Shang Hai Zheng Quan Bao·2025-10-30 11:20Core Viewpoint - *ST Chuangxing (600193) is facing significant challenges due to the arrest of its chairman Liu Peng, which has raised concerns about the company's governance and operational stability, despite the company stating that its operations remain normal [1][3][4]. Group 1: Company Governance and Management - Liu Peng, the chairman of *ST Chuangxing, has been arrested on criminal charges, although the matters are unrelated to the company [1][4]. - The company's board of directors is functioning normally, with responsibilities being temporarily assumed by Yang Zhe, the general manager [3]. - The company is monitoring the situation closely and has stated that its production and operational activities are normal [3]. Group 2: Financial Performance - In the first half of the year, *ST Chuangxing reported a revenue of 374,000 yuan, a 99% decrease year-on-year, with a net loss of 13.71 million yuan [6]. - For 2024, the company achieved total revenue of 84.01 million yuan, a decline of 35.53% year-on-year, and a net loss of 193 million yuan, representing a staggering 814.99% decrease [7]. - The third quarter report for 2025 indicated a revenue of 18.73 million yuan, down 59.10% year-on-year, with a net loss of 14.49 million yuan [9]. Group 3: Operational Challenges - The company has faced significant operational challenges, particularly in its construction business, which did not generate new revenue during the reporting period [6]. - The company is focusing on improving its project acquisition capabilities and managing credit risks to enhance its operational sustainability [6]. Group 4: Shareholder Changes and Market Position - In July 2023, *ST Chuangxing underwent a change in control, with Liou Co. becoming the largest shareholder by acquiring 9.87% of the company [8]. - The new controlling shareholder, Wang Xiangrong, has raised questions about the motivations behind the investment, especially given the company's precarious financial situation [8][11].