Zhejiang Power New Energy (SH:688184) Jing Ji Guan Cha Wang·2025-09-07 12:36Core Viewpoint - ST Pava (688184) is facing significant legal and operational challenges due to the investigation and arrest of its co-actual controller and director, Zhang Bao, for embezzlement, which has raised concerns about the company's governance and financial practices [1][2]. Group 1: Legal Issues - On September 7, ST Pava announced that Zhang Bao is under investigation for embezzlement, with the local public security bureau issuing a formal case decision [1]. - The China Securities Regulatory Commission (CSRC) has also initiated a case against both the company and Zhang Bao for suspected violations of information disclosure laws [1]. - Zhang Bao was previously involved in financial misconduct, including the misappropriation of company funds totaling 191 million yuan, of which 30 million yuan has been returned [2]. Group 2: Management Changes - Following the legal issues, Zhang Bao resigned from his positions as chairman and general manager in May 2023, while still retaining some board roles [2]. - The company has appointed Wang Baoliang as the new chairman and general manager, and has made other management adjustments to address internal control deficiencies [3]. Group 3: Financial Performance - ST Pava reported a significant decline in revenue for the first half of the year, with total revenue of 239 million yuan, a year-on-year decrease of 58.99% [4]. - The company also recorded a net loss attributable to shareholders of 158 million yuan, although this represents a 52.61% improvement compared to the previous year [4]. Group 4: Business Focus - ST Pava specializes in the research, production, and sales of new energy battery materials, focusing on lithium-ion and sodium-ion battery cathode materials, while also exploring advanced fields like semi-solid and solid-state batteries [4].