---
schema_version: "secwatch.filing_event.v1"
accession: "0001493152-22-029693"
form_type: "8-K"
ticker: null
cik: "0001753931"
company_name: "Shengda Network Technology, Inc."
filed_at: "2022-10-27T23:59:59+00:00"
generated_at: "2026-06-23T00:07:38.863509+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# Shengda Network Technology to restate financial statements due to undisclosed related party transactions

## Summary
- On September 29, 2022, during FY 2022 audit, Shengda discovered that loans to Zhejiang Malai E-commerce Co., Ltd. were not disclosed as related party transactions.
- Financial statements for FY 2020, FY 2021, and quarters from Sept 2020 through March 2022 will be restated to properly classify loans and revenue with Zhejiang Malai.
- The restatement does not change previously reported pre-tax income, net income, earnings per share, or total revenue.
- Management discussed the matter with the independent registered public accounting firm and will file amended reports with the SEC.

## SEC filing metadata
- accession: 0001493152-22-029693
- form_type: 8-K
- cik: 0001753931
- company_name: Shengda Network Technology, Inc.
- filed_at: 2022-10-27T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 4.02
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1753931/000149315222029693/0001493152-22-029693-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1753931/000149315222029693/form8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001493152-22-029693
- JSON: https://secwatch.observer/filing/0001493152-22-029693.json
- Plain text: https://secwatch.observer/filing/0001493152-22-029693.txt

## Key facts
- Auditor Changes
  Shengda Network Technology, Inc. reported that prior financial statements should not be relied upon.
  - Action: non reliance
  source text: management determined that the financial statements for the following periods should no longer be relied upon and should be revised and restated
  evidence_url: https://www.sec.gov/Archives/edgar/data/1753931/000149315222029693/0001493152-22-029693-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.