Xiong'An New Power Technology Co.,Ltd. (ST New Power) disclosed its third-quarter earnings report on October 28, 2025. The company reported operating revenue of 155 million yuan for the first three quarters, a year-on-year decline of 18.28%, while net profit attributable to shareholders showed a loss of 7.232 million yuan, compared to a loss of 1.9049 million yuan in the same period last year.
Beyond the financial downturn, the company faces a more severe challenge—an ongoing regulatory investigation. On September 19, 2025, the company announced that the China Securities Regulatory Commission (CSRC) had initiated an investigation into suspected violations of information disclosure regulations.
This is not the first time ST New Power has drawn regulatory scrutiny over disclosure issues. Investigations revealed that the company has repeatedly received regulatory warnings and reprimands from the CSRC and stock exchanges in recent years, reflecting long-standing governance chaos. Historical cases suggest that companies under investigation may face administrative penalties and could trigger civil compensation lawsuits from investors.
Currently, the company remains under investigation, and investors who traded shares despite known risks may not qualify for claims. However, those who purchased shares before or on September 19, 2025, and sold or held them after September 20, 2025, incurring losses, may register for compensation.
ST New Power’s disclosure violations have been evident for some time. This year alone, the company has received multiple penalties for irregularities, including failures in standardized operations, internal controls, and financial reporting. Notably, from 2022 to 2024, the company failed to consolidate Puyi Shijiazhuang (Limited Partnership) in its semi-annual and annual reports, resulting in false records.
The latest penalty came on June 24, 2025, when the Hebei CSRC issued a regulatory decision citing inaccurate and incomplete disclosures in the 2024 annual report, leading to warning letters for the company, its chairman, and the board secretary.
Investors who suffered losses due to the company’s misrepresentation may pursue compensation through legal action to protect their rights.
(Note: Legal commentary provided by Shanghai Huzi Law Firm’s Liu Peng, a securities litigation specialist with 19 years of experience, has been omitted for editorial neutrality.)
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