On March 19, Guangdong Quanwei Technology Co., Ltd. (hereinafter referred to as "ST Quanwei"), which is facing the risk of delisting, issued multiple announcements. Among them, the company and the company's actual controller and chairman Chu Yifan have recently received "Notifications of Case Filing" issued by the China Securities Regulatory Commission. Due to suspected violations of information disclosure laws and regulations, the China Securities Regulatory Commission decided to file a case against the company and Chu Yifan.
Public information shows that Chu Yifan was born in 1995. He once worked as a financial reporter. He has served as the chairman of ST Quanwei since 2023. He is also the company’s controlling shareholder Quanwei Green Energy and indirectly controls ST Quanwei through Quanwei Green Energy and its concerted person National Holdings. Some of the shares held by Quanwei Green Energy have been judicially auctioned due to debt default.
Chu Yifan. Picture source: Quanwei Technology WeChat public account
Regarding the matter of being investigated, ST Quanwei said that at present, the company's production and operation are normal and the matter will not affect the company's daily production and operation activities. During the investigation period, the company and Chu Yifan will actively cooperate with the relevant investigations of the China Securities Regulatory Commission and strictly perform their information disclosure obligations.
Another announcement showed that after deliberation and approval at the 44th meeting of the fourth board of directors, ST Quanwei signed an "Operating Relief Cooperation Agreement" with Qingdao Luchuangtai Enterprise Management Consulting Co., Ltd. (hereinafter referred to as "Qingdao Luchuangtai") and borrowed 15 million yuan from Qingdao Luchuangtai to pay operating relief expenses such as employee wages, social security, and housing provident funds. The loan period of the relief funds is 12 months.
In terms of performance, in 2023 and 2024, ST Quanwei will have net losses of 139 million yuan and 119 million yuan respectively. The 2025 performance forecast shows that the annual loss is 182 million to 255 million yuan, the revenue is only 45 million yuan to 63 million yuan, and the net assets have turned from positive to negative, ranging from -123 million to -172 million yuan. Nandu previously reported that ST Quanwei has applied for bankruptcy and reorganization, and the Intermediate People's Court of Dongguan City, Guangdong Province has set up a case number in this regard. The company is subject to a delisting risk warning and may even be terminated from listing.
