Abstract:
Sanan Optoelectronics (600703) announced today that the company has received notification from the family of actual controller Lin Xiucheng that Lin Xiucheng has been criminally detained in accordance with the law on suspicion of official embezzlement and misappropriation of funds.
The announcement also disclosed that as early as March 2026, Lin Xiucheng had been detained and investigated. From detention to criminal detention, the nature of the case has shifted from supervisory investigation to criminal justice procedure.
Lin Xiucheng no longer holds any position in Sanan Optoelectronics since July 10, 2017, and does not have any operation management and decision-making approval authority. The company made it clear in the announcement that the matters involved in this case are Lin Xiucheng's personal matters and have no connection with the listed company entities.
Sanan Optoelectronics emphasized that the company's current production, operation and management are in normal condition, and it has a complete organizational structure and standardized governance system. It will continue to operate in accordance with relevant laws and regulations. The above matters will not have a major impact on the company's production and operations.
At the market level, as of the close of trading on September 24, Sanan Optoelectronics’ stock price was 12.47 yuan per share, down 2.81%, with a total market value of approximately 62.2 billion yuan. Compared with the high of 44.72 yuan/share in August 2021, the current stock price has fallen significantly.
Sanan Optoelectronics is a global leader in the field of LED chips and compound semiconductors. Its business covers silicon carbide, gallium nitride power devices, gallium arsenide radio frequency chips and optical communication optical chips.
Its silicon carbide products have been mass-produced by leading customers such as Great Wall and Vertiv Technology, and are used in fields such as new energy vehicles, data centers and AI server power supplies.
Although the company emphasizes that the personal matters of the actual controller have nothing to do with operations, the immediate reaction of the secondary market shows that investors are still evaluating the uncertainty that this incident may bring. Follow-up corporate governance and business progress deserve continued attention.
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