Cedar Development(SZ:002485) Mei Ri Jing Ji Xin Wen·2026-02-10 22:54Core Viewpoint - ST Xuefa is facing legal issues involving its actual controller Zhang Jin and its affiliate Xuesong Holdings, with allegations of fundraising fraud and illegal public deposit acceptance. The company has not yet received the court's judgment, and its stock has recently experienced a surge in trading [1][3]. Group 1: Legal and Financial Issues - On February 10, ST Xuefa was informed of a court ruling regarding allegations against its affiliate Xuesong Holdings and Zhang Jin for fundraising fraud and other charges [1]. - Zhang Jin, while being the actual controller, does not hold any official position within ST Xuefa and has significant shares that are currently pledged and judicially frozen [3]. - The company has projected continued losses for 2025, estimating a loss between 1.74 billion to 2.45 billion yuan for the previous year, indicating a worsening financial situation [9]. Group 2: Background and Corporate Structure - Zhang Jin has been missing since May 2023, which led to the company announcing his absence and the initiation of criminal proceedings against him and others involved in Xuesong Holdings [4][5]. - ST Xuefa has emphasized its operational independence from Xuesong Holdings, asserting that it maintains separate business, personnel, and financial structures [6][7]. - Xuesong Holdings was once a prominent player, ranking 296th on the Fortune Global 500 list in 2020, but has faced significant financial difficulties since 2021, leading to overdue payments on various financial products [9].