HAICHANG HLDG (02255) Chairman Yu Faxiang Subject to Criminal Enforcement Measures; Company Operations Unaffected

Stock News2025-12-22

HAICHANG HLDG (02255) announced that on December 22, 2025, the company received notice from the family of Mr. Yu Faxiang, Chairman of the Board, Executive Director, and Chief Executive Officer, stating that Mr. Yu has been subjected to criminal enforcement measures by the Shaoxing Public Security Bureau due to suspected criminal activities. The case is currently under investigation.

As of the date of this announcement, the company has not received any request from authorities to assist in the investigation, and there has been no change in the company's control. Apart from the disclosed information, all directors and senior management continue to perform their duties normally, and the company's production and operations remain unaffected. The matter is not expected to have a material impact on the group's normal business activities.

Mr. Yu Faxiang has appointed Mr. Ouyang Ming, an Executive Director of the company, to temporarily assume the responsibilities of Chairman, Executive Director, and Chief Executive Officer until further notice.

Additionally, on December 22, 2025, the Board received a written resignation notice from Ms. Yu Honghua, a Non-Executive Director of the company. Effective from the date of this announcement, Ms. Yu has resigned from her positions as Non-Executive Director and member of the Remuneration Committee due to personal reasons and will no longer hold any position within the company. Mr. Lai Zhilin, a Non-Executive Director, has been appointed as a member of the Remuneration Committee.

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Effective from the date of this announcement, Ms. Yu has resigned from her positions as Non-Executive Director and member of the Remuneration Committee due to personal reasons and will no longer hold any position within the company. 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