Core Viewpoint - The court sentenced Zhan to life imprisonment for fraud involving over 10 billion yuan, with additional charges of bribery leading to a 12-year sentence, highlighting the severity of the case and its impact on numerous victims [3][4]. Group 1: Case Details - Zhan was found guilty of defrauding victims of approximately 13.9 billion yuan, with a significant portion (around 8.6 billion yuan) related to a fictitious housing project [3][4]. - The case involved hundreds of victims, many of whom faced severe financial distress, with some families nearing bankruptcy due to their losses [3][6]. - The court proceedings began in 2022, and the case was publicly scrutinized due to Zhan's connections to a well-known actress, which added a layer of public interest [3][6]. Group 2: Asset Management - Prior to the court's decision, some of Zhan's assets were auctioned off by the police to prevent depreciation, with notable items fetching high prices, including a limited edition cigar cabinet sold for over 10 million yuan [8][13]. - The auction included luxury items such as high-end handbags and vehicles, with a Rolls Royce selling for over 5 million yuan and a Ferrari for approximately 4.1 million yuan [16]. - The auction process was described as "police auction" rather than judicial, indicating a unique approach to asset liquidation in this case [8].

Core Viewpoint - The military equipment sector has seen significant stock price increases, particularly for Jieqiang Equipment, which specializes in nuclear and biochemical safety equipment. However, recent developments regarding legal issues involving the company's actual controller have raised concerns about its future performance [1][3]. Company Developments - Jieqiang Equipment's stock price surged over 100% from June 11 to June 23, 2025, but has since experienced a slight decline, closing at 44.57 yuan per share on June 26, with a market capitalization of 4.45 billion yuan [1]. - On June 25, the company announced that its actual controller, Pan Feng, was detained for suspected job-related crimes, specifically for alleged unit bribery. This follows a year of investigation since his initial inquiry in June 2024 [3]. - The company is facing potential losses from a 158 million yuan project that may not be realized due to the ongoing legal issues, leading to an asset impairment loss of approximately 43.82 million yuan [3][5]. Financial Performance - Jieqiang Equipment has reported cumulative losses exceeding 360 million yuan from 2022 to 2024, primarily due to underperformance from multiple acquisitions that resulted in significant goodwill impairments [4]. - The company's financial metrics for 2024 show a net profit loss of 278 million yuan, a 309.78% decrease year-on-year, and total revenue of 138 million yuan, reflecting a 52.81% decline compared to the previous year [5]. Leadership Changes - Following the investigation of Pan Feng, Jieqiang Equipment appointed his son, Pan Qijun, as the new chairman and general manager in July 2024. Pan Qijun has held various roles within the company and other related firms [6].