Core Viewpoint - The stock price of Xuesong Development Co., Ltd. (ST Xuefa) has surged, with a 25% increase over six trading days, despite the company facing serious legal issues involving its actual controller Zhang Jin and its parent company Xuesong Holdings Group [3][42][44]. Group 1: Stock Performance - On February 11, ST Xuefa opened with a limit-up and recorded four limit-up days within six trading days [1][3]. - The stock reached a market capitalization of 2.747 billion CNY, with a closing price of 5.05 CNY on February 11, reflecting a 4.99% increase from the previous day [2][3][42]. Group 2: Legal Issues - On February 10, Xuesong Development announced that the Guangzhou Intermediate People's Court had publicly pronounced a verdict against Xuesong Holdings and Zhang Jin for fundraising fraud and illegal public deposit absorption [5][44]. - The company stated that it had not yet received the relevant judgment document and emphasized that Zhang Jin, while being the actual controller, does not hold any position within the company [8][47]. Group 3: Shareholding and Control - As of February 10, 2026, Zhang Jin indirectly holds approximately 377.5 million shares, accounting for 69.40% of the total shares, with about 372.7 million shares under pledge and judicial freeze [9][48]. - Over two years, more than 68.50% of the company's shares have been under judicial freeze, raising concerns about the future control of the company [9][51]. Group 4: Financial Performance - Xuesong Development projected a net loss of 173.8 million to 245.3 million CNY for 2025, indicating a worsening financial situation compared to a loss of 157 million CNY in 2024, with an increase of 14.59% to 61.74% [14][52]. - The company has shifted its main business focus from apparel to supply chain management, with supply chain revenue contributing over 90% since 2022, while apparel revenue has drastically declined [17][55].

参加此次庭审的投资人赵先生（化名）对第一财经透露，广州市中级人民法院作出了一审判决，其 中，雪松控股犯集资诈骗罪和非法吸收公众存款罪，合计判处罚金11亿元。雪松控股实际控制人张 劲被判无期徒刑，没收个人全部财产。其余高管被判处有期徒刑，期限在三年半至十五年不等，追缴 违法所得，并处罚金15万元至110万元不等。 目前，相关判决书并未公开，第一财经致电广州市中级人民法院核实上述信息，对方表示，该案件信 息仅限当事人或代理人查询。 雪松控股犯集资诈骗罪和非法吸收公众存款罪 封图 | AI生成 2月10日晚，ST雪发（002485.SZ）公告称，广州市中级人民法院已于当日公开宣判，公司关联方 雪松控股、实际控制人张劲等人集资诈骗、非法吸收公众存款、背信运用受托财产、妨害作证一案。 不过，ST雪发表示，截至本公告披露日，尚未收到相关判决书，具体结果以广州市中级人民法院作 出的判决书载明的为准。2月11日，ST雪发涨停，报收5.05元/股，该公司已连续3日涨停。 2026.02. 11 本文字数：2913，阅读时长大约5分钟 作者 | 第一财经 安卓 针对此次案件宣判对公司的影响，ST雪发称，截至本公告披露日，公司经营 ...

2月10日晚，ST雪发（002485.SZ）公告称，广州市中级人民法院已于当日公开宣判，公司关联方雪松 控股、实际控制人张劲等人集资诈骗、非法吸收公众存款、背信运用受托财产、妨害作证一案。 不过，ST雪发表示，截至本公告披露日，尚未收到相关判决书，具体结果以广州市中级人民法院作出 的判决书载明的为准。2月11日，ST雪发涨停，报收5.05元/股，该公司已连续3日涨停。 参加此次庭审的投资人赵先生（化名）透露，广州市中级人民法院作出了一审判决，其中，雪松控股犯 集资诈骗罪和非法吸收公众存款罪，合计判处罚金11亿元。雪松控股实际控制人张劲被判无期徒刑，没 收个人全部财产。其余高管被判处有期徒刑，期限在三年半至十五年不等，追缴违法所得，并处罚金15 万元至110万元不等。 目前，相关判决书并未公开。 雪松控股犯集资诈骗罪和非法吸收公众存款罪 针对此次案件宣判对公司的影响，ST雪发称，截至本公告披露日，公司经营情况正常，关联方及张劲 涉及案件的判决不会对公司日常经营活动产生重大不利影响，不会影响公司在业务、资产、机构、人 员、财务等方面的独立性，不会导致公司业务的经营出现重大变化，不存在损害公司及中小股东利益的 情形 ...

