Core Points - The actual controller and chairman of Wantong Development, Wang Yihui, has been detained by the Beijing police for investigation, as informed by his family [1][3] - The company stated that its board of directors is operating normally and that the business operations are not expected to be significantly adversely affected by this incident [3] - Wantong Development's main business activities include property asset management, real estate development and sales, and communication and digital technology [3] Financial Performance - For the first half of 2025, Wantong Development expects a net loss attributable to shareholders of between -33 million and -22 million yuan [3] - The company anticipates a net loss of between -75 million and -64 million yuan after deducting non-recurring gains and losses for the same period [3] - The expected losses are attributed to macroeconomic factors and a lack of significant improvement in market demand [3]

Core Viewpoint - Wantong Development (600246.SH) announced that its actual controller and chairman, Wang Yihui, is under investigation by the Beijing Public Security Bureau, although the investigation is reportedly unrelated to the company's daily operations [1][3]. Group 1: Company Management and Governance - The company held a temporary board meeting on August 18, 2025, where CEO Qian Jinzhu was appointed to perform the duties of chairman and legal representative until Wang Yihui resumes his responsibilities or a new officer is elected [3]. - Wang Yihui, aged 71, has previously held positions at Beijing Pioneer Grain and Agricultural Industry Co., Ltd. and Jia Hua Oriental Holdings (Group) Co., Ltd. [3]. Group 2: Financial Performance - Wantong Development has faced financial difficulties, reporting losses of 330 million yuan in 2023 and 498 million yuan in 2024. The company anticipates a loss of between 22 million and 33 million yuan for the first half of 2025 [3]. - Following the announcement, the company's stock price dropped to 9.58 yuan per share, marking a decline of 9.96%, with a total market capitalization of 18.1 billion yuan [3][4].