Yingji Chip Receives 4 Million Yuan Fine: "Self-Question and Self-Answer" Capitalized on Brain-Computer Interface Hype, Three Executives Held Accountable

Beike Finance News from The Beijing News (Reporter Yan Xia): On March 18, Yingji Xin issued an announcement regarding the receipt of a “Preliminary Administrative Penalty Notice.”

Upon investigation, Yingji Xin is suspected of the following illegal facts: On January 5, 2026, Yingji Xin planned to post a question on the Shanghai Stock Exchange’s e-Interaction platform in a “self-question and answer” format, regarding the company’s product progress and future plans in core chips such as brainwave signal collection. The next day after market close, the company responded that “through early investment layout, the company has entered the brain-computer interface chip field. The IPA1299 launched by the company is an 8-channel, low-noise 24-bit ADC chip, designed for high-precision measurement of biological electrical signals, applicable to brainwave signal collection and other brain-computer interface scenarios. The IPA1299 chip has been mass-produced and shipped, with performance parameters comparable to leading overseas chip products.”

The company’s previous reply stated that it “entered the brain-computer interface chip field,” and also claimed that “the IPA1299 launched by the company” has “performance parameters comparable to leading overseas chip products” and that “the IPA1299 chip has been mass-produced and shipped.” However, the company’s brain-computer interface products use a non-invasive technical approach, which differs significantly from the invasive dominant technology path abroad. Additionally, the “IPA1299 chip” was jointly developed by Yingji Xin and its affiliated company Jingxin Weier (Changzhou) Electronic Technology Co., Ltd., which is currently in the market cultivation stage and has not yet achieved large-scale sales and revenue. This is inconsistent with the description in the reply that “the company launched the IPA1299” and “has been mass-produced and shipped.”

Before the market open on January 7, 2026, Yingji Xin issued a “Notice on Clarification Regarding Questions on the Shanghai Stock Exchange E-Interaction Platform,” providing additional disclosures about the above situation.

The Shenzhen Regulatory Bureau of the China Securities Regulatory Commission believes that Yingji Xin’s actions are suspected of violating relevant laws and regulations, constituting misleading statements as described in the Securities Law of the People’s Republic of China. It has decided to issue a warning to Yingji Xin, impose a fine of 4 million yuan, and issue warnings and fines of varying amounts to the three involved senior executives.

Xu Yuehui, head of the Securities Department at Guangdong Huanyu Jingmao Law Firm, told reporters that when a listed company commits securities false statements that cause investor losses, investors can file a lawsuit in court to seek compensation from the listed company. According to Article 85 of the Securities Law of the People’s Republic of China and related judicial regulations, the main types of false statements include false records, material omissions, and misleading statements.

Editor: Yang Juanjuan

Proofreader: Yang Lì