On April 24, the China Securities Regulatory Commission (CSRC) announced proposed administrative penalties against Heilongjiang Zhongneng Lianke Agricultural Technology Co., Ltd. (“Zhongneng Lianke”) and related intermediaries for violations of overseas listing filing requirements.
In December 2024, Zhong Guo Liang Tou Group Limited—later renamed Liangke Technology Innovation Bio (Hong Kong) Co., Ltd., and commonly referred to as “China Grain Investment”—submitted a filing to the CSRC through its mainland operating entity, Zhongneng Lianke, seeking to list on Nasdaq via a de-SPAC merger. The CSRC accepted the filing in March 2025 and requested additional documentation.
However, on October 1, 2025, before completing the required filing process, the company proceeded with its Nasdaq listing through a SPAC merger. After discovering the violation, the CSRC notified U.S. regulators through cross-border cooperation mechanisms, and trading in the company’s shares was halted on the same day it began.
Regulators have proposed fines of 3 million yuan for the company and 1.5 million yuan for the executive directly responsible, along with additional penalties for the law firm involved and its legal counsel.
Zhongneng Lianke is a private company based in Heilongjiang Province and is wholly owned by a Hong Kong shell entity.
Source: Phoenix
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