证券代码：002485 证券简称：ST雪发 公告编号：2026-008 雪松发展股份有限公司 股票交易异常波动公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 一、股票交易异常波动的情况介绍 雪松发展股份有限公司（以下简称"公司"）股票（证券代码：002485，证 券简称：ST雪发）连续3个交易日（2026年2月9日、2月10日和2月11日）内日收 盘价格涨幅偏离值累计超过12%，根据《深圳证券交易所交易规则》的有关规定， 属于股票交易异常波动。 二、对重要问题的关注、核实情况说明 针对公司股票异常波动，公司对有关事项进行核实，现将核实结果说明如下： 1、截至本公告披露日，公司前期披露的信息不存在需要更正、补充之处。 2、目前，未发现近期公共传媒报道可能或已经对公司股票交易价格产生较 大影响的未公开重大信息。 3、近期公司经营情况正常，内部经营环境未发生重大变化。 4、截至本公告披露日，公司、公司控股股东不存在其他关于公司的应披露 而未披露的重大事项，也不存在处于筹划阶段的重大事项。 5、在公司股票交易异常波动期间，公司控股股东未买卖公司股票。 三、是否存 ...

Core Viewpoint - The stock of ST Xuefa (002485) experienced an abnormal fluctuation with a cumulative price deviation exceeding 12% over three consecutive trading days from February 9 to 11, 2026, but no significant undisclosed information was found, and the company's operations remain normal [1] Financial Performance - The company anticipates a net profit loss for the year 2025, estimated between 174 million to 245 million yuan [1] - There is currently no need for financial corrections regarding previous disclosures [1] Shareholder and Legal Matters - The actual controller of the company has been involved in a legal case that has been adjudicated, but the company has not yet received the judgment document [1] - The legal situation is stated not to have a significant adverse impact on the company's daily operations [1]

Group 1: Banking and Wealth Management - The scale of bank wealth management products has decreased by approximately 815 billion yuan, with 14 major wealth management companies managing a total of 24.59 trillion yuan as of the end of January 2026, marking a decline for the second consecutive month since reaching a peak in November 2025 [1][2] - Despite the decline, there is optimism in the industry as low fixed deposit rates and a large amount of fixed deposits maturing in 2026 may lead to a reallocation of household wealth towards wealth management products [1] - Sales of bank wealth management products surged before the Spring Festival, with some products breaking sales records, indicating a potential recovery in the market [1] Group 2: Private Equity and Investment - The number of domestic private equity firms managing over 10 billion yuan has reached a record high of 122, increasing by 10 from the end of December 2025 [1] - Eight new private equity firms entered the 10 billion yuan club in January 2026, showcasing a growing trend in the private equity sector [1] Group 3: Energy Market - The EIA's short-term energy outlook report predicts that Brent crude oil prices will average $58 per barrel in 2026, up from a previous estimate of $56 per barrel, while WTI crude oil prices are expected to average $53.42 per barrel, an increase from $52.21 per barrel [2] Group 4: Silver Market - The World Silver Association forecasts that the silver market will experience a supply deficit for the sixth consecutive year in 2026, with a projected shortfall of 67 million ounces [3] - Global silver demand is expected to remain stable, driven by robust retail investment, which may offset declines in other key demand areas such as jewelry and industrial use [3] Group 5: IPO Market - The Hong Kong IPO market has been active in 2026, with fundraising exceeding 79 billion HKD, representing a year-on-year increase of over 1220% [3][4] - As of February 10, 2026, 422 companies are queued for IPOs in Hong Kong, with over 100 having submitted applications since the beginning of the year [3] Group 6: Credit Card Industry - In 2025, 65 credit card centers were closed, surpassing the total number of closures from 2020 to 2024, indicating a significant contraction in the credit card industry [4] - The trend of closing credit card centers is spreading from state-owned and joint-stock banks to city commercial banks, reflecting a shift from expansion to competition in the credit card sector [4] Group 7: Corporate Actions - Ningde Times issued its first green technology innovation bond for 2026, raising 5 billion yuan with a coupon rate of 1.70% [6] - Huazhang Technology plans to acquire 100% of Huayi Microelectronics for 29.96 billion yuan, aiming to enhance its packaging and testing business in the semiconductor sector [10]

2月10日晚间，ST雪发（SZ002485，股价4.81元，市值26亿元，即雪松发展）获悉，广州市中级人民法院（以下简称广州中院）已于当日就公司关联方雪 松控股集团有限公司（以下简称雪松控股）、实际控制人张劲等人涉嫌"集资诈骗、非法吸收公众存款、背信运用受托财产、妨害作证一案"宣判。 图片来源： Wind截图 需要说明的是，张劲未直接持有ST雪发股份，他通过广州雪松文化旅游投资有限公司（以下简称雪松文投）及广州君凯投资有限公司合计持有ST雪发 69.40%股份，但其大部分持股目前处于质押及司法冻结状态。约10天前，ST雪发发布了业绩预告，预计2025年继续亏损。 约3年前宣布实控人张劲"失联" 关于雪松控股及张劲一案，最早可以追溯到2023年。 根据公开报道，2023年5月7日，广州市公安局黄埔区分局发布通告，对雪松控股下属的广东圆方投资有限公司等涉嫌非法吸收公众存款案立案查处。公安 机关已对主要犯罪嫌疑人张某等人采取刑事强制措施；已依法提取相关涉案数据，并已委托专业机构进行独立鉴定和司法审计；已对涉案相关资产予以查 封、扣押、冻结。 （更多信息请参考：《涉嫌非法吸收公众存款！雪松控股下属公司被立案查处》） ...

