Breaking News: Lin Xiucheng, the actual controller of Sanan Optoelectronics, has been approved for arrest.

On October 23, Sanan Optoelectronics announced that, as previously disclosed, its actual controller, Lin Xiucheng, had been placed under criminal detention by public security authorities on suspicion of embezzlement and misappropriation of funds.

On the same day, the company received notification from Lin Xiucheng’s family that he had been approved for arrest by the procuratorial authorities.

Sanan Optoelectronics stated that, at present, the company’s production, operations, and management are proceeding normally. Since July 10, 2017, Lin Xiucheng has not held any position within the company; this matter is unrelated to the company and will not have a material impact on its production or business operations.

Public records indicate that Lin Xiucheng was born in 1956 and previously served as Chairman of Fujian San’an Iron & Steel Co., Ltd., as well as Chairman of the Board of Directors for Sanan Optoelectronics during its sixth and seventh terms.

In March of this year, Sanan Optoelectronics announced that Lin Xiucheng had been subjected to residential surveillance and an official investigation by the supervisory authorities.

On September 24, Sanan Optoelectronics received notification from Lin Xiucheng’s family, learning that he had been placed under criminal detention by public security authorities on suspicion of embezzlement and misappropriation of funds.