[The China Securities Regulatory Commission imposed administrative penalties on Yuandao Communications for its fraudulent issuance and illegal information disclosure] On September 4, the China Securities Regulatory Commission imposed administrative penalties on Yuandao Communications Co., Ltd. and its then chairman Li Jin, director Wu Zhifeng, and deputy general manager and financial director Cao Yalei for their illegal issuance and information disclosure. It was found that from 2019 to 2022, Yuandao Communications inflated its operating income through fictitious workload confirmation orders, fabricated major false contents in its announced securities issuance documents, and contained false records in the information disclosure of its 2022 annual report. The China Securities Regulatory Commission decided to impose a fine of 238.84 million yuan on Yuandao Communications, a fine of 7.5 million yuan on Li Jin and a five-year ban on securities market entry, a fine of 6 million yuan on Cao Yalei and a four-year ban on securities market entry, and a fine of 3 million yuan on Wu Zhifeng.