China's securities regulator opened four investigations on September 18 into China Railway Prefabricated Construction, Kangzhi Pharmaceutical, *ST Jiuding and Beiyang Tianqing, a controlling subsidiary of Jingcheng Co., Ltd., over suspected information disclosure violations. The cases cover different alleged conduct, including activities before a change in actual controller, inaccurate information supplied by a restructuring target and incorrect accounting for inventory and investment properties in 2023 and 2024. The companies said production and operations remain normal and pledged to cooperate with the investigations. Kangzhi's probe follows an April 10 rectification order from the CSRC's Hainan Bureau, which cited inaccurate 2023 and 2024 financial information, 1.0042 million yuan in non-operating capital occupation linked to employees of controlling shareholder Hainan Hongshi Investment Co., Ltd., inconsistent personnel disclosures and weak management of agency sales. Kangzhi later said it recovered the funds and completed corrective measures. Its 2026 first-half revenue fell 37.67% year-on-year to 145 million yuan, while net loss attributable to the parent narrowed 39.41% to 32.7665 million yuan. The outcome of the investigations, including any penalties, remains unresolved, with added uncertainty for risk-warning stock *ST Jiuding and the other companies involved.