Guizhou Bailing Environmental Protection Technology Co. Ltd. announced on Wednesday that its actual controller, Jiang Wei, has recently received a formal notice of investigation from the China Securities Regulatory Commission (CSRC).

According to the announcement, Jiang is being investigated for suspected insider trading, violations of information disclosure regulations, and improper stock transfers in breach of restricted conditions.

The CSRC has decided to formally open a case against Jiang. However, the company clarified that this investigation pertains solely to Jiang as an individual and does not involve the company’s day-to-day operations. As such, the investigation is not expected to impact the normal business operations of Guizhou Baoling or its subsidiaries.