Liaoning province-based Dan Dong Xin Tai Electric Co was warned by the China Securities Regulatory Committee (CSRC) that it may be delisted from the ChiNext Index, China’s NASDAQ-style board.

Specifically, Xin Tai is suspected of having provided deceptive information in its IPO documents and of infringing other regulations pertinent to information disclosure, according to an announcement by the company on Wednesday night.

If the delisting does take place, the company will not only be the first to be taken out from the ChiNext Index, it will also be the first to be removed from any mainland stock market for misleading investors in its IPO prospectus.

However, the delisting remains uncertain since local provincial governments are keen to maintain the number of listed companies, according to an industry source. “We will see if the CSRC could stand the pressure this time,” the source added.

A similar case happened in 2012, when a Hunan province-based company was found by the CSRC to have inflated its pre-IPO profit by 90%. The company chairman was sentenced to three years in prison and the company was simply fined instead of forcing to delist.

But the delisting order to Xin Tai would likely also be difficult to be reversed, considering that the CSRC is tightening up scrutiny recently.

Last week, the CSRC turned down three IPO applications, compared to the period between late November and early March when it had approved all such applications.

Three companies have been forcibly delisted in China since late 2014.