New Energy Update
1. *ST Xulan: Actual Controller Receives Notice of Investigation from the CSRC
On March 16, *ST Xulan announced that its actual controller, Li Zhaoting, received a Notice of Investigation from the China Securities Regulatory Commission (CSRC) on March 15, 2025, due to alleged violations of information disclosure regulations. The CSRC has decided to investigate Li Zhaoting. He will actively cooperate with the CSRC and fulfill his information disclosure obligations. The company’s operations are normal, and this matter will not impact its regular business activities.
Commentary: The investigation of another company’s actual controller by the CSRC highlights the regulatory body’s emphasis on market transparency and fairness. Although the company asserts that its operations continue as normal, such incidents may affect investor confidence. *ST Xulan must ensure full cooperation with regulatory authorities during the investigation and enhance its information disclosure and compliance management to safeguard company stability and shareholder interests.
2. Baoneng New Energy: Actual Controller Investigated by the CSRC
On March 14, Baoneng New Energy announced that its actual controller, Ye Huanneng, recently received a Notice of Investigation from the CSRC for alleged violations of information disclosure regulations. The CSRC has decided to investigate Ye Huanneng.
Commentary: The investigation of Baoneng’s actual controller underscores the strict oversight by regulatory agencies regarding corporate governance and information disclosure. This incident may impact the company’s reputation and investor confidence.
3. GCL-Poly Energy: Plans to Expand BC Battery Production Capacity
On March 14, GCL-Poly Energy announced that its wholly-owned subsidiary, Suzhou Integration, plans to sign a Joint Venture Agreement with Risheng Investment to jointly invest in the establishment of Xuzhou Xinyao New Energy Technology Co., Ltd. with a registered capital of 165,692,310 yuan. Suzhou Integration will contribute 80 million yuan, holding a 48.28% stake, while Risheng Investment will contribute 90.9570% of its equity in Xuzhou High-tech Zhaoyao New Energy Co., Ltd., valued at 85,692,310 yuan, holding a 51.72% stake. GCL-Poly Energy aims to upgrade part of the production lines at High-tech Zhaoyao to BC battery capacity, seizing opportunities in the BC market.
Commentary: By establishing this joint venture, GCL-Poly Energy is deepening its commitment to the new energy sector and demonstrating its ambitions in the BC battery market. This investment will not only enhance the company’s production capacity but also leverage its partner’s resources and technological advantages to improve competitiveness. With the ongoing growth of the new energy market, this strategic move is expected to create additional growth opportunities for GCL-Poly Energy.
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