The Shanghai Regulatory Authority determined that Shimao Co., Ltd. failed to promptly disclose major debt matters in accordance with regulations, and that there were false records in the 2020 to 2022 annual report; failed to promptly disclose transactions related to non-operating capital occupation in accordance with regulations and was not disclosed in the 2020 to 2022 annual report; failed to promptly disclose outstanding maturing major debts in accordance with regulations and was not disclosed in the 2022 annual report; failed to promptly disclose related guarantee matters in accordance with regulations, and Not disclosed in the 2022 Annual Report. Yu was the secretary of the board of directors, deputy general manager, and chief financial officer at the time. The Shanghai Regulatory Authority decided to give Yu a warning and fine of 2.8 million yuan.

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