Sino-Microelectronics(SH:600360) Di Yi Cai Jing·2025-10-13 02:12Core Viewpoint - The former chairman of *ST Huami, Xia Zengwen, has been criminally investigated by the Jilin City Public Security Bureau for "suspected information disclosure violations and failure to disclose important information" [2][5][10] Group 1: Criminal Investigation and Legal Proceedings - Xia Zengwen was officially criminally investigated on September 19, 2023, with the police determining that there are "criminal facts that need to be held accountable" [2] - Alongside Xia, former nominal actual controller Zeng Tao is also under investigation, indicating a broader issue of control and governance within *ST Huami [2][7] - The trial of former vice chairman Wang Yufeng for embezzlement and other charges is set for October 13, 2025, marking a critical point in a long-standing dispute over equity and funds [2] Group 2: Corporate Governance Issues - For years, Xia Zengwen has been recognized internally as the true actual controller of *ST Huami, despite not appearing publicly in that capacity since 2015 [2][5] - The company faced significant scrutiny for long-term information disclosure violations, with the 2023 audit report revealing substantial questionable payments totaling 1.484 billion yuan [5][8] Group 3: Regulatory Actions and Penalties - The China Securities Regulatory Commission (CSRC) initiated investigations into *ST Huami and Shanghai Pengsheng in May and October 2024, leading to Zeng Tao admitting he was not the actual controller [6][8] - The Jilin Securities Regulatory Bureau issued a notice of administrative penalties on January 25, 2025, citing severe violations by Xia Zengwen and Zeng Tao, including a lifetime ban from the securities market [8][9] - On April 30, 2025, the Shanghai Stock Exchange publicly reprimanded Xia Zengwen, declaring him unfit to serve as a director or senior executive of a listed company [9][10] Group 4: Financial and Operational Impact - In August 2023, the Jilin Provincial State-owned Assets Supervision and Administration Commission intervened to resolve an 8-year issue of major shareholder fund occupation, with a transaction of 1.62 billion yuan to clear all debts [2][5] - The company has faced ongoing scrutiny for failing to disclose non-operating fund occupation issues, with a total of 1.49 billion yuan in unpaid balances reported by the Jilin Securities Regulatory Bureau [8][10]