Yes, based on a discussion with the manager of that shop (in Chinese).

Whether its it’s an urban legend or not, the manager was very adamant about it and they actually spent a fair bit of time clicking around with my documents when I returned the SIM (as I had the time to return and I didn’t care to take chances).

They also take your passport information including a scan, so I’m sure it’s possible for them to be tracking any monthly fees they want to charge.

Are there confirmed reports of not returning and being able to get a new SIM on the next trip without paying back fees?