Tonghuai Information's Controlling Shareholder and Board Secretary Appointed 4 Months Ago Detained, De-listing Risk Warning Amid Multiple Crises

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On the evening of March 16, 2026, Beijing Stock Exchange-listed company Tonghui Information (920090.BJ) issued a major announcement. The company’s controlling shareholder and actual controller, Dai Fuhao, and Wang Wei, the board secretary who had only been in office for four months, were criminally detained by public security authorities for suspected violations of illegal disclosure or nondisclosure of important information. The case is currently under investigation. This incident is not isolated but a concentrated outbreak of long-term issues such as deteriorating performance, chaotic governance, and violations of information disclosure. As a typical case of “performance turnaround + compliance loss” among companies listed on the Beijing Stock Exchange, Tonghui Information is now facing multiple difficulties including “criminal investigation + huge financial losses + internal governance conflicts + delisting risk.” Its future direction not only concerns the company’s survival but also serves as an important warning for compliance governance of listed companies on the Beijing Stock Exchange.

1. Core Event Overview: From Regulatory Penalties to Criminal Accountability, Disclosure Violations Continue to Escalate

(1) Key Details of the Criminal Investigation

1. Subjects and reasons involved: The two individuals subject to criminal detention are key—Dai Fuhao, as the company’s controlling shareholder and actual controller, has no official position but holds substantial influence over major decisions; Wang Wei, who was appointed as board secretary on November 14, 2025, and has only been in the role for four months, became involved in the case, making her one of the shortest-serving secretaries in the A-share market recently. The suspects are accused of “illegal disclosure or nondisclosure of important information,” which, according to relevant provisions of the Criminal Law, can result in up to three years of imprisonment, reflecting regulators’ zero tolerance for violations of information disclosure in capital markets.

2. Company response and impact statement: Tonghui Information stated in its announcement that it has not received any investigation notice, its control rights remain unchanged, and the measures taken against the two individuals will not affect normal operations. Wang Wei’s duties as secretary are temporarily delegated to an acting chairman. However, the actual impact of the incident will likely intensify market concerns over corporate governance stability. Coupled with previous delisting risk warnings, the company’s stock price and market confidence will face severe tests.

(2) Past Violations of Disclosure Regulations: From Administrative Penalties to Criminal Accountability

This criminal investigation is not without precedent but a natural result of the company’s long-term disclosure violations:

1. Administrative penalties in 2025: The Beijing Securities Regulatory Bureau issued Administrative Penalty Decision [2025] No. 18, which found that Tonghui Information and its subsidiaries inflated operating revenue by over 62 million yuan and profits by over 31 million yuan during 2018-2021 through fictitious contracts and premature or delayed revenue recognition. The company was fined 9 million yuan; Dai Fuhao was fined 11.5 million yuan and banned from securities market activities for 10 years. Several responsible persons, including his wife Cui Zhenying, the former CFO, and the former secretary, were also fined and banned from markets.

2. Logical progression to criminal accountability: According to mechanisms for handling violations in capital markets, administrative fines often precede criminal charges. The public security authorities’ criminal detention of the core responsible persons for “illegal disclosure or nondisclosure of important information” indicates that new illegal clues may have been uncovered or that previous violations are deemed serious enough to constitute a crime, marking an escalation from administrative regulation to criminal justice.

3. Company Fundamentals: Massive Losses + Internal Governance Conflicts Shake Business Foundations

(1) Performance Deterioration and Delisting Risks

Since listing on the Beijing Stock Exchange in 2021, Tonghui Information has been in a “performance turnaround” crisis, with declining operations:

1. Four consecutive years of losses: In 2022-2024, net profits attributable to parent company shareholders were 4.65 million yuan, 128 million yuan, and 71.94 million yuan respectively, with losses triggering delisting warning indicators. The 2025 performance report shows revenue plummeted 82.67% year-on-year to 35.92 million yuan, with net loss of 61.14 million yuan. Although net loss narrowed by 26.15% compared to the previous year, core profitability remains weak, and shareholders’ equity decreased by 57.30%, indicating ongoing financial deterioration.

2. High delisting risk: Based on Beijing Stock Exchange delisting rules, the company has triggered multiple warning conditions such as “continuous losses” and “revenue below 100 million yuan.” The detention of the actual controller and secretary further increases operational uncertainty. If performance cannot be improved and compliance risks addressed, delisting is imminent.

(2) Chaotic Governance and Public Internal Conflicts

Behind the poor performance is ongoing instability in governance and open internal power struggles:

1. Board division: On March 9, 2026, at the 29th meeting of the fifth board of directors, the company nominated Zhao Qigao, Wang Wei, and others as candidates for the sixth board of directors. Director Li Xinghua opposed all non-independent director candidates, accusing acting chairman Zhao Qigao of market manipulation and disclosure violations, and has initiated criminal complaints against him, exposing serious governance flaws.

2. Management turbulence: As secretary, Wang Wei is responsible for information disclosure. Her involvement in the case will temporarily disrupt disclosure work. The detention of the actual controller may affect major decision-making and execution, compounded by frequent management changes, making operational continuity and effectiveness difficult to ensure.

