Xunlei(US:XNET) Mei Ri Jing Ji Xin Wen·2026-01-15 13:22Core Viewpoint - The company, Xunlei, has filed a civil lawsuit against former CEO Chen Lei and his core team for allegedly damaging the company's interests, seeking a compensation of up to 200 million yuan [1] Group 1: Legal Actions and Allegations - Xunlei and its subsidiary, Wangxin Technology, have initiated legal proceedings against Chen Lei for "damaging company interests," with the lawsuit amounting to 200 million yuan [1] - Chen Lei was previously under investigation for alleged embezzlement, leading to a call for him to return to China to cooperate with the investigation [1] - Chen Lei and former senior vice president Dong Xue left the country to evade investigation, resulting in the case being dismissed [1] Group 2: Financial Misconduct - During Chen Lei's tenure as CEO, Xunlei incurred total losses of nearly 1 billion yuan, with significant losses attributed to the blockchain business he promoted [4] - An internal investigation revealed that Chen Lei allegedly used a company called Xingronghe to siphon funds from Xunlei, which was controlled through a complex ownership structure [4][5] - The company Xingronghe had no external revenue and relied solely on nearly 200 million yuan in "bandwidth and service fees" from Xunlei's subsidiary, raising significant concerns about the pricing and approval processes [8] Group 3: Personal Relationships and Management Practices - Chen Lei's close relationship with Dong Xue, who was promoted to a high-ranking position, has been highlighted, with reports of their personal relationship affecting company dynamics [11] - Allegations include misuse of company funds for personal expenses and hiring unqualified individuals under the guise of technical expertise, which were actually relatives of Dong Xue [12] - The concentration of power within a small group of executives, including Chen Lei and Dong Xue, has been criticized for leading to a lack of oversight and accountability [11]