SUNFLOWER(SZ:300111) Zheng Quan Ri Bao Zhi Sheng·2026-01-14 12:52Core Viewpoint - Zhejiang Sunflower (300111) is under investigation by the China Securities Regulatory Commission (CSRC) for misleading statements in its merger and acquisition (M&A) disclosure, marking the first such case in 2026 [1][2]. Group 1: Investigation and Allegations - The Zhejiang Securities Regulatory Bureau has initiated an investigation into Zhejiang Sunflower's restructuring plan due to allegations of misleading statements regarding the actual production capacity and business model of the target companies [1]. - The CSRC will handle the investigation based on comprehensive findings to maintain order in the M&A market [2]. Group 2: Proposed Transactions - Zhejiang Sunflower plans to acquire 100% of Zhangzhou Xipu Material Technology Co., Ltd. and 40% of Zhejiang Beid Pharmaceutical Co., Ltd. through a combination of share issuance and cash payment, along with raising supporting funds [2]. - Xipu Material focuses on the research, development, manufacturing, and sales of high-end semiconductor materials, which are crucial in semiconductor manufacturing processes [2]. Group 3: Concerns Raised - Media reports have raised concerns that Xipu Material's factories in Zhangzhou and Lanzhou currently lack actual production capacity [3]. - The Shenzhen Stock Exchange has issued a letter of concern to Zhejiang Sunflower, requesting verification of four key issues related to the production capacity and financial performance of Xipu Material [4]. Group 4: Financial and Legal Issues - The Shenzhen Stock Exchange has requested details on Xipu Material's revenue, costs, and gross margins for 2023 and 2024, as well as information regarding its transactions with related companies [5]. - Xipu Material's actual controller, Chen Chaoqi, is involved in a commercial dispute with a lawsuit amounting to 16.8 million yuan, raising questions about potential legal obstacles to asset transfer [5]. Group 5: Company Response - As of now, Zhejiang Sunflower has not disclosed any response to the Shenzhen Stock Exchange's letter of concern [6].