Core Points - Zhangjiagang Wide Special Materials Co., Ltd. announced that its actual controller and chairman, Xu Weiming, has been placed under detention, leading to a 13.56% drop in stock price from October 15 to October 16, closing at 24.42 yuan per share [1] - The company specializes in high-end steel materials and components for various industries, including renewable energy, rail transportation, and aerospace [1] - For the first half of 2025, the company reported a revenue of 2.534 billion yuan, a year-on-year increase of 34.74%, and a net profit attributable to shareholders of 185 million yuan, a significant increase of 332.67% [1] Company Background - Xu Weiming has held various leadership roles since 1999, including positions at Zhangjiagang Guangda Refractory Materials Co., Ltd. and Zhangjiagang Wide Steel Co., Ltd. He is currently the chairman and general manager of Wide Special Materials [2] - On October 9, the company held a performance briefing, where Xu Weiming participated and addressed investor inquiries. The company also projected a revenue of approximately 3.7 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of about 25.04% [2] Operational Impact - The company emphasized its robust corporate governance and internal control systems, stating that daily operations are managed by the executive team, and other board members are continuing their duties normally [3] - Legal experts noted that the detention of the general manager could impact daily operations, but it remains unclear if the detention is related to his actions during his tenure as a high-ranking executive [3]