Sino-Microelectronics(SH:600360) Di Yi Cai Jing·2025-10-13 02:09Core Viewpoint - The former chairman of *ST Huami, Xia Zengwen, has been criminally charged by the Jilin City Public Security Bureau for "suspected information disclosure violations and failure to disclose important information" [1] Group 1: Criminal Charges and Investigations - Xia Zengwen was criminally charged on September 19, 2023, with the police determining that there are "criminal facts that need to be pursued" [1] - Alongside Xia, former nominal actual controller Zeng Tao is also under investigation [2] - Xia has been missing since around November 2023, prior to the revelation of a major shareholder's fund occupation incident [2][5] Group 2: Company Control and Governance Issues - Despite Zeng Tao being recognized as the actual controller since 2014, Xia Zengwen has been acknowledged internally as the true controller since 2015 [2][4] - The company faced long-standing issues with information disclosure violations, culminating in a negative audit opinion for the 2023 annual report [4][5] - The Jilin Provincial State-owned Assets Supervision and Administration Commission intervened in August 2023 to resolve an 8-year-long major shareholder fund occupation issue, leading to a change in actual control to the provincial government [2] Group 3: Financial Irregularities - The 2023 audit report revealed significant questionable payments totaling 1.484 billion yuan, including unaccounted construction payments and other non-current assets [4] - The China Securities Regulatory Commission (CSRC) initiated investigations in May and October 2024, leading to Zeng Tao admitting he was not the actual controller [5][7] - The Jilin Securities Regulatory Bureau issued a notice in January 2025, indicating that from 2015 to 2023, there was a continuous non-operating fund occupation amounting to 1.49 billion yuan [7][8] Group 4: Regulatory Actions and Penalties - In February 2025, the Jilin Securities Regulatory Bureau issued penalties against the company and its executives, including fines ranging from 300,000 to 5 million yuan for individuals involved [8] - The Shanghai Stock Exchange publicly reprimanded Xia Zengwen, declaring him unsuitable for any senior management roles in listed companies [8] - Reports indicate that Xia Zengwen has been linked to previous corruption allegations, including a case involving bribery during land acquisition processes [9][10]