Group 1 - The core point of the article is that ST Xuefa announced the court ruling regarding its affiliate, Xuesong Holdings, and its actual controller, Zhang Jin, who were found guilty of multiple financial crimes, including fundraising fraud and illegal public deposit absorption [2][5]. - Xuesong Holdings, founded in 1997, aimed to become a leading global comprehensive commodity industry group and has previously been listed in the Fortune Global 500 [4]. - The company has faced significant risks, including overdue or defaulted financial products since 2021, and admitted its inability to pay interest on these products in January 2022 [4]. Group 2 - Zhang Jin stated in September 2022 that the company's focus was on asset restructuring and debt resolution, particularly ensuring the repayment of financial products to protect investors' rights [4]. - In May 2023, the Guangzhou Public Security Bureau announced that Xuesong Holdings was under investigation for illegal public deposit absorption, leading to criminal measures against key suspects, including Zhang Jin [4]. - As of the court ruling on February 10, 2023, ST Xuefa reported that it had not received the official judgment document, and the impact of the ruling on its daily operations is expected to be minimal [5]. Group 3 - Zhang Jin, while being the actual controller of ST Xuefa, does not hold any official position within the company, and his shareholding is primarily through two investment companies, totaling approximately 378 million shares, which represents 69.40% of ST Xuefa's total equity, although most shares are pledged or judicially frozen [5]. - On February 10, 2023, ST Xuefa's stock closed at 4.81 yuan per share, reflecting a 5.02% increase, with a total market capitalization of 2.617 billion yuan [5].

Core Viewpoint - ST Xuefa (002485) is facing legal issues involving its related party, Xuesong Holdings Group, and its actual controller, Zhang Jin, who have been implicated in fraud and other financial crimes. The company asserts that these legal matters will not significantly impact its daily operations [1][2]. Group 1: Legal Issues - On February 10, 2026, the Guangzhou Intermediate People's Court publicly announced a verdict involving Xuesong Holdings and Zhang Jin for fundraising fraud, illegal public deposit acceptance, and other charges [1]. - The company has not yet received the official judgment document, and the specific outcomes will be determined by the court's written ruling [1]. Group 2: Company Operations - Despite the legal troubles of its related parties, ST Xuefa claims that its business operations remain normal and that the court case will not have a major adverse effect on its daily activities [2]. - The company emphasizes its operational independence from its controlling shareholder and related parties, asserting that there will be no significant changes to its business operations or harm to the interests of minority shareholders [3]. Group 3: Shareholding Structure - ST Xuefa's controlling shareholder is Guangzhou Xuesong Cultural Tourism Investment Co., Ltd., which is a wholly-owned subsidiary of Xuesong Industrial Group, itself a subsidiary of Xuesong Holdings. All entities are ultimately controlled by Zhang Jin [3]. - As of the announcement date, Zhang Jin does not directly hold shares in ST Xuefa but controls 377,572,946 shares through related entities, representing 69.40% of the total share capital. A significant portion of these shares (68.50%) is pledged or judicially frozen [4]. Group 4: Market Reaction - As of the close on February 10, ST Xuefa's stock price reached a 5% limit up, trading at 4.81 yuan per share, with a market capitalization of 2.617 billion yuan [5].