3. Key Subject Background and Responsibility: The Deep Logic Behind the New Secretary’s Involvement

(1) Background of the involved parties

1. Wang Wei: Involved after only four months in office, highlighting risks of the secretary position: Her resume shows she was born in 1981, joined Tonghui Information in 2014, and held roles such as Office Director, Assistant to President, Securities Affairs Specialist, and Director of the Board Office. She officially became secretary in November 2025, holding dual certifications from Shanghai and Shenzhen exchanges. Her involvement likely relates to two aspects: first, participation in early illegal activities like revenue inflation during her time as securities affairs specialist; second, failure to correct disclosure violations after becoming secretary, possibly participating in new violations.

2. Dai Fuhao: Responsible as the actual controller: He led the illegal activities of revenue inflation during 2018-2021 and has already been fined heavily and banned from markets. His detention is likely due to serious violations constituting a criminal offense, reflecting the regulatory trend of “penetrating supervision,” holding ultimate responsibility for company violations.

(2) Compliance responsibilities of the secretary position

According to the “Administrative Measures for Information Disclosure of Listed Companies,” the secretary bears primary responsibility for the truthfulness, accuracy, completeness, timeliness, and fairness of company disclosures. Despite a short tenure, Wang Wei’s long-term employment means she should have some understanding of the company’s historical operations and compliance risks. If she fails to fulfill her duties or participates in violations, she will bear legal responsibility. This case underscores that the secretary role is not a “safe harbor” but the “first responsible person” for compliance, requiring strict oversight of all disclosure processes.

4. Key Impacts: Market, Regulatory, and Corporate-Level Shocks

(1) Market: Investor confidence collapse and valuation pressure

• Stock price volatility: The detention of the actual controller and key executives is a major negative event, likely causing panic selling, compounded by delisting risks, leading to sharp stock fluctuations and losses for small investors.

• Loss of financing ability: The company’s ongoing losses and compliance crisis will further tighten financing channels, making equity or debt financing difficult, increasing financial pressure.

(2) Regulatory: A cautionary case for Beijing Stock Exchange compliance oversight

Tonghui Information’s violations will prompt regulators to strengthen oversight of BESE-listed companies: improving disclosure rules, emphasizing responsibility of key entities like controllers and secretaries, and establishing a “regulatory + criminal accountability” system to deter violations.

(3) Company: Growing survival pressure and high self-rescue difficulty

• Short-term operational impact: Disruption in disclosure work requires timely appointment of new secretary and proper handover; failure to do so risks regulatory penalties. The detention of the controller also hampers communication and resource coordination.

• Long-term self-rescue challenges: With no core profitable business, shrinking revenue, heavy fines, and declining shareholder equity, plus governance chaos and compliance risks, even restructuring or attracting new investors will be difficult due to poor asset quality and high compliance risks.

5. Risk Warnings and Follow-up Points

(1) Core risk warnings

• Progress of criminal investigation: If authorities find evidence of crimes and convict involved persons, the company may face further penalties or even delisting due to “major illegal violations.”

• Ongoing operational deterioration: With revenue below 40 million yuan and core business nearly halted, failure to recover quickly could trigger delisting indicators.

• Governance and compliance risks: Governance chaos, internal conflicts, and involved management pose ongoing risks of violations unless effective compliance systems are established.

(2) Follow-up focus points

• Investigation progress: Monitor results of police investigations, whether new illegal facts are identified, and if other management personnel are involved.

• Disclosure and management changes: Track whether new secretary is appointed promptly, disclosure resumes normally, and whether board members change further.

• Performance and financial health: Watch for official 2025 annual report disclosures, potential impairments, downward revisions, and whether the company has clear improvement plans.

• Regulatory penalties and delisting process: Observe whether BESE initiates delisting warning procedures and whether violations lead to forced delisting.

6. Case Lessons: The Bottom Line and Boundaries of Listed Company Compliance

Tonghui Information’s case serves as a warning to all listed companies: first, disclosure is the “lifeline” of capital markets—falsifying performance or violating disclosure rules can lead to administrative and criminal penalties, with key entities like controllers and secretaries bearing ultimate responsibility; second, corporate governance is the foundation of compliance—chaotic governance and internal power struggles can lead to operational chaos and multiple risks; third, the Beijing Stock Exchange’s compliance standards are on par with main board requirements. Small and medium-sized enterprises ignoring compliance and pursuing short-term gains will pay a heavy price.

For investors, beware of companies with “performance turnaround + governance chaos,” as they often hide significant compliance risks and have low investment value. For regulators, further strengthening oversight, improving delisting systems, and creating an environment of “dare not violate, cannot violate, do not want to violate” are essential. For listed companies, only by adhering to compliance, improving governance, and enhancing core profitability can sustainable development be achieved and the fate of companies like Tonghui Information avoided.

Overall, Tonghui Information is now entangled in multiple crises. The detention of the controller and secretary is just the peak of the crisis. If the company cannot effectively resolve compliance risks and improve operations, delisting is highly likely. This case will serve as a typical lesson in compliance governance in the capital market, continuously warning all parties to respect the law and uphold bottom lines.