Zhejiang Power New Energy (SH:688184) Huan Qiu Wang·2025-09-07 13:10Core Viewpoint - ST Pava has faced significant legal and financial challenges, including the arrest of its actual controller and board member Zhang Bao for embezzlement, and ongoing investigations by the China Securities Regulatory Commission (CSRC) for information disclosure violations [1][4]. Group 1: Legal Issues - Zhang Bao, one of the actual controllers and a board member of ST Pava, has been arrested for embezzlement, with the Zhejiang Pava New Energy Co., Ltd. announcing this on September 7 [1]. - The company received a notice from the CSRC regarding an investigation into suspected violations of information disclosure laws [1]. - Zhang Bao has been implicated in the misappropriation of company funds totaling 1.91 billion yuan, with 300 million yuan already returned to the company [5][6]. Group 2: Financial Performance - In the first half of 2025, ST Pava reported a revenue of 239 million yuan, a year-on-year decrease of 58.99%, and a net loss attributable to shareholders of 158 million yuan, an increase of 52.61% in losses compared to the previous year [7]. - The company has experienced consecutive losses over the past two years, with net losses of 248 million yuan in 2023 and 727 million yuan in 2024 [7]. - Due to negative audit opinions on internal controls, ST Pava's stock was placed under risk warnings, leading to a change in its stock abbreviation [7]. Group 3: Market Performance - As of September 5, ST Pava's stock price increased by 4.64%, closing at 10.83 yuan per share, with a market capitalization of 1.722 billion yuan [8].