Yong Yue Science&Technology Co.,Ltd. (603879) announced that its actual controller has been granted bail pending trial and currently holds no position within the company.
On September 14, Yong Yue Science&Technology Co.,Ltd. announced that the company learned from actual controller Chen Xiang on September 13, 2025, that the Quanzhou Public Security Bureau had issued him a "Decision on Bail Pending Trial." Due to investigation needs in a suspected case of irregular disclosure and non-disclosure of material information, and in accordance with relevant provisions of the Criminal Procedure Law of the People's Republic of China, authorities decided to grant him bail pending trial, with the period commencing from September 12, 2025.
Yong Yue Science&Technology Co.,Ltd. stated that currently, Chen Xiang does not serve as a director, supervisor, senior management personnel, or hold any other position within the company. The company's daily production and operations remain normal, with all work proceeding in an orderly manner.
Yong Yue Science&Technology Co.,Ltd. had previously disclosed an announcement on November 24, 2024, stating that the company received a detention notice from controlling shareholder Jiangsu Huaying Enterprise Management Co., Ltd., which was issued by the Supervision Commission of Dafeng District, Yancheng City, regarding the company's actual controller Chen Xiang. Chen Xiang was detained and placed under investigation by the Supervision Commission of Dafeng District, Yancheng City.
On February 24 this year, Yong Yue Science&Technology Co.,Ltd. announced again that the company received a "Notice of Release from Detention" issued by the Supervision Commission of Dafeng District, Yancheng City, through Jiangsu Huaying Enterprise Management Co., Ltd., and actual controller Chen Xiang was released from detention measures.
In related announcements, Yong Yue Science&Technology Co.,Ltd. had not previously disclosed specific reasons. However, this time the company mentioned that Chen Xiang's bail pending trial was due to investigation needs in a suspected case of irregular disclosure and non-disclosure of material information.
In February this year, the Shanghai Stock Exchange issued a public censure against Chen Xiang. The disciplinary decision showed that as the actual controller and then-chairman of Yong Yue Science&Technology Co.,Ltd., Chen Xiang failed to implement shareholding increases according to previously disclosed plans, with a completion rate of only 3.18%, seriously affecting reasonable market expectations and violating relevant provisions of the Shanghai Stock Exchange Listing Rules.
In April, Chen Xiang was fined 4 million yuan by the CSRC for illegal behavior during sensitive periods of insider information.
Yong Yue Science&Technology Co.,Ltd. primarily engages in the production and sales of two major business segments: unsaturated polyester resin and drone business products. In the first half of 2025, the company's operating revenue was 149 million yuan, a decrease of 6.16% year-over-year; net profit attributable to shareholders of the listed company was -6.1745 million yuan, with losses narrowing by 75.24% compared to the same period last year.
In contrast to its operating conditions, since the stock price bottomed out in June 2024, Yong Yue Science&Technology Co.,Ltd. has accumulated gains exceeding 220%. Since the beginning of this year, the stock price has risen nearly 70%.
While the stock price has risen, Yong Yue Science&Technology Co.,Ltd.'s shareholder base has also expanded rapidly. As of June 30, 2025, Yong Yue Science&Technology Co.,Ltd. had 21,540 shareholders, an increase of over 10,000 from the end of the first quarter of 2025. As of September 12, Yong Yue Science&Technology Co.,Ltd. had a market capitalization of 2.3 billion yuan.
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