Three listed companies disclosed tonight that their actual controller or the company itself has been placed under investigation. Yu Faxiang, the actual controller of Xiangyuan Culture and Tourism and Jiaojian Co., Ltd., has been placed under investigation by the China Securities Regulatory Commission on suspicion of illegal information disclosure. *ST Nachuan has been placed under investigation by the China Securities Regulatory Commission over suspected illegal information disclosure in its 2023 annual report, with the company itself as the subject of the probe. Yu Faxiang is also the actual controller of Xiangyuan Holdings Group. In October 2024, the two companies disclosed that he had received a notice of investigation from the CSRC. In December of the same year, the Zhejiang branch of the CSRC imposed administrative penalties on Xiangyuan Culture and Tourism and relevant responsible persons for failing to disclose non-operating capital occupation by the actual controller and related parties as required. At the end of 2025, the three listed companies under his actual control, Xiangyuan Culture and Tourism, Jiaojian Co., Ltd., and Haichang Ocean Park, simultaneously announced that Yu Faxiang had been subjected to compulsory criminal measures on suspicion of committing a crime. Both Xiangyuan Culture and Tourism and Jiaojian Co., Ltd. stated that Yu Faxiang holds no position in the companies other than as actual controller, that production and operations are normal, and that the relevant matters will not have a major impact, but the announcements did not disclose the specific matters involved in the suspected illegal information disclosure. In 2023, *ST Nachuan achieved operating revenue of 396 million yuan and a net loss attributable to the parent company of 513 million yuan. In the first half of this year, operating revenue was 66.85 million yuan, up 88.10 percent year on year, while the net loss attributable to the parent company was still 82.68 million yuan. As of the end of June 2026, overdue borrowings reached 505 million yuan. The company has entered pre-reorganisation proceedings and disclosed tonight its sixth risk warning announcement that its shares may be delisted.
Haichang Holdings LtdHaichang Ocean Park is one of the three listed companies under actual controller Yu Faxiang, who faces CSRC investigation and prior criminal measures, raising governance/regulatory risk.
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