In 1992, the actual controller personally served as chairman! Which LED company is this?

Recently, Xiaosong Shares announced that on July 2, Xiaosong Shares convened the first meeting of its 7th Board of Directors to elect the chairman, vice-chairman, and members of various special committees.

Among them, the Board agreed to elect Mr. Liu Lingshuang as chairman of the 7th Board of Directors, with a term from the date of approval by this Board until the expiration of the 7th Board.

The announcement disclosed, that Mr. Liu Lingshuang, the actual controller of Xiaosong Shares, simultaneously serves as chairman, based on a prudent and reasonable arrangement made in light of the company's strategic planning and daily operation management needs, which helps improve the coordination efficiency and implementation of operational decisions. The company has clearly defined the responsibilities and authority of the chairman in the "Articles of Association", the company's Board of Directors and other internal institutions operate independently, exercising their management rights independently in accordance with the law, ensuring that the company is independent from the actual controller and its related parties in terms of business, personnel, assets, organization, finance, etc.

The resume shows that Mr. Liu Lingshuang, born in 1992, holds Chinese nationality, and graduated with bachelor's and master's degrees from Anglia Ruskin University. He previously served as Board Secretary of Beijing Langmac Peak Venture Capital Management Co., Ltd.; from 2015 to present, he has served as General Manager of Shanghai Wansheng Tianhua Enterprise Development Co., Ltd.; from 2015 to present, he has served as Executive Director and Manager of Zhongxiang Yifu Tourism Development Investment Co., Ltd.; from 2020 to present, he has served as Executive Director and Manager of Zhongxiang Jide Medical Device Manufacturing Co., Ltd.; from 2021 to present, he has served as Executive Director of Shanghai Wansheng Tianhua Enterprise Development Co., Ltd.; from 2021 to present, he has served as Supervisor of Beijing Xiyao Technology Co., Ltd.; from April 2025 to March 2026, he has served as Director of Shanghai Wansheng Tianhua Digital Technology Co., Ltd.; from July 2025 to present, he has served as Financial Officer of Shanghai Juyuan Huajun Culture Media Co., Ltd.; from December 2025 to present, he has served as Chairman and Financial Officer of Shanghai Yanxi Chuangji Enterprise Management Co., Ltd. He currently serves as Chairman of this Company.

It is reported that Liu Lingshuang and Luo Minghua indirectly hold 30,737,862 shares of Xiaosong Shares through Shanghai Jiasheng Shidai Enterprise Management Partnership (Limited Partnership), making them one of the actual controllers of the company. In addition, there is no related-party relationship between Liu Lingshuang and shareholders holding more than 5% of Xiaosong Shares, nor with other directors or senior management personnel of the company.

How did Liu Lingshuang and Luo Minghua, who are not part of the non-LED lighting industry / supply chain, acquire control of a listed company? This story begins in 2015. In 2015, Tian Chou, founder of Xiaosong Shares, passed away due to illness, and his wife Jiang Xiaorong became the actual controller of the company.

After this, Xiaosong Shares changed hands twice. In 2017, Jiang Xiaorong transferred 29.99% of the company's shares and control rights to Huaxin Chuangli for a transaction price of 1.12 billion yuan. After the transaction was completed, Cai Xiaoru became the actual controller of Xiaosong Shares.

In December 2025, Huaxin Chuangli transferred its 9.25% shareholding in the company to Jiasheng Times via agreement transfer, and the equity change was completed in April of this year. The controlling shareholder of Xiaosong Shares officially changed to Jiasheng Times, and the actual controllers changed to Luo Minghua and Liu Lingshuang.

According to China Light Network, Wansheng Tianhua is the core company controlled by Liu Lingshuang. It is an XR matrix ecosystem technology application and digital content service provider, mainly engaged in XR digital content operations, XR content production, real-scene implementation, and terminal development.

According to public information, Wansheng Tianhua has participated in producing numerous short and mid-length dramas. Behind fantasy web series such as "Chao Xi" and horizontal mid-length dramas like "The Lamp Keeper of Jigu Temple", there is always the presence of Wansheng Tianhua. Its former subsidiary, Beijing Wansheng Tianhua, also frequently appears as a producer of short dramas.

相较于具有短剧背景的刘凌爽，小崧股份另一位实控人罗明华则是财务出身。公开信息显示，罗明华女士生于1979年，在2002年至2021年间担任民森纺织制衣（集团）有限公司财务。

2025年9月，小崧股份斥资1050万元增资入股崧果数字文化（江西）有限公司（下称“崧果文化”），获得该公司51.22%的股权。而该公司的另一家股东上海荣光剧能正是刘凌爽控制下的企业。

With the collaboration between Xiaosong Co., Ltd. and Liu Lingshuang, online performances and short dramas have become a major business segment for the company. The annual report shows that in 2025, Songguo Culture generated RMB 47.5642 million in revenue for Xiaosong Co., Ltd. However, the impact of film and television-related businesses on Xiaosong Co., Ltd. remains relatively limited. In 2025, the revenue contribution from the film and television segment accounted for only about 4.73%.

(Source: Company 2025 Annual Report)

Data shows that Xiaosong Shares, established in 2000, is a professional manufacturer integrating R&D, production, and sales in the electrical field. Its business covers health environment appliances, new energy, and traditional home appliances. Its subsidiary Jin Lai Te is a professional manufacturer in the backup lighting and electrical fields. Its products are mainly used in civilian backup lighting, industrial backup lighting, outdoor sports, military long-distance lighting, and other fields.

(Source: Company 2025 Annual Report)

From 2023 to 2025, Xiaosong Shares' revenue was 1.604 billion yuan, 1.529 billion yuan, and 1.005 billion yuan respectively; net profit attributable to shareholders of the parent company for the same period was -6.92 million yuan, -225 million yuan, and -252 million yuan respectively. In Q1 2026, Xiaosong Shares again reported a net loss attributable to shareholders of the parent company of 30 million yuan.

The former chairman of Xiaosong Shares was Mr. Peng Guoyu. This May, Mr. Peng Guoyu applied to resign from his position as chairman of Xiaosong Shares due to personal reasons, but continued to serve as a director of the company and on its board committees. After the completion of this election and renewal, Mr. Peng Guoyu will no longer hold any position in the company after his term expires. As of the disclosure date of this announcement (July 3), Mr. Peng Guoyu directly holds 1.5 million shares of Xiaosong Shares.

此外，董事会同意选举卢保山先生为公司第七届董事会副董事长，任期自本次董事会审议通过之日起至第七届董事会届满之日止。他还是公司职工代表董事、总经理。

It is worth mentioning that Xiaosong Shares' recent series of capital operations and struggles have attracted much attention; interested parties are encouraged to learn more.