Shuangliang Energy Saving, Jierong Technology, and Haitai Development Announce on the Same Day: Under Investigation by the CSRC!

On the evening of February 27, Shuangliang Eco-Energy, Jierong Technology, and Haitai Development all announced that they have been placed under investigation by the China Securities Regulatory Commission. Among them, Shuangliang Eco-Energy is suspected of misleading disclosures and other illegal activities (previous report: “600481, under investigation by the CSRC”), while Jierong Technology and Haitai Development are suspected of violating disclosure laws and regulations.

Jierong Technology, its controlling shareholder, and 72-year-old Chairman all under investigation

Jierong Technology announced that on February 26, 2026, the company, its controlling shareholder Jierong Technology Group Co., Ltd. (hereinafter “Jierong Group”), and the company’s actual controller Zhao Xiaoqun received a “Notice of Investigation” issued by the China Securities Regulatory Commission. Due to suspected violations of information disclosure laws and regulations, the CSRC has decided to investigate the company, Jierong Group, and Zhao Xiaoqun.

Public information shows that after former Chairman Zhang Shouzhi resigned due to work adjustments (previously reported as “600481, under investigation by the CSRC”), Zhao Xiaoqun was re-elected as the company’s new chairman in November 2025. Previously, Zhao Xiaoqun stepped back in January 2024 to become an honorary chairman.

Born in 1954, Zhao Xiaoqun is currently 72 years old. Records indicate she has a college diploma, is the founder of the company, and served as chairman of the first to third boards of directors. She also holds positions as director of Jierong Group, director of Liwei Hong Kong, director of Jierong Huiying, and director of Hong Kong Xin Na. She entered the mold processing industry in 1992 and has served as general manager of Shenzhen Jierong Hardware & Plastic Products Co., Ltd. and Yu Mingxin Industrial (Shenzhen) Co., Ltd.

Data shows that Zhao Xiaoqun is the actual controller of the company, holding 100% of the shares of the controlling shareholder Jierong Group, and 70.59% of the shares of Jierong Huiying Investment Management (Hong Kong) Limited, which holds over 5% of the company’s shares. According to the company’s 2025 semi-annual report, Zhao Xiaoqun and her concerted parties hold a total of 137 million shares, accounting for 55.57% of the shares.

On the evening of January 30, Jierong Technology disclosed its 2025 performance forecast, estimating a net profit attributable to the parent of a loss of 397 million yuan, compared to a loss of 298 million yuan in the same period last year; net profit excluding non-recurring gains and losses also expected to be a loss of 391 million yuan, compared to a loss of 305 million yuan last year.

Regarding the decline in profit in 2025, Jierong Technology stated that, on one hand, the demand for the company’s traditional mobile phone and tablet precision structural parts has not significantly improved, and market prices are under pressure, leading to overall losses.

On the other hand, in recent years, the company has been expanding into non-traditional mobile phone precision structural parts to improve operations, resulting in increased order volume and revenue. However, the overall order volume in these non-traditional fields currently accounts for a relatively low proportion of total revenue and has not yet reversed the company’s overall loss trend.

Data shows that Jierong Technology’s main products include precision molds, precision structural parts, and high-appearance hardware components, including but not limited to parts for smartphones, smart wearables, and other products; complete wireless chargers for smartphones, drones, tablets, and wearables; wireless keyboard cases for PCs; chargers for AR/VR devices; PC touchpads and key components; smart home components; various high-precision connectors; cameras; and other precision components.

Haitai Development suspected of illegal disclosure and under investigation

On the evening of February 27, Haitai Development announced that it received a “Notice of Investigation” from the China Securities Regulatory Commission. Due to suspected violations of information disclosure laws and regulations, the CSRC has decided to investigate the company in accordance with the Securities Law of the People’s Republic of China, the Administrative Penalty Law, and other relevant laws and regulations.

Haitai Development previously announced on December 5, 2025, that it had terminated a major asset restructuring. The company stated that on June 5, 2025, the board approved the acquisition of Zhixueyun (Beijing) Technology Co., Ltd. (hereinafter “Zhixueyun”) through a cash purchase, conducted due diligence, and initiated transaction negotiations. However, as the two parties had not reached an agreement on key terms such as transaction price and method, after friendly negotiations and careful research, the company decided to terminate the transaction.

Haitai Development is a state-controlled listed company in Tianjin Binhai High-tech Zone, focusing on industrial real estate development and operation, gradually forming a “招商+投资+孵化” (investment + incubation) integrated operation model.

The company expects a net profit attributable to shareholders of the listed company of approximately a loss of 57 million to 85.5 million yuan for 2025. The company stated that competition in the industrial park development and operation market is intensifying, with a large supply of office buildings and long absorption cycles. During the reporting period, to accelerate the recovery of investments, the company adjusted pricing strategies for low-efficiency assets, resulting in lower profits from sales recognized this period compared to last year. Additionally, considering the regional market environment, some properties showed signs of impairment, and the company made provisions for impairment accordingly.

As of the close on February 27, Haitai Development’s stock price was 4.39 yuan per share, with a total market value of 2.836 billion yuan.

(Source: Shanghai Securities News)