UTime Limited Reaffirms Current Leadership and Board Composition Following Unauthorized SEC Filing
Rhea-AI Summary
UTime Limited (NASDAQ: UTME), a Chinese mobile device manufacturer, has issued an urgent statement addressing an unauthorized SEC filing that falsely claimed changes in company leadership. The company confirms that CEO and Chairman Hengcong Qiu and Director Minfei Bao remain in their positions, contrary to the fraudulent Form 6-K submission.
The company believes the unauthorized filing was made by a former employee with illicit access to EDGAR filing codes. UTime is taking immediate action by notifying the SEC and proper authorities to investigate the matter. The current Board of Directors, consisting of Minfei Bao, Hengcong Qiu, Xiaoqian Jia, Hailin Xie, and Yanzhi Wang, remains unchanged.
Positive
- Management team remains stable and intact
- Company taking immediate action to address security breach
- Transparent communication with shareholders about the incident
Negative
- Security breach in SEC filing system access
- Potential reputational damage from unauthorized filing
- Indication of internal control weaknesses regarding EDGAR access codes
Insights
UTime addresses fraudulent SEC filing falsely claiming leadership changes, affirming current management remains intact.
UTime Limited (NASDAQ: UTME) has moved quickly to address a serious corporate governance incident involving an unauthorized Form 6-K submission to the SEC. This fraudulent filing falsely claimed the resignation of the company's officers and directors and their replacement with new appointees. The company has firmly stated that Mr. Hengcong Qiu remains CEO, CFO and Chairman, Mr. Minfei Bao continues as Director, and the full Board composition remains unchanged.
This incident represents a significant security breach with potential market implications. The company believes a former employee with illicit access to EDGAR filing codes orchestrated this deception, constituting a deliberate attempt to disrupt operations and management stability. Such unauthorized filings can trigger unwarranted market volatility and investor confusion, as false leadership changes often signal potential strategic shifts or internal problems.
UTime's prompt response is procedurally appropriate - they've notified the SEC about the fraudulent filing and alerted authorities to investigate. However, this incident raises concerns about the company's internal controls and EDGAR access security protocols. The fact that a former employee allegedly retained access to sensitive filing credentials indicates potential weaknesses in the company's information security procedures and offboarding processes that warrant immediate attention.
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Shenzhen Software Industry Base, Nanshan District
Shenzhen, People’s Republic of China 518061
SHENZHEN, China, Sept. 09, 2025 (GLOBE NEWSWIRE) -- UTime Limited (the "Company" or “Utime”) (NASDAQ: WTO), a mobile device manufacturer and technology company, today issued a statement to clarify its management and board composition following an unauthorized filing with the U.S. Securities and Exchange Commission (the "SEC").
On September 9, 2025, a fraudulent filing was submitted to the SEC via the SEC’s EDGAR filing system (the "Unauthorized Form 6-K"). This filing falsely claimed that the officers and directors of Utime had resigned and had been replaced by new appointees.
The Company wishes to advise its shareholders, investors, and the public that this filing was 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 this unauthorized filing was made by a former employee who had illicit access to the Company's EDGAR filing codes. 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 the fraudulent filing 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.
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.
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FAQ
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