Shimao Group's information disclosure violations resulted in a fine of 2.8 million yuan for then-secretary Yu.

The Shanghai Regulatory Bureau determined that Shimao Group failed to timely disclose significant debt matters in accordance with regulations, resulting in false records in its annual reports for 2020 to 2022; failed to timely disclose related party transactions involving non-operating capital occupation as required, and did not disclose these in the annual reports for 2020 to 2022; failed to timely disclose the situation of default on significant debts that could not be repaid when due, and did not disclose this in the 2022 annual report; failed to timely disclose related guarantees as required, and did not disclose these in the annual reports for 2020 to 2022; failed to timely disclose significant litigation and arbitration matters, and did not disclose these in the 2022 annual report. Yu, who was the secretary of the board, deputy general manager, and chief financial officer at the time, received a warning from the Shanghai Regulatory Bureau and was fined 2.8 million yuan.