Zhejiang Power New Energy (SH:688184) Mei Ri Jing Ji Xin Wen·2025-08-03 16:30Core Viewpoint - ST Pava is facing significant challenges due to legal issues involving its actual controller and board member Zhang Bao, who is under investigation for embezzlement, which has led to a risk warning on its stock [1][8]. Company Overview - ST Pava, established in July 2014, specializes in the production, research, and sales of lithium-ion battery ternary cathode material precursors for electric vehicles. The company was listed on the Sci-Tech Innovation Board in September 2022 [3]. - As of August 1, 2025, ST Pava's stock price was 10.1 yuan, with a market capitalization of 15.92 billion yuan [1][8]. Financial and Operational Issues - In April 2023, ST Pava announced that Tianjian Accounting Firm issued a negative audit report regarding the company's internal controls for the 2024 financial year, resulting in a risk warning for its A-share stock [3]. - The company identified management issues leading to unfair pricing in transactions with suppliers, resulting in overpayments totaling 180 million yuan. Zhang Bao has committed to pursuing recovery of these funds and will bear joint liability for the losses [3][6]. - As of July 25, 2025, Zhang Bao was reported to have occupied company funds amounting to 191 million yuan, with 30 million yuan already returned [7]. Management and Governance - Zhang Bao, aged 54, holds a PhD and has been with ST Pava since September 2019, serving as General Manager and later as Chairman. He resigned from these positions in May 2025 but remains a board member [4][6]. - The company is actively pursuing the recovery of funds occupied by Zhang Bao and is in communication with him to establish a feasible repayment plan [8].