Artificially orchestrated "self-questioning and answering" claims involvement in brain-machine interface chips! InnoPhase Technologies Under Investigation by the Securities Regulatory Commission

On February 13, the China Securities Regulatory Commission announced that Shenzhen Yingji Xin Technology Co., Ltd. (Yingji Xin, 688209.SH) has been officially placed under investigation for allegedly orchestrating “self-questioning and self-answering” on an investor interaction platform and for misleading disclosures of information.

This incident originated from false business promotions posted by the company on the Shanghai Stock Exchange E-Interaction platform during the craze for brain-computer interface concepts on January 6. Despite subsequent clarifications, regulatory escalation was triggered.

According to the CSRC announcement and disclosed exchange information, on January 6, 2026, amid the continued rise of brain-computer interface concepts in the A-share market, Yingji Xin responded to an investor question on the Shanghai Stock Exchange E-Interaction platform, stating that the company “has entered the brain-computer interface chip field, launching the IPA1299 chip, which is dedicated to high-precision measurement of biological electrical signals in humans and can be used in scenarios such as EEG signal collection. The product has been mass-produced and shipped, with performance comparable to leading overseas products.”

That evening, the Shanghai Stock Exchange urgently issued a regulatory work letter requesting the company to clarify the situation. On the morning of January 7, Yingji Xin issued a clarification announcement admitting that the IPA1299 chip was developed in cooperation with a holding subsidiary, mainly used in non-invasive brain-computer interfaces, which differs fundamentally from international mainstream invasive technology paths. The product is still in the market cultivation stage, has not achieved large-scale sales, and has no significant impact on performance.

Despite the timely clarification, this misleading statement still caused market fluctuations. On January 7, Yingji Xin’s stock price opened up more than 9%, eventually closing up 4.51% at 22.48 yuan per share. That evening, the Shanghai Stock Exchange issued a regulatory warning to Wu Renchao, then the company’s board secretary, recognizing that the company’s information disclosure was not compliant and that business risks were not adequately highlighted.

Public information shows that Yingji Xin is a Sci-Tech innovation board company focused on power management chips, with core businesses including battery management, PMU, and new energy sectors.

In 2025, the company’s performance was impressive. According to its 2025 performance quick report, it achieved a total revenue of 1.612 billion yuan, a year-on-year increase of 12.65%; net profit attributable to shareholders was 177 million yuan, up 42.81% year-on-year; and net profit after non-recurring gains and losses grew by 45.92%. As of the end of the third quarter of 2025, the company’s total assets were 2.32 billion yuan, with liabilities of only 233 million yuan, and an asset-liability ratio of less than 10%, indicating solid financial health.

As of the close on February 13, Yingji Xin’s stock price was 24.15 yuan per share, with a total market value of 10.4 billion yuan, about 5% below the January high.

The CSRC explicitly stated in the investigation announcement that it will handle the case according to law based on a comprehensive investigation, effectively safeguarding the healthy development of the market. This move continues the regulatory authorities’ high-pressure stance against violations of information disclosure laws. According to the “Interpretation of Several Issues Concerning the Application of Law in Handling Criminal Cases of False Litigation” jointly issued by the Supreme People’s Court and the Supreme People’s Procuratorate, listed companies that mislead investors through false statements and have serious circumstances may face criminal liability.

(Source: The Paper)