UTime Limited Reaffirms Current Leadership and Board Composition Following Issuance of Unauthorized Press Release
UTime Limited (NASDAQ: UTME) has issued an urgent statement addressing unauthorized press releases published on September 11, 2025, which falsely claimed changes in the company's management and board composition. The company confirms that CEO and Chairman Hengcong Qiu and all board members remain in their positions.
The fraudulent releases were allegedly distributed by a former employee who previously managed investor relations. UTime is taking immediate action, including notifying the SEC about fraudulent filings and involving proper authorities to investigate the matter. The company's board continues to consist of Minfei Bao, Hengcong Qiu, Xiaoqian Jia, Hailin Xie, and Yanzhi Wang.
UTime Limited (NASDAQ: UTME) ha diffuso una dichiarazione urgente riguardo a comunicati stampa non autorizzati pubblicati il 11 settembre 2025, che sostenevano falsamente cambiamenti nella gestione e nella composizione del consiglio. L'azienda conferma che il CEO e presidente Hengcong Qiu e tutti i membri del consiglio rimangono in carica.
I comunicati fraudolenti sarebbero stati distribuiti da un ex dipendente che in passato gestiva le relazioni con gli investitori. UTime sta adottando misure immediate, tra cui informare la SEC sui depositi/foglie fraudolenti e coinvolgere le autorità competenti per indagare sulla vicenda. Il consiglio dell'azienda resta composto da Minfei Bao, Hengcong Qiu, Xiaoqian Jia, Hailin Xie e Yanzhi Wang.
UTime Limited (NASDAQ: UTME) ha emitido una declaración urgente sobre comunicados de prensa no autorizados publicados el 11 de septiembre de 2025, que afirmaban falsamente cambios en la dirección y en la composición de la junta. La empresa confirma que el CEO y presidente Hengcong Qiu y todos los miembros de la junta permanecen en sus puestos.
Los comunicados fraudulentos supuestamente fueron distribuidos por un ex empleado que previamente gestionaba las relaciones con los inversores. UTime está tomando medidas inmediatas, entre ellas informar a la SEC sobre presentaciones fraudulentas e involucrar a las autoridades correspondientes para investigar el asunto. La junta de la empresa continúa compuesta por Minfei Bao, Hengcong Qiu, Xiaoqian Jia, Hailin Xie y Yanzhi Wang.
UTime Limited (NASDAQ: UTME)는 2025년 9월 11일에 게시된 무단 보도자료에 대해 긴급 성명을 발표했으며, 이 보도자료는 회사의 경영진 및 이사회 구성의 변경을 허위로 주장했습니다. 회사는 CEO 겸 이사회 의장 Hengcong Qiu 및 이사회 모든 구성원이 여전히 자리를 지키고 있음을 확인합니다.
사기성 보도자료는 과거 투자자 관계를 관리하던 전 직원에 의해 배포된 것으로 알려졌습니다. UTime은 즉각적인 조치를 취하고 있으며, 사기성 제출에 대해 SEC에 통지하고 문제를 조사하기 위해 관련 당국을 개입시키고 있습니다. 회사의 이사회는 여전히 Minfei Bao, Hengcong Qiu, Xiaoqian Jia, Hailin Xie, Yanzhi Wang으로 구성되어 있습니다.
UTime Limited (NASDAQ: UTME) a publié une déclaration urgente concernant des communiqués de presse non autorisés diffusés le 11 septembre 2025, qui affirmaient à tort des changements dans la direction et la composition du conseil d'administration. L'entreprise confirme que le PDG et président Hengcong Qiu et tous les membres du conseil restent en poste.
Les communiqués frauduleux auraient été distribués par un ancien employé qui gérait auparavant les relations avec les investisseurs. UTime prend des mesures immédiates, notamment porter à la SEC des dépôts frauduleux et faire intervenir les autorités compétentes pour enquêter sur l'affaire. Le conseil d'administration de l'entreprise demeure composé de Minfei Bao, Hengcong Qiu, Xiaoqian Jia, Hailin Xie et Yanzhi Wang.
UTime Limited (NASDAQ: UTME) hat eine dringende Erklärung veröffentlicht, in der irrtümliche Pressemitteilungen adressiert werden, die am 11. September 2025 veröffentlicht wurden und fälschlicherweise Änderungen in der Geschäftsführung und der Zusammensetzung des Vorstands behaupteten. Das Unternehmen bestätigt, dass CEO und Vorsitzender Hengcong Qiu und alle Vorstandsmitglieder weiterhin in ihren Ämtern bleiben.
Die betrügerischen Meldungen sollen von einem ehemaligen Mitarbeiter distribuiert worden sein, der zuvor die Investor Relations betreute. UTime ergreift umgehend Maßnahmen, darunter die SEC über betrügerische Einreichungen informieren und die zuständigen Behörden in die Untersuchung einzubeziehen. Der Vorstand des Unternehmens bleibt weiterhin aus Minfei Bao, Hengcong Qiu, Xiaoqian Jia, Hailin Xie und Yanzhi Wang zusammengesetzt.
UTime Limited (NASDAQ: UTME) أصدرت بياناً عاجلاً يخص بيانات صحفية غير مصرح بها نشرت في 11 سبتمبر 2025، والتي زعمت بشكل زائف تغييرات في إدارة الشركة وتشكيلة المجلس. تؤكد الشركة أن الرئيس التنفيذي ورئيس المجلس Hengcong Qiu وجميع أعضاء المجلس لا يزالون في مناصبهم.
