Three real-name reporting materials from chip dealers have placed the voice AI company Sunve Technology Co., Ltd. and its subsidiary Shenchong Semiconductor, which is currently making a second attempt to list on the Sci-Tech Innovation Board (STAR Market), under public scrutiny. According to Yicai, these three former partners all reported that during their distribution cooperation in Bluetooth and offline voice chip businesses, they frequently encountered non-compliant and unethical business practices.

Core allegations: deliberately exaggerating prospects and recognizing revenue in advance

The reporting materials point out that Sunve exaggerated the market prospects to push for increased sales volume, luring distributors to stock up large quantities of inventory, and recognized sales revenue in advance before completing the full product delivery cycle. The authenticity of the company's financial data, channel business model, and commercial integrity are being questioned. At least one distributor has formally submitted related reporting materials to the regulatory review department.

Sunve is a domestic enterprise focusing on dialogue-based artificial intelligence platforms, dedicated to the independent development of full-stack dialogue AI and edge-side intelligent technologies. The company was established in Cambridge, UK in 2007 and returned to China the following year, settling in Suzhou. It has since deeply laid out in multiple fields such as automotive, home appliances, and robotics, with over 60 cooperating car manufacturers and more than 25 million vehicles equipped with its technology. Its IoT industry clients include well-known brands such as Midea, Haier, Xiaomi, and Lenovo.

The listing process has reached the "Questioned" stage

In January 2026, Sunve completed the tutoring filing registration with the Jiangsu Securities Regulatory Bureau, planning to first issue shares and list on the STAR Market. The tutoring broker is Dongwu Securities. On June 18 this year, the status of Sunve's STAR Market listing process was updated to "Questioned," indicating that the review process is ongoing.

This real-name report comes at a critical moment in the listing review, and the outside world is generally paying attention to how the regulatory authorities will respond to the relevant questions, as well as whether this incident will have a substantial impact on Sunve's IPO process.