Core Viewpoint - ST Xuefa is facing legal issues involving its actual controller Zhang Jin and its affiliate Xuesong Holdings, with allegations of fundraising fraud and illegal public deposit acceptance. The company has not yet received the court's judgment, and Zhang Jin's shares are largely pledged and frozen [1][2]. Group 1: Legal and Financial Issues - On February 10, ST Xuefa was informed of a court ruling regarding allegations against Xuesong Holdings and Zhang Jin for fundraising fraud and other charges [1]. - Zhang Jin, the actual controller, does not hold any position in the company and has a 69.40% stake through affiliated companies, most of which are under pledge and judicial freeze [1]. - The company announced an expected loss of 1.74 billion to 2.45 billion yuan for the previous year, indicating a worsening financial situation [6]. Group 2: Background on Zhang Jin and Xuesong Holdings - Zhang Jin, born in 1971, has a notable educational background and was once recognized as one of the wealthiest individuals in Guangzhou, ranking 50th on the 2020 New Fortune 500 list with a wealth of 428.8 billion yuan [3]. - Xuesong Holdings, which was once a leading enterprise in the domestic bulk commodity sector, faced financial difficulties starting in 2021, leading to overdue payments on various financial products [5]. Group 3: Company Structure and Independence - ST Xuefa has emphasized its operational independence from Xuesong Holdings, stating that it maintains separate business, personnel, assets, and financial structures [4]. - The company has previously communicated its commitment to healthy development and compliance with operational standards, despite the ongoing legal issues surrounding its actual controller [4].

Group 1 - The core point of the article is that ST Xuefa announced the court ruling regarding its affiliate, Xuesong Holdings, and its actual controller, Zhang Jin, who were found guilty of multiple financial crimes, including fundraising fraud and illegal public deposit absorption [2][5]. - Xuesong Holdings, founded in 1997, aimed to become a leading global comprehensive commodity industry group and has previously been listed in the Fortune Global 500 [4]. - The company has faced significant risks, including overdue or defaulted financial products since 2021, and admitted its inability to pay interest on these products in January 2022 [4]. Group 2 - Zhang Jin stated in September 2022 that the company's focus was on asset restructuring and debt resolution, particularly ensuring the repayment of financial products to protect investors' rights [4]. - In May 2023, the Guangzhou Public Security Bureau announced that Xuesong Holdings was under investigation for illegal public deposit absorption, leading to criminal measures against key suspects, including Zhang Jin [4]. - As of the court ruling on February 10, 2023, ST Xuefa reported that it had not received the official judgment document, and the impact of the ruling on its daily operations is expected to be minimal [5]. Group 3 - Zhang Jin, while being the actual controller of ST Xuefa, does not hold any official position within the company, and his shareholding is primarily through two investment companies, totaling approximately 378 million shares, which represents 69.40% of ST Xuefa's total equity, although most shares are pledged or judicially frozen [5]. - On February 10, 2023, ST Xuefa's stock closed at 4.81 yuan per share, reflecting a 5.02% increase, with a total market capitalization of 2.617 billion yuan [5].

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].

二级市场上，2月9日、10日，ST雪发接连斩获了两个涨停板。截至2月10日收盘，ST雪发收于涨停价 4.81元/股，总市值26.17亿元。 北京商报讯（记者 马换换 李佳雪）2月10日晚间，ST雪发（002485）披露公告称，近日，公司获悉， 广州中院已于2月10日在广州中院第二法庭公开宣判，公司关联方雪松控股集团有限公司、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。 ST雪发表示，截至公告披露日，公司尚未收到相关判决书。张劲除为公司实际控制人外，不在公司担 任任何职务。公司具有完善的法人治理结构，依法建立健全了股东会、董事会及其专门委员会等规则制 度，能够实现董事会和管理层的正常运作；公司与控股股东等关联方在业务、人员、资产、机构、财务 等方面完全分开，具有独立完整的业务及自主经营能力。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。 ...

【导读】ST雪发：雪松控股及实控人张劲已被法院宣判 中国基金报记者 闻言 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。 2月10日收盘，ST雪发股价报4.81元/股，涨幅达5.02%，总市值为26.17亿元。 编辑：江右 校对：王玥 官网显示，雪松控股创立于1997年，致力于成为全球领先的大宗商品综合性产业集团。此前，雪松控股多次上榜《财富》世界500强。 在高速发展的背后，雪松控股出现多项风险。2021年，雪松控股旗下理财产品陆续逾期或违约。2022年1月，雪松控股承认其无力支付理财产品利息。 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 ...

