Sino-Microelectronics(SH:600360) 第一财经·2025-10-13 02:25Core Viewpoint - The article discusses the criminal investigation and legal troubles surrounding *ST Huami's former chairman, Xia Zengwen, and the implications for the company following long-standing issues of information disclosure violations and financial misconduct [3][4][8]. Group 1: Criminal Investigation and Legal Proceedings - Xia Zengwen has been criminally investigated by the Jilin City Public Security Bureau for "suspected information disclosure violations and failure to disclose important information," with the investigation officially initiated on September 19, 2024 [4][8]. - Alongside Xia, former nominal actual controller Zeng Tao is also under investigation, highlighting a complex web of ownership and control within *ST Huami [4][9]. - The trial of former vice chairman Wang Yufeng for embezzlement began on October 13, 2025, marking a critical point in the ongoing disputes over equity and funds that have persisted for over a decade [4][5]. Group 2: Financial Misconduct and Regulatory Actions - The Jilin Provincial State-owned Assets Supervision and Administration Commission intervened to resolve an 8-year issue of major shareholder fund occupation, with a transaction of 1.62 billion yuan to clear all outstanding debts [5][8]. - The company has faced significant scrutiny for failing to disclose non-operating fund occupation, with the Jilin Securities Regulatory Bureau issuing a notice of administrative penalties for violations spanning from 2015 to 2023, totaling an unpaid balance of 1.49 billion yuan [11][12]. - The 2023 audit report revealed substantial discrepancies in the company's financial statements, including 504 million yuan in unbilled construction costs and 981 million yuan in other non-current assets, raising serious doubts about the commercial substance of these payments [8][11]. Group 3: Ownership and Control Issues - Despite Zeng Tao being recognized as the actual controller on paper since 2014, Xia Zengwen has been identified as the true controller within the company, a fact that was not disclosed until the 2023 annual report audit [8][9]. - The ongoing investigations have revealed that Zeng Tao admitted he was not the actual controller, further complicating the ownership narrative and raising questions about the legitimacy of the company's governance [9][11]. - Xia Zengwen has been missing since late 2023, with reports indicating he left the country around November 2023, complicating the legal proceedings against him [9][12].