Qingyue Technology Hit with Risk Warning, Stock Suspended for One Day

Qingyue Technology Triggers Risk Warning, Stock Ticker Changed to "ST Qingyue"

On April 29, Qingyue Technology issued an announcement stating that due to a negative opinion on the company's 2025 internal control audit report, it has triggered relevant provisions of the STAR Market Stock Listing Rules. The company's stock was suspended from trading for one day starting from the market open on April 29, 2026, and will resume trading on April 30 with the formal implementation of other risk warnings. The stock ticker will be changed from "Qingyue Technology" to "ST Qingyue."

Trading Rules During Risk Warning Period

According to the announcement, during the risk warning period, Qingyue Technology shares will not be transferred to the risk warning board for trading, and the daily price fluctuation limit will remain unchanged at 20%. However, investors should note that cumulative daily purchases of "ST Qingyue" shares must not exceed 500,000 shares. This restriction is designed to curb short-term speculative risk and protect the interests of small and medium-sized investors.

Internal Control Issues at the Heart of the Matter

The direct cause of the risk warning is the negative opinion issued on the company's internal control audit report. A negative internal control opinion typically indicates that the company has significant deficiencies in areas such as financial reporting and operational management, potentially involving issues like non-compliant information disclosure, gaps in fund management, or inadequate oversight of related-party transactions. For a STAR Market-listed company, the soundness of its internal control system directly affects investor confidence and market reputation.

Notably, Qingyue Technology is currently actively cooperating with an investigation by the China Securities Regulatory Commission (CSRC). The company stated that it will adopt practical and effective measures to comprehensively improve its internal control standards, striving to meet the conditions for lifting the risk warning as soon as possible.

Clear Signal of Tightening STAR Market Regulation

In recent years, the STAR Market has continuously strengthened its regulatory oversight of listed companies, with internal control deficiencies becoming a major factor in triggering risk warnings. Qingyue Technology's designation as an "ST" stock serves as yet another reminder to STAR Market companies that compliant operations and robust internal control systems are fundamental requirements for maintaining listing status.

Qingyue Technology is primarily engaged in the research, development, production, and sale of OLED microdisplay devices, with products widely used in emerging fields such as AR/VR. As a technology-driven company with core proprietary technologies, failure to resolve internal control issues in a timely manner could not only impact its capital market performance but also adversely affect its normal operations and business expansion.

Outlook

For investors, the future trajectory of "ST Qingyue" will be highly dependent on the company's remediation progress and the outcome of the CSRC investigation. If the company can complete its internal control remediation within the prescribed timeframe and obtain a standard unqualified audit opinion, it may apply to have the risk warning lifted. Conversely, if the issues continue to worsen, more stringent regulatory measures cannot be ruled out. Investors are advised to closely monitor the company's subsequent announcements and make decisions prudently.