【导读】ST雪发：雪松控股及实控人张劲已被法院宣判 中国基金报记者 闻言 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。 官网显示，雪松控股创立于1997年，致力于成为全球领先的大宗商品综合性产业集团。此前，雪松控股 多次上榜《财富》世界500强。 在高速发展的背后，雪松控股出现多项风险。2021年，雪松控股旗下理财产品陆续逾期或违约。2022年 1月，雪松控股承认其无力支付理财产品利息。 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 ...

证券代码：002485 证券简称：ST雪发 公告编号：2026-007 雪松发展股份有限公司 关于实际控制人涉及案件情况的公告 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、基本情况 近日，雪松发展股份有限公司（以下简称"公司"）获悉，广州市中级人民 法院（以下简称"广州中院"）已于2026年2月10日在广州中院第二法庭公开宣判， 公司关联方雪松控股集团有限公司、实际控制人张劲先生等人集资诈骗、非法吸 收公众存款、背信运用受托财产、妨害作证一案。 截至本公告披露日，公司尚未收到相关判决书，具体结果以广州中院作出的 判决书载明的为准。 二、对公司的影响 张劲先生除为公司实际控制人外，不在公司担任任何职务。截至本公告披露 日，张劲先生未直接持有公司股份，张劲先生通过广州雪松文化旅游投资有限公 司及广州君凯投资有限公司合计持有公司股份377,572,946股，占公司总股本的 69.40%。其中，累计被质押的股份数量为372,662,016股，占公司总股本的68.50%； 累计被司法冻结的股份数量为372,662,016股，占公司总股本的68.50%。 公司具有 ...

Group 1 - The core point of the article is that ST Xuefa (sz002485) reached its daily limit with a price of 4.58 yuan, reflecting a 5.05% increase and a total market capitalization of 2.492 billion yuan as of February 9, 2026 [1] Group 2 - The reasons for ST Xuefa's stock surge include a financing plan of 1 billion yuan, which provides sufficient funding for business expansion through various channels such as bank loans and bill discounts, enhancing financial flexibility [2] - The company is engaged in cultural tourism, supply chain management, and comprehensive services, with its tourism business showing growth through cost reduction and efficiency improvements, indicating potential for development amid industry recovery [2] - Recent market trends show inflows into related sectors such as textiles and retail, suggesting increased investor interest in ST Xuefa, with a reported 5.71% decrease in the number of shareholders as of January 30, 2026, indicating a concentration of shares [2]

Group 1 - The company ST Xuefa (002485) closed at 4.36 yuan on February 6, 2026, down 0.68%, with a turnover rate of 0.69% and a trading volume of 37,400 hands, amounting to 16.21 million yuan [1] - On February 6, 2026, the net outflow of main funds was 3.12 million yuan, while retail funds showed a net inflow of 0.84 million yuan [4] - The company plans to apply for a financing limit of no more than 1 billion yuan for 2026, with mutual guarantees among subsidiaries, and a total new guarantee limit of no more than 1 billion yuan [2][4] Group 2 - The company intends to continue its futures hedging business to mitigate operational risks from price fluctuations in main commodities such as steel, aluminum, and coking coal, with a maximum margin of 75 million yuan [2][3] - The company has established internal control systems and risk management measures to ensure compliance and safety of funds in the futures hedging operations [3]

Core Viewpoint - The company Snow Development Co., Ltd. plans to apply for a total financing limit of up to RMB 1 billion to support its daily operations and business expansion, along with mutual guarantees among its subsidiaries [1][6][7]. Financing and Guarantee - The company and its subsidiaries intend to apply for financing not exceeding RMB 1 billion, covering various financial products such as working capital loans, entrusted loans, and project loans [1][6]. - The proposed mutual guarantee limit among the company and its subsidiaries is also set at RMB 1 billion, with specific allocations of RMB 500 million for subsidiaries with a debt-to-asset ratio above 70% and RMB 500 million for those below [2][6]. - The financing and guarantee arrangements are subject to approval at the upcoming shareholders' meeting [7]. Risk Management - The company has approved the continuation of its futures hedging business to mitigate risks associated with inventory and price fluctuations, with a maximum guarantee amount of RMB 75 million for this purpose [4][19]. - The hedging activities will be limited to futures contracts traded on domestic exchanges related to the company's operations, such as steel and aluminum [20][19]. Board Decisions - The resolutions regarding financing and hedging were unanimously approved by the board, with all nine directors voting in favor [3][5]. - The board believes that the proposed guarantees and hedging activities will not adversely affect the company's financial performance and are in the best interest of shareholders [10][26].