banbao(SH:603398) Xin Lang Zheng Quan·2025-09-30 04:05Core Viewpoint - *ST Muban's actual controller, Liao Zhiyuan, is under investigation by the China Securities Regulatory Commission (CSRC) for failing to disclose non-operating fund transactions, raising concerns about the company's financial integrity and potential risks of delisting [2][8]. Financial Irregularities - In July, *ST Muban was already under investigation for allegedly falsifying financial data in its annual reports [2]. - The company provided significant non-operating funds to its controlling shareholder and other related parties, amounting to 167.65 million yuan in 2024, with outstanding balances of 107.19 million yuan and 46.06 million yuan as of the end of 2024 and mid-2025, respectively [3]. - Concerns have been raised regarding the authenticity of *ST Muban's financial data, particularly its revenue recognition and the substantial amounts involved in its transactions with related parties [4]. Regulatory Actions - The CSRC issued a notice of investigation to Liao Zhiyuan on September 29, 2025, due to the ongoing issues related to non-disclosure of funds [2]. - The company faces the risk of delisting if its 2025 annual revenue falls below 300 million yuan and if it reports negative net profits [8]. Shareholder and Stock Performance - The controlling shareholder's shares have been frozen due to civil litigation, affecting 20.19% of the company's total shares [9]. - Despite the ongoing investigations and financial troubles, *ST Muban's stock price experienced a significant increase of 21.71% over four consecutive trading days from September 24 to September 29, 2025 [11]. Related Company Investigations - Liao Zhiyuan's involvement in *ST Muban is paralleled by his control over another listed company, Xinyuan Technology, which is also under investigation for information disclosure violations [6][7].