According to CoinMeta, the China Securities Regulatory Commission (CSRC) imposed penalties for Qingyue Technology's fraudulent issuance and illegal information disclosure. The administrative penalty decision disclosed on the CSRC's official website shows that Qingyue Technology engaged in financial fraud in its IPO prospectus. From 2020 to the first half of 2022, the company artificially understated inventory write-down provisions and falsely recorded chip sales, thereby overstating total profits by 3.374 million yuan, 7.6453 million yuan, and 23.5816 million yuan respectively. In addition, there were also false records in the company's 2022 annual report and 2023 semi-annual report. The CSRC decided to impose fines of 9 million yuan, 9 million yuan, 6 million yuan, and 4 million yuan on Gao Yudi, Mu Xinju, Zhang Xiaobo, and Wu Lei, respectively, for a total of 28 million yuan.