Capitalizing on the "brain-computer interface" hype, Innotron and Yahuei Biotech among others were fined 15.5 million yuan.

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(Source: Qianlong.com)

Among them, Yingjixin and its executives were fined 8 million yuan, and Yahui Long and its executives were fined 7.5 million yuan.

Due to riding the hot topic of “brain-computer interfaces,” Yingjixin (688209.SH) and Yahui Long (688575.SH) were both penalized on the same day, with a total amount of 15.5 million yuan.

On the evening of March 17, Yingjixin announced that the company received the “Administrative Penalty Notice of Prior Notice” from the Shenzhen Regulatory Bureau of the China Securities Regulatory Commission (CSRC) on the same day. Due to suspected violations of information disclosure laws and regulations, the company and three core executives are proposed to be fined a total of 8 million yuan.

Yingjixin was fined 4 million yuan, with Chairman and CEO Chen Xin, Chairman and General Manager Huang Hongwei, and Board Secretary Wu Renchao fined 2.1 million yuan, 1.1 million yuan, and 800,000 yuan respectively.

The main reason for Yingjixin’s penalty is its self-questioning and answering on an interactive platform to ride the “brain-computer interface” hot topic. It was disclosed that on January 5 this year, Yingjixin planned to use a “self-questioning” method to post a question on the Shanghai Stock Exchange’s e-Interaction platform about “company’s progress and future plans in core chips such as brain signal acquisition,” and the next day after market close, responded that “the company has entered the brain-computer interface chip field through early investment layout,” and that the IPA1299 chip launched by the company has been mass-produced and shipped, with performance parameters comparable to leading overseas chip products.

Shenzhen regulatory authorities verified that Yingjixin’s brain-computer interface product’s technical path is non-invasive, significantly different from the invasive dominant technology abroad. The “IPA1299” chip was jointly developed by Yingjixin and its affiliated company Jingxin Weier (Changzhou) Electronic Technology Co., Ltd., currently in the market cultivation period, and has not yet achieved large-scale sales and revenue. The description of “the company’s IPA1299 has been mass-produced and shipped” is inconsistent with the actual situation.

The Shenzhen regulatory bureau believes that the information disclosed by Yingjixin on January 6 on the interactive platform was inaccurate and incomplete, which could have led or may lead investors to make incorrect judgments. After the disclosure, market attention was triggered, Yingjixin’s stock price deviated significantly from the market trend, and abnormal fluctuations occurred, which is suspected of violating relevant regulations and constitutes misleading statements as described in Article 197, Paragraph 2 of the Securities Law.

According to official information, Yingjixin was established on November 20, 2014, and listed on the STAR Market in 2022. Its main business includes power management chips, fast-charging protocol chips, data transmission processing chips, wireless signal processing chips, and smart audio-visual chips. Its R&D achievements are applied in mobile phones, computers, TVs, digital cameras, AI hardware systems, mobile power supplies, automotive electronics, and other fields.

By 2025, Yingjixin will achieve total operating revenue of approximately 1.612 billion yuan, a year-on-year increase of 12.65%; net profit attributable to the parent will be about 177 million yuan, a year-on-year increase of 42.81%. The rapid growth in performance is mainly due to the quick increase in shipments in fields such as battery management, new energy, and industrial vehicle regulations, as well as overall gross profit margin improvements driven by cost reduction and efficiency enhancement.

In addition to Yingjixin, Yahui Long also announced on March 17 that it received an “Administrative Penalty Decision” from the Shenzhen CSRC. The penalty was due to the company’s disclosure of inaccurate and incomplete information in its January 6, 2026, announcement about signing a strategic cooperation framework agreement with Brain-Computer Starlink, involving technical routes and product details, which was deemed misleading. The company was ordered to correct, received a warning, and was fined 4 million yuan; Chairman Hu Kunhui was warned and fined 2 million yuan; Board Secretary Wang Mingyang was warned and fined 1.5 million yuan, totaling 7.5 million yuan. The company stated that this penalty does not involve delisting and that operations are normal.

Yahui Long previously disclosed on January 6 that it would cooperate with Brain-Computer Starlink in product R&D, market promotion, and equity investment, describing Brain-Computer Starlink as a company driven by AI, specializing in both non-invasive and invasive technologies, with products such as brain signal acquisition analyzers. After this announcement, media reports and market attention followed. Later, due to inaccurate and incomplete information disclosure, the company was investigated by the CSRC.

As of the morning close on March 18, Yingjixin’s stock price increased by 3.28%, closing at 21.72 yuan per share, with a market value of 9.422 billion yuan; Yahui Long’s stock price decreased by 0.85%, closing at 15.14 yuan per share, with a market value of 8.651 billion yuan.