between these statements led to the Shanghai Stock Exchange issuing a regulatory warning letter, which pointed out that “brain-computer interfaces” are currently a hot concept in the market and highly关注 by investors. The company’s related disclosures about whether the partner Brain-Computer Chain’s technology path includes invasive methods were inconsistent, and it did not adequately highlight risks related to the cooperation’s feasibility, synergy, or uncertainties about future collaboration—key concerns for investors. The information disclosure was deemed inaccurate and incomplete.

Tian Lihui, Dean of the Institute of Financial Development at Nankai University, stated that when the market envisions the future, it often overlooks the significant technological, commercialization, and time gaps needed to turn “concepts” into “performance.” Some listed companies, through vague statements and chasing hot topics, have amplified the risks of speculation detached from fundamentals. Regulatory authorities are scrutinizing accounts and strictly investigating violations of information disclosure rules to prevent “hot topic” chasing behaviors from distorting resource allocation. This ensures that funds truly flow to companies focused on R&D with substantial progress—an essential measure to maintain a healthy market ecosystem and protect the interests of small and medium investors.

(Edited by: Wang Zhiqiang HF013)

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