ST Jinggu: Former Controlling Shareholder of Original Subsidiary Suspected of Contract Fraud Case Has Been Filed

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ST Jinggu announced on March 23 that the company recently received a “Notice of Case Filing” from the Tang County Public Security Bureau in Hebei Province. The notice states that the company’s former controlling shareholder, Tang County Huiyin Wood Industry Co., Ltd., is suspected of contract fraud and has been filed by the public security authorities.

In 2023, the company completed a major asset restructuring to acquire a 51% stake in Huiyin Wood Industry. Starting from April 2025, private lenders to Cui Huijun and Wang Lanchun have successively filed lawsuits against Cui Huijun, Wang Lanchun, and Huiyin Wood Industry as joint defendants, and applied for pre-litigation property preservation measures. Huiyin Wood Industry’s bank accounts and main assets have been ordered to be seized and frozen, ultimately causing Huiyin Wood Industry to cease operations. To effectively resolve the risks and protect the legitimate rights and interests of the company and its small and medium investors, the company transferred its 51% stake in Huiyin Wood Industry in December 2025. After this transaction, Huiyin Wood Industry was divested and is no longer included in the company’s consolidated financial statements. During the acquisition of Huiyin Wood Industry, Cui Huijun and Wang Lanchun, as information disclosure obligors, failed to truthfully disclose their involvement in private lending activities using Huiyin Wood Industry, and made false promises and guarantees regarding related matters, with deliberate concealment. Moreover, after the private lending lawsuits erupted successively in April 2025, and until Cui Huijun and Wang Lanchun went missing, the company and intermediaries repeatedly verified their situation, but both continued to conceal the existence of substantial private loans. The behaviors of Cui Huijun and Wang Lanchun are suspected of fraudulently selling defective assets to the company. The company has filed a report with the Tang County Public Security Bureau in Hebei Province regarding their suspected contract fraud. Recently, the company received a “Case Filing Notice” from the Tang County Public Security Bureau, informing that Cui Huijun’s suspected contract fraud case meets the conditions for filing and has been officially filed. The final outcome of the case will be subject to the official conclusion of the public security authorities.

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