Magic Pharma: Using the suspended "essential medicine promotion plan" project to embezzle sales expenses of 44.84 million yuan, multiple senior executives were issued warning letters.

On September 26, Miracle Pharmaceuticals announced that the company had received a decision from the Shanghai Securities Regulatory Bureau titled "Decision on Imposing Corrective Measures on Shanghai Miracle Pharmaceuticals Investment Management Co., Ltd. and Issuing Warning Letters to ZHANGTAO TAO, Feng Bin, and Chen Zhimian." After investigation, Miracle Pharmaceuticals was found to have committed the following violations: In 2023, the company used the suspended "Basic Drug Promotion Plan" to embezzle sales expenses of 44.83 million yuan, transferred fake accounts receivable through employees' personal accounts to the company for repayment. The accounts receivable had already been fully provided for impairment losses in the previous period. The company transferred back credit impairment reserves of 44.83 million yuan, resulting in errors in the information disclosed in the company's 2023 annual report. According to the decision, the Shanghai Securities Regulatory Bureau decided to impose administrative supervision measures of ordering corrective action on Miracle Pharmaceuticals, and the company is required to submit a written rectification report within 30 days. At the same time, former Chairman ZHANG TAO TAO, General Manager Feng Bin, and CFO Chen Zhimian were also given warning letters for their lack of diligence and responsibility.