يُفترض أن الإصدارات الاحتيالية وزعها موظف سابق كان يدير العلاقات مع المستثمرين سابقاً. تتخذ UTime إجراءات فورية، بما في ذلك إبلاغ هيئة الأوراق SEC عن التقديمات الاحتيالية وإشراك السلطات المختصة للتحقيق في المسألة. يظل مجلس إدارة الشركة مكوّنًا من Minfei Bao وHengcong Qiu وXiaoqian Jia وHailin Xie وYanzhi Wang.
UTime Limited（纳斯达克：UTME） 已发布紧急声明，回应于2025年9月11日发布的未授权新闻稿，这些新闻稿错误声称公司管理层及董事会构成发生变化。公司确认首席执行官兼董事长邱恒聪及所有董事会成员仍在原位。
据称，这些欺诈性新闻稿由一名前员工分发，该员工此前负责投资者关系。UTime正采取立即行动，包括就欺诈性文件通知SEC并委托相关当局调查此事。公司董事会仍由 Bao Minfei、邱恒聪、贾小倩、谢海林、王彦枝组成。
- Swift response and transparency in addressing the unauthorized press releases
- Management team and Board of Directors remain stable and unchanged
- Company taking immediate legal and regulatory actions to protect shareholders
- Security breach in company communications revealed vulnerability in PR controls
- Potential reputational damage from fraudulent press releases
- Risk of market confusion and volatility due to false information
Insights
UTime faces serious corporate governance challenge with fraudulent press releases about leadership changes, indicating potential internal control weaknesses.
This unauthorized press release situation represents a significant corporate governance and disclosure control failure for UTime Limited. The company is dealing with a serious breach where a former employee allegedly published fraudulent press releases claiming the entire leadership team had resigned and been replaced. Such incidents can severely undermine investor confidence and market integrity.
The fact that a former employee who previously managed investor relations functions was able to distribute unauthorized communications through official channels suggests potential weaknesses in UTime's internal controls. Proper disclosure controls should prevent unauthorized access to communication channels after employment termination. This incident raises questions about the company's protocols for revoking access credentials and securing communication platforms.
The company's statement that they are "formally notifying the SEC of previous fraudulent filings made by this individual" is particularly concerning as it suggests this may not be an isolated incident. The reference to multiple fraudulent filings indicates a potentially persistent problem that went undetected for some time, which could signal broader oversight deficiencies.
For investors, this incident creates uncertainty about information reliability and raises questions about management's ability to maintain proper controls. The company will need to demonstrate enhanced governance practices, strengthen disclosure controls, and rebuild credibility with stakeholders. The SEC will likely scrutinize this situation carefully, as fraudulent corporate communications can constitute securities fraud under certain circumstances.
SHENZHEN, China, Sept. 11, 2025 (GLOBE NEWSWIRE) -- UTime Limited (the "Company" or “Utime”) (NASDAQ: WTO), a mobile device manufacturer and technology company, today issued a statement regarding misinformation the Company believes is being put into the market by a former employee and to clarify that UTime’s management and board composition remains unchanged following the unauthorized publication of two press releases put out overnight.
On September 11, 2025, two fraudulent press releases were published – one indicating that the Company’s management and board has resigned and been replaced with a new team and one indicating that the Company’s website address has been changed (the “Unauthorized Press Releases”). Each of these Unauthorized Press Releases is false and may not be relied on. The Company is now taking every action to ensure that the individual behind these publications is unable to make any further disruption.
The Company wishes to advise its shareholders, investors, and the public that the Unauthorized Press Releases were not authorized, reviewed, or approved by the Company's leadership. Specifically:
- Mr. Hengcong Qiu remains the Chief Executive Officer, Chief Financial Officer and Chairman of the Board of the Company and has not resigned.
- Mr. Minfei Bao remains a Director and has not resigned.
- No actions have been taken to change the composition of the Company's Board of Directors.
The current management team remains fully in place. The Board of Directors continues to consist of Messrs. Minfei Bao, Hengcong Qiu, Xiaoqian Jia, Hailin Xie and Yanzhi Wang.
The Company believes the Unauthorized Press Releases were put out by a former employee who had previously managed the Company’s investor relations functions. This action appears to be a deliberate attempt to interfere with the Company's business operations and stable management.
The Company is taking immediate and decisive actions to rectify this situation, protect the Company's interests, and ensure the security of its regulatory disclosures. These actions include formally notifying the SEC of previous fraudulent filings made by this individual and notifying the proper authorities to investigate this matter.
The Company is committed to transparency and upholding the highest standards of corporate governance. We appreciate the trust of our shareholders and stakeholders and will provide updates as appropriate.
About UTime Limited
Trading under the NASDAQ ticker WTO, UTime Limited is engaged in the design, development, production, sales and brand operation of mobile devices in China and globally. The company aims to provide cost-effective products and serves a broad customer base. For more information, visit the Company’s website at utimemobile.com.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements. The forward-looking statements discussed in this press release and other statements made from time to time by us or our representatives, may not occur, and actual events and results may differ materially and are subject to risks, uncertainties and assumptions about us, including those described in UTime Limited’s Annual Report on Form 20-F and our other filings made with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required under applicable law.
Contact
Utime Limited
7th Floor, Building 5A
Shenzhen Software Industry Base, Nanshan District
Shenzhen, People’s Republic of China 518061
Tel: (86) 755 86512266
FAQ
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