UTime Limited Reaffirms Current Leadership and Board Composition Following Unauthorized SEC Filing
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.
UTime Limited (NASDAQ: UTME), produttore cinese di dispositivi mobili, ha rilasciato una dichiarazione urgente per smentire una comunicazione non autorizzata alla SEC che annunciava falsamente cambi di leadership aziendale. La società conferma che il CEO e Presidente Hengcong Qiu e il Direttore Minfei Bao restano nelle loro cariche, in contrasto con il fraudolento modulo 6-K presentato.
UTime ritiene che la submission non autorizzata sia stata effettuata da un ex dipendente con accesso illecito ai codici di invio su EDGAR. L'azienda ha informato immediatamente la SEC e le autorità competenti per avviare le indagini. Il Consiglio di Amministrazione attuale — composto da Minfei Bao, Hengcong Qiu, Xiaoqian Jia, Hailin Xie e Yanzhi Wang — è rimasto invariato.
UTime Limited (NASDAQ: UTME), fabricante chino de dispositivos móviles, emitió un comunicado urgente para desmentir una presentación no autorizada ante la SEC que afirmaba falsamente cambios en la dirección de la empresa. La compañía confirma que el CEO y presidente Hengcong Qiu y el director Minfei Bao siguen en sus cargos, contrariamente al fraudulento Formulario 6-K presentado.
UTime cree que la presentación no autorizada fue realizada por un exempleado con acceso ilícito a los códigos de envío de EDGAR. La empresa ha notificado de inmediato a la SEC y a las autoridades pertinentes para que investiguen el asunto. La junta directiva actual, formada por Minfei Bao, Hengcong Qiu, Xiaoqian Jia, Hailin Xie y Yanzhi Wang, permanece sin cambios.
UTime Limited (NASDAQ: UTME), 중국의 모바일 기기 제조업체가 회사 경영진 변경을 허위로 주장한 무단 SEC 제출에 대해 긴급 성명을 발표했습니다. 회사는 최고경영자 겸 의장 Hengcong Qiu와 이사 Minfei Bao가 해당 사기성 Form 6-K 제출과 달리 여전히 직위를 유지하고 있음을 확인했습니다.
UTime은 무단 제출이 EDGAR 제출 코드에 불법적으로 접근한 전 직원에 의해 이루어진 것으로 보고 있습니다. 회사는 즉시 SEC와 관련 당국에 통보하여 조사를 요청하는 조치를 취하고 있습니다. 현재 이사회(민페이 바오, 헝콩 추이, 샤오치안 지아, 하이린 시에, 얀즈히 왕)는 변함이 없습니다.
UTime Limited (NASDAQ: UTME), fabricant chinois d'appareils mobiles, a publié un communiqué urgent pour démentir un dépôt non autorisé auprès de la SEC qui prétendait à tort à des changements de direction. La société confirme que le PDG et président Hengcong Qiu et le directeur Minfei Bao restent en fonction, contrairement au formulaire 6-K frauduleux soumis.
UTime estime que le dépôt non autorisé a été effectué par un ancien employé ayant eu un accès illicite aux codes de dépôt EDGAR. L'entreprise a immédiatement informé la SEC et les autorités compétentes afin d'ouvrir une enquête. Le conseil d'administration actuel — composé de Minfei Bao, Hengcong Qiu, Xiaoqian Jia, Hailin Xie et Yanzhi Wang — reste inchangé.
UTime Limited (NASDAQ: UTME), ein chinesischer Hersteller mobiler Geräte, hat eine dringende Erklärung herausgegeben, um eine unautorisierte SEC-Einreichung zurückzuweisen, die fälschlicherweise Änderungen in der Unternehmensführung behauptete. Das Unternehmen bestätigt, dass CEO und Vorsitzender Hengcong Qiu sowie Direktor Minfei Bao weiterhin in ihren Positionen sind, entgegen dem betrügerischen Formular 6-K.
UTime geht davon aus, dass die unautorisierte Einreichung von einem ehemaligen Mitarbeiter mit unrechtmäßigem Zugriff auf EDGAR-Einreichungscodes vorgenommen wurde. Das Unternehmen hat unverzüglich die SEC und die zuständigen Behörden informiert, um den Vorfall untersuchen zu lassen. Der derzeitige Vorstand, bestehend aus Minfei Bao, Hengcong Qiu, Xiaoqian Jia, Hailin Xie und Yanzhi Wang, bleibt unverändert.
- Management team remains stable and intact
- Company taking immediate action to address security breach
- Transparent communication with shareholders about the incident
- 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, 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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