Zhengyuan Wisdom's actual controller Chen Jian sentenced to three years in prison for market manipulation, with a three-and-a-half-year probation and a fine of 6.5 million yuan

On the evening of February 13, 2026, leading provider of smart campus solutions, Zhengyuan Wisdom (300645.SZ), announced that the company’s actual controller, Chen Jian, received a criminal judgment from the Intermediate People’s Court of Quzhou City, Zhejiang Province (2024) Zhe 08 Criminal Initial No. 18. He was sentenced to three years in prison for manipulating the securities market, with a three-year and six-month probation, and fined 6.5 million RMB.

This verdict marks the official conclusion of the investigation that lasted over two years.

Tracing back the case process, on November 9, 2023, Zhengyuan Wisdom first disclosed that Chen Jian was placed under residential surveillance by public security authorities on suspicion of market manipulation. Subsequently, on November 13, an update was released, and on November 20, it was announced that Chen Jian had been released on bail pending trial and was performing his duties normally.

At that time, the exposure of the case caused market shock. The company’s stock price plummeted by the daily limit of 20cm at market open on November 10, 2023, closing at 18.58 RMB per share. Prior to that, from November 3 to 8, 2023, the stock experienced abnormal fluctuations, with a single-day surge of 9.6%, intraday increase exceeding 13%, followed by a volume-driven decline of 9.4%, suspected to be related to market manipulation.

In stark contrast to the sharp decline when the case was first exposed in 2023, Zhengyuan Wisdom’s stock price showed an upward trend on February 13. By the close of trading that day, the stock price was 20.05 RMB per share, up 0.62 RMB, a 3.19% increase, with a turnover rate of 4.32%, and a transaction volume of 120 million RMB. The company’s total market value reached 2.849 billion RMB. Looking at the long-term trend, the stock price has increased by 14.64% over the past year and by 30.19% over the past five years.

Public information shows that Zhengyuan Wisdom was founded in 1994 and listed on the ChiNext board of the Shenzhen Stock Exchange in April 2017. Its registered location is Hangzhou, Zhejiang. The legal representative is Chen Jian. The core business focuses on smart campus and smart park integrated solutions, making it a leading digital service provider and operator in China. After thirty years of development, the company has built a product framework of “digital foundation + scenario applications,” forming solutions covering smart catering, apartments, security, education, laboratories, and other scenarios, serving 1,500 universities and 5,000 large-scale clients nationwide, directly reaching 50 million users.

According to Zhengyuan Wisdom’s Q3 2025 financial report, the company’s main revenue for the first three quarters was 768 million RMB, an increase of 2.35% year-over-year; net profit attributable to shareholders was 6.8266 million RMB, a decrease of 31.99%; and net profit excluding non-recurring items was 6.2001 million RMB, up 4.64% year-over-year.

The announcement emphasizes that Chen Jian currently does not hold any positions as director or senior management in the company. The company’s daily operations are normal, and all work is proceeding in an orderly manner. The aforementioned judgment will not impact production and business activities. The company will continue to monitor the case’s progress and strictly fulfill its information disclosure obligations.