Xunlei(US:XNET) Sou Hu Cai Jing·2026-01-15 18:29Core Viewpoint - The ongoing legal dispute between Xunlei (XNET) and its former CEO Chen Lei has escalated into a civil lawsuit seeking 200 million yuan, highlighting issues of asset misappropriation and corporate governance within the company [1][3]. Group 1: Legal Proceedings - Xunlei and its subsidiary, Shenzhen Wangxin Technology Co., have filed a civil lawsuit against Chen Lei and other former executives, claiming damage to company interests and seeking to recover 200 million yuan [1][3]. - The lawsuit is a continuation of a previous criminal case initiated in 2020, which was dropped due to insufficient evidence [5][8]. - The civil lawsuit allows Xunlei to pursue claims with a lower burden of proof compared to criminal cases, focusing on the plausibility of the claims rather than the strict standards of criminal evidence [5][8]. Group 2: Background of the Dispute - The dispute centers around Shenzhen Xingronghe Technology Co., a bandwidth supplier allegedly controlled by Chen Lei, with accusations of improper benefit transfers [1][7]. - Chen Lei claims that Xingronghe was established as a "shadow system" by Wangxin Technology to mitigate risks, while Xunlei argues that its establishment lacked proper board approval and oversight [8][9]. - The conflict has roots in management changes at Xunlei, with Chen Lei being replaced as CEO in 2020 amid allegations of mismanagement and asset misappropriation [10][11]. Group 3: Financial Performance - Xunlei has experienced fluctuating financial performance, with total revenue of 324 million USD in 2024, a decline of 11.1% year-over-year, primarily due to reduced cloud computing services [11]. - The company reported a net profit of 23.9 million USD based on non-GAAP measures, indicating a recovery from previous losses [11]. - Xunlei's stock price has significantly decreased from its initial public offering price of 12 USD per share in 2014, currently trading at 7.7 USD per share [12].