上市不满3年，帕瓦股份上亿资金遭实控人占用案发

Core Viewpoint - ST Pava's actual controller and director, Zhang Bao, has been arrested for embezzlement related to company funds, raising concerns about the company's governance and financial health [1][2]. Group 1: Company Background - ST Pava was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on September 15, 2022, but experienced a significant decline in performance shortly after, with 2023 revenue reported at 954 million, a year-on-year decrease of over 40% [3]. - The company recorded a net loss of 248 million in 2023, more than doubling its losses compared to the previous year [3]. Group 2: Governance Issues - Zhang Bao has allegedly occupied 161 million of ST Pava's funds as of August 2025 [2]. - Concerns regarding Zhang Bao's position arose even before the company's listing, as he held shares through proxies, which raised questions about compliance with regulations governing public officials [3][4]. - In 2018, Zhang Bao signed a "Leave for Entrepreneurship Agreement" with Central South University, which allowed him to join ST Pava as a director and general manager, despite previous regulatory concerns [5][6]. Group 3: Regulatory Scrutiny - The Shanghai Stock Exchange had previously inquired about the legality of Zhang Bao's shareholding from 2014 to 2018, highlighting potential conflicts with regulations for university officials [7]. - ST Pava claimed to have obtained a confirmation letter from Central South University, stating that Zhang Bao's shareholding did not involve major legal violations, allowing the company to proceed with its listing [7][8]. Group 4: Market Context - The case of ST Pava is not isolated, as similar governance issues have led to other companies, like Guangdong Baihe Medical Technology Co., withdrawing their IPO applications due to regulatory concerns [9][10].