The Shanghai Stock Exchange's official website revealed on the evening of September 4th that it had issued a regulatory warning decision regarding Longban Media and related responsible individuals.

It was found that in its 2026 semi-annual report disclosed on August 26th, Longban Media stated, "The first AI comic drama 'Crossing to 1988' has completed production of 170 episodes and been launched, with total online views exceeding 120 million and a popularity score of over 40 million on Hongguo." The company's stock price had already experienced four consecutive limit-up closes from August 31st to September 3rd.

In its "Announcement on Abnormal Stock Price Fluctuations" disclosed on September 2nd and its "Risk Warning Announcement on Stock Trading" disclosed on September 3rd, the company stated that "the AI video business has not generated any operating revenue." However, in its "Announcement on Abnormal Stock Price Fluctuations and Risk Warning" disclosed on September 4th, the company reported that "the AI video business generated approximately 80 yuan in revenue in June and approximately 75,000 yuan in July, accounting for less than 0.01% of the company's audited operating revenue for 2025."

Currently, the "AI video business" attracts significant market attention and may have a substantial impact on the company's stock price and investor decisions. The company's disclosures regarding this business should have been prudent, accurate, and objective, with full risk disclosure. The previously disclosed semi-annual report failed to adequately explain the specific revenue scale, proportion, and actual impact of the AI video business on the company's operating performance, and the disclosure did not accurately reflect the actual operation of the business. Furthermore, the statements regarding AI video business revenue in the abnormal fluctuation announcement and the risk warning announcement were inconsistent.

The company's inaccurate information disclosure, insufficient risk disclosure, and inconsistent statements may mislead investors' decisions. The Shanghai Stock Exchange has issued regulatory warnings to Longban Media and its then-Board Secretary Sun Fujun.

In the secondary market, over the five trading days from August 31st to September 4th, Longban Media achieved five consecutive limit-up sessions, with the stock price accumulating gains of 61.14% during the period. As of September 4th, Longban Media closed at the limit-up price of 15.55 yuan per share, with a total market capitalization of 6.911 billion yuan.