Just now! The controlling shareholder of Sanan Optoelectronics has been subject to bankruptcy reorganization application!

On the evening of June 11, Sanan Optoelectronics announced that the company received notice today from its controlling shareholder, Xiamen Sanan Electronics Co., Ltd. (hereinafter referred to as 'Sanan Electronics'), learning that Lin Suzhen, a creditor of Sanan Electronics (hereinafter referred to as the 'Applicant'), has applied to the Intermediate People's Court of Xiamen City, Fujian Province (hereinafter referred to as 'Xiamen Intermediate Court' or 'the Court') for bankruptcy reorganization of Sanan Electronics.

As of the announcement date, Sanan Electronics has not yet received formal documents from the Xiamen Intermediate Court accepting the bankruptcy reorganization. Whether the Applicant's bankruptcy reorganization application will be formally accepted by the Court, and whether Sanan Electronics will subsequently enter the bankruptcy reorganization procedure, remains uncertain. The company will continue to closely monitor the subsequent developments of this matter and will fulfill its information disclosure obligations in a timely manner.

If the Applicant's bankruptcy reorganization application is formally accepted by the Court and Sanan Electronics subsequently enters the bankruptcy reorganization procedure, it may affect the company's equity structure and control rights.

However, in the latest announcement, Sanan Optoelectronics also pointed out that the company has independent and complete business operations and autonomous management capabilities. It is independent from its controlling shareholder in terms of business, personnel, organizational structure, assets, and finances. Currently, the company's production and operation management are proceeding normally, and this matter will not have a significant adverse effect on the company's operations.

It is worth mentioning that since the beginning of this year, Sanan Optoelectronics has been plagued by continuous controversies, frequently exposing matters such as judicial compulsory enforcement of shareholdings held by major shareholders, judicial auctions, and waiting-list freezes.

As of now, Sanan Optoelectronics' controlling shareholder, Sanan Electronics, holds 1.13 billion shares of the listed company, accounting for 22.65% of the total share capital, all of which have been judicially frozen.

While the controlling shareholder Sanan Electronics faces a crisis of bankruptcy reorganization, Sanan Optoelectronics' indirect controlling shareholder Sanan Group is also deeply mired in a debt quagmire.

Not long ago, the Xiamen Intermediate Court, in executing a sales contract dispute case between the applicant for execution Xiamen Xinda and the person subject to execution Lin Xiucheng and Sanan Group, intended to conduct a judicial auction of the Sanan Optoelectronics shares held by the person subject to execution Sanan Group, and all were sold. On June 3, Sanan Optoelectronics announced that the 74.27 million unrestricted tradable shares of Sanan Optoelectronics held by its indirect controlling shareholder Sanan Group, which were subject to judicial auction, had completed all transfer registrations. Subsequently, the court issued execution funds of approximately 1.011 billion yuan to Xiamen Xinda in accordance with the law.

Meanwhile, Sanan Optoelectronics' actual controller Lin Xiucheng and Vice Chairman & General Manager Lin Kechuang were detained and placed under investigation. However, the company previously announced that as a listed company, it has not received any documents regarding investigations into or cooperation with such investigations.

Regarding operations, Sanan Optoelectronics had previously planned to jointly acquire 100% equity of Lumileds Holding B.V. from foreign investor Inari Amertron Berhad for US$239 million in cash. However, this matter was also announced as terminated in April this year.

Data shows that in 2025, Sanan Optoelectronics achieved revenue of 17.949 billion yuan, a year-on-year increase of 11.45%; net profit attributable to shareholders of the parent company recorded a loss of 353 million yuan, compared to a profit of 253 million yuan in the same period last year, turning from profit to loss year-on-year. In the first quarter of this year, the company achieved revenue of 2.907 billion yuan, a year-on-year decrease of 32.59%; net profit attributable to shareholders of the parent company was 67.4922 million yuan, a year-on-year decrease of 68.15%.

Source: Securities Times, Announcements