Guizhou Bai Ling is no longer "Ling"! Faked 1.1 billion over four years, and the 65-year-old founder has taken a big fall.

From Guizhou’s richest man to a ban from the market: Jiang Wei, 65, has completely said goodbye to the business empire he built over 30 years.

On March 27, 2026, a notice from Guizhou Baili Pharmaceutical Co., Ltd. said it had received an “Administrative Penalty Decision” issued by the Guizhou Regulatory Bureau of the China Securities Regulatory Commission: because its annual reports for 2019, 2020, 2021, and 2023 contained false statements, the company and relevant responsible persons were imposed heavy fines, and the company’s founder and then-chairman Jiang Wei was also subject to a 10-year ban from the securities market.

The day before the regulatory authority issued the penalty decision, founder Jiang Wei resigned from all positions at the company.

The founder of the once-prominent Miao medicine leader, who had dazzled on the capital market and was pursued by countless investors, has cut ties with the achievements of his own half-life of hard work.

01

Four years of falsification totaling 1.1 billion,

the company and relevant responsible persons were fined heavily

After investigation, Guizhou Baili’s annual reports for 2019, 2020, 2021, and 2023 contained false statements.

Guizhou Baili did not confirm current-period sales expenses based on the accrual basis of rights and obligations, and instead recognized them in accordance with the income, cost, and expense matching principle. This led to the understatement of sales expenses during 2019 to 2021, with cumulative profits being inflated by 65,472.60 million yuan; and in 2023, the company overrecognized sales expenses, thereby reducing profits by 45,941.10 million yuan.

Simply put, in those four years—2019, 2020, 2021, and 2023—Guizhou Baili blatantly fabricated its financials: it changed sales expense accounting at will, adjusted profits any way it pleased, and every annual report for those four years was fake. The total amount of falsification exceeded 1.1 billion.

Treating the A-share rules like a joke, so this time the company was fined at the maximum level of 10 million yuan. A penalty of 5 million yuan was imposed on then-chairman Jiang Wei, and a 10-year ban from the securities market was implemented.

Therefore, one day before the penalty was issued (March 26), Jiang Wei proactively submitted a written resignation letter, applying to resign from all positions at Guizhou Baili for personal reasons.

Although Jiang Wei resigned and stepped away, he still holds 17.55% of the company’s shares and remains the company’s actual controller.

He was also fined 3.5 million yuan for Niu Min (then a director of Guizhou Baili, concurrently general manager and secretary to the board); and for the other 7 then-senior executives and independent directors, fines of 2 million yuan, 1.5 million yuan, 800,000 yuan, 600,000 yuan, 500,000 yuan, 500,000 yuan, and 500,000 yuan respectively.

And Guizhou Baili’s noncompliance goes far beyond financial fraud. Regulatory scrutiny of the company has long been more than “for just a day or two.” In 2024, because it failed to promptly disclose an annual report showing a huge loss, the securities regulator issued a warning letter. Afterwards, regulatory discussions also pointed out that the company’s sales expense accounting was chaotic and that there were major deficiencies in internal controls—yet Jiang Wei did not take these warnings seriously.

As early as December 2025, Jiang Wei was filed for investigation by the China Securities Regulatory Commission over suspected insider trading, violations of information disclosure, and other issues. At that time, he even sent a public letter to reassure employees and try to stabilize the situation.

But as the investigation deepened, all illegal facts came to light. This 65-year-old founder has completely said goodbye to the capital market he fought for over half a lifetime.

02

From Guizhou’s richest man to falling from the altar

In 1996, Jiang Wei took over an Anshun pharmaceutical plant teetering on the brink of bankruptcy. With star products such as “Quit Fast Stopping Syrup,” he led this small local factory all the way into the A-share market, creating the legend of the “No. 1 Miao medicine stock.”

In October 2015, the Hurun Rich List showed that Jiang Wei’s family net worth was 21 billion yuan, making him Guizhou’s richest man.

According to available information, Jiang Wei voluntarily did not take wages or compensation.

However, fate took a sharp turn in 2021. That year, his personal wealth plummeted from over 20 billion yuan to 3 billion yuan. The next year, his name disappeared directly from the rich list.

At the same time, his personal capital chain also flashed red. The proportion of pledged shares of the companies in which he held stakes began to surge upward.

By April 2025, the 245 million shares he held, representing 17.55% of the company’s total share capital, had already been 100% pledged. This meant that his personal capital chain was stretched to the limit, leaving no room for maneuver.

In addition, Jiang Wei was also deeply entangled in a bailout dispute with Huachuang Securities. In 2019, Huachuang Securities invested 1.4 billion yuan to provide a bailout and obtained 11.54% of the company’s shares. Later, it also provided 361 million yuan in pledged-loan facilities. Ultimately, the two sides went to court over a repurchase issue, with the amount involved totaling nearly 1.8 billion yuan.

Today, this dispute is still ongoing in the judicial proceedings. The outcome of the court’s decision may determine the final ownership of this long-established leading Miao medicine enterprise.

If financial fraud was the original sin in the past, then the company’s performance of continuing losses is now its biggest predicament.

In the first three quarters of 2025, Guizhou Baili’s operating revenue and net profit attributable to the parent company were 2.102 billion yuan and 56.8144 million yuan, down 24.28% and 35.60% year on year, respectively.

Once the “No. 1 Miao medicine stock,” from a peak market value of 50 billion yuan, its share price continued to fall. As of the close on March 30, 2026, ST Baili’s total market value was 7.086 billion yuan.

The entrepreneur who once brought a nearly dead small factory to greatness ultimately—because he ignored the rules—pushed the company into an abyss with his own hands, and with his own hands also ended his professional career.

For a 65-year-old, a 10-year ban from the market is almost a “career death sentence.” But ST Baili and countless investors have to keep paying for this absurd fraud drama.

In the capital markets, any attempt to challenge the rules or disregard regulation will ultimately come with a heavy price.