每经记者：吴泽鹏每经编辑：何小桃,文多 2月10日晚间，ST雪发（SZ002485，股价4.81元，市值26亿元，即雪松发展）获悉，广州市中级人民法院（以下简称广州中院）已于当日就公司关联方雪 松控股集团有限公司（以下简称雪松控股）、实际控制人张劲等人涉嫌"集资诈骗、非法吸收公众存款、背信运用受托财产、妨害作证一案"宣判。 不过，截至目前，ST雪发尚未收到相关判决书，具体结果还需以广州中院作出的判决书载明的为准。公告还称，张劲除身为公司实际控制人外，不在公 司担任任何职务。《每日经济新闻》记者注意到，2月9日及2月10日，ST雪发均以涨停收盘。 需要说明的是，张劲未直接持有ST雪发股份，他通过广州雪松文化旅游投资有限公司（以下简称雪松文投）及广州君凯投资有限公司合计持有ST雪发 69.40%股份，但其大部分持股目前处于质押及司法冻结状态。约10天前，ST雪发发布了业绩预告，预计2025年继续亏损。 约3年前宣布实控人张劲"失联" 关于雪松控股及张劲一案，最早可以追溯到2023年。 根据公开报道，2023年5月7日，广州市公安局黄埔区分局发布通告，对雪松控股下属的广东圆方投资有限公司等涉嫌非法吸收公众存款案立案 ...

【导读】ST雪发：雪松控股及实控人张劲已被法院宣判 2月10日晚间，ST雪发披露的公告显示，公司关联方雪松控股集团有限公司（以下简称雪松控股）、实际控制人张劲等人 集资诈骗、非法吸收公众存款、背信运用受托财产、妨害作证一案，已于2月10日在广州市中级人民法院第二法庭公开宣 判。 2022年9月，张劲在雪松控股的工作会议上表示，目前雪松控股的重点工作是资产重组和债务化解，重中之重是理财产品兑 付，必须全力保障投资人权益。 2023年5月，广州市公安局黄埔区分局发布通告称，因涉嫌非法吸收公众存款，雪松控股下属圆方投资等已被立案查处。 广州市公安局黄埔区分局在彼时表示，已对主要犯罪嫌疑人张某等人采取刑事强制措施，并对涉案相关资产予以查封、扣 押、冻结。 如今，雪松控股及相关方迎来法院宣判。ST雪发公告称，公司当前尚未收到相关判决书，具体结果以广州中院作出的判决 书载明为准。 ST雪发公告称，张劲除了是公司的实际控制人，不在公司担任任何职务。目前，公司经营情况正常，关联方及张劲涉及案 件的判决，不会对公司日常经营活动产生重大不利影响。 公告显示，目前，张劲未直接持有ST雪发的股份，而是通过广州雪松文化旅游投资有限公司 ...

Core Viewpoint - ST Xuefa (002485) is facing legal issues involving its related party, Xuesong Holdings Group, and its actual controller, Zhang Jin, who have been implicated in fraud and other financial crimes. The company asserts that these legal matters will not significantly impact its daily operations [1][2]. Group 1: Legal Issues - On February 10, 2026, the Guangzhou Intermediate People's Court publicly announced a verdict involving Xuesong Holdings and Zhang Jin for fundraising fraud, illegal public deposit acceptance, and other charges [1]. - The company has not yet received the official judgment document, and the specific outcomes will be determined by the court's written ruling [1]. Group 2: Company Operations - Despite the legal troubles of its related parties, ST Xuefa claims that its business operations remain normal and that the court case will not have a major adverse effect on its daily activities [2]. - The company emphasizes its operational independence from its controlling shareholder and related parties, asserting that there will be no significant changes to its business operations or harm to the interests of minority shareholders [3]. Group 3: Shareholding Structure - ST Xuefa's controlling shareholder is Guangzhou Xuesong Cultural Tourism Investment Co., Ltd., which is a wholly-owned subsidiary of Xuesong Industrial Group, itself a subsidiary of Xuesong Holdings. All entities are ultimately controlled by Zhang Jin [3]. - As of the announcement date, Zhang Jin does not directly hold shares in ST Xuefa but controls 377,572,946 shares through related entities, representing 69.40% of the total share capital. A significant portion of these shares (68.50%) is pledged or judicially frozen [4]. Group 4: Market Reaction - As of the close on February 10, ST Xuefa's stock price reached a 5% limit up, trading at 4.81 yuan per share, with a market capitalization of 2.617 billion yuan [5].