Lianchuang Optoelectronics and its actual controller and chairman Wu Rui have each received a notice of investigation from the China Securities Regulatory Commission for suspected illegal activities including failure to disclose non-operating fund transactions as required. The company stated that all business operations are currently proceeding normally and it will actively cooperate with the investigation and fulfill its information disclosure obligations during the investigation period. On the same day, Wu Rui resigned from the position of company president due to work reasons, but will continue to serve as chairman and in other roles. As of August 4, Wu Rui does not directly hold any company shares. Jiangxi Electronics Group, which he controls, holds 86.7815 million shares of Lianchuang Optoelectronics, accounting for 19.25% of the company's total share capital, making it the controlling shareholder. In addition, the company and its subsidiaries have overdue financial institution borrowings and bill principals totaling 506 million yuan, exceeding 10% of the company's most recent audited net assets. The company is raising funds for debt repayment through various channels and negotiating extensions with creditors.
Jiangxi Lianchuang Opto-electronic Science & Technology Co LtdCSRC investigation for disclosure violations and overdue debts
Controlling shareholder implicated in CSRC investigation