FPI(SZ:300203) 3 6 Ke·2025-09-24 02:07Core Viewpoint - Wang Jian, the founder of 聚光科技 (Juguang Technology), is facing a debt crisis due to an investment in a PPP project in Yunnan, leading to significant share freezes and potential control instability of the company [1][3][4]. Company Overview - 聚光科技 was established in 2002 and is headquartered in Hangzhou, China. It went public in 2011 and focuses on high-end instrument equipment technology across various sectors, including smart environment and life sciences [4]. - Wang Jian holds a PhD from Stanford University and has extensive research experience in international testing technologies [4]. Shareholding and Financial Issues - As of September 22, 2023, 浙江睿洋科技有限公司 (Zhejiang Ruiyang Technology Co., Ltd.), a major shareholder, has 82.31% of its shares frozen, which constitutes 10.33% of the total shares of 聚光科技 [3][7]. - The frozen shares amount to 46.35 million shares out of a total of 56.31 million shares held by 睿洋科技, indicating a severe liquidity issue [3][7]. Legal and Project Background - The share freezes are linked to a PPP project in Yunnan, where 睿洋科技 provided financing guarantees for a project that was ultimately terminated, leading to legal actions from creditors [7][8]. - The total investment for the terminated project was initially estimated at 8.9 billion yuan, with plans for extensive agricultural and logistical infrastructure [8][9]. Project Management Issues - The project faced significant management challenges, including a lack of professional oversight and multiple changes in project leadership, which contributed to its failure [10]. - Local government officials have cited insufficient market conditions and poor project management as reasons for the project's collapse [10].