Sichuan Haite High-Tech Co.,Ltd. (SZ002023) received a qualified audit opinion on its 2025 annual report due to restricted shareholder rights in its significant associate Chengdu Haivei Huaxin Technology Co., Ltd. (Huaxin Technology). The company has now filed two new lawsuits against Huaxin Technology. On April 28, a visit to Huaxin Technology's premises at No. 88 Wulian Third Road, Tianfu New District, Chengdu revealed employees entering and exiting normally. One production department employee stated that "operations and daily work continue normally," though they had heard about the shareholder dispute. Multiple employees declined knowledge of the matter when questioned.
The qualified opinion from ShineWing accounting firm stemmed from auditors' inability to obtain sufficient evidence regarding Haite High-Tech's long-term equity investment in Huaxin Technology. Haite High-Tech holds a 32.06% stake in Huaxin Technology and uses the equity method for accounting. As of December 31, 2025, this investment had a book value of 832 million yuan. For 2025, Haite High-Tech recorded an investment loss of 80.8023 million yuan from Huaxin Technology and recognized approximately 419 million yuan in asset impairment losses for this investment, collectively reducing 2025 profit by about 499 million yuan.
The audit limitation arose because Haite High-Tech's shareholder rights in Huaxin Technology had been restricted, preventing normal audit procedures. Consequently, management could only reference valuation reports using market approach when assessing the investment's value. ShineWing noted that relying solely on this single method prevented obtaining sufficient evidence about the investment's recoverable amount and 2025 investment income recognition.
Haite High-Tech's board has accepted the qualified opinion and plans to form a legal team to restore shareholder rights through litigation. The company will pursue legal action against Qingdao Haiyue Holding Co., Ltd. (formerly Shenzhen Zhengwei Financial Holding Co., Ltd.), Qingdao Haiyue Industrial Investment Co., Ltd., and related individuals.
On January 29, 2026, Haite High-Tech forecasted a 2025 net loss of 390-580 million yuan, attributing 620 million yuan to asset impairment and expected investment losses, including 460 million yuan related to Huaxin Technology.
Haite High-Tech has filed two lawsuits with the Sichuan Pilot Free Trade Zone Court. The first lawsuit alleges shareholder rights infringement against seven defendants including Ma Xiaoli (legal representative of Haiyue Industrial Investment), Qingdao Haiyue Holding, Qingdao Haiyue Industrial Investment, and several Huaxin Technology directors and financial officers. The company seeks cessation of rights infringement and compensation for losses.
The second lawsuit demands shareholder access to financial documents, requesting that Haite High-Tech and its appointed intermediaries be permitted to inspect and copy Huaxin Technology's financial reports, accounting books, and vouchers on-site.
During the site visit, employees displayed limited awareness of the shareholder dispute. One production staff member referred questions to "Manager Ma," while others expressed indifference about Haite High-Tech's financial reporting issues. Security personnel declined to connect visitors with company leadership, and human resources staff claimed no knowledge of the matter.
The dispute traces back to May 2021 when Zhengwei Financial Holding (now Haiyue Holding) became Huaxin Technology's largest shareholder (34.01%) through capital increase, diluting Haite High-Tech's stake to 33.79%. Despite agreements preserving Haite High-Tech's nomination rights for directors and chairman, the company alleges being barred from exercising shareholder rights since the investment.
In November 2023, after shareholder changes, Haiyue Holding allegedly seized control through improper means including forcibly amending公司章程, illegally removing Haite High-Tech's shareholder rights, and falsifying board resolutions to change legal representation.
Haite High-Tech filed a lawsuit in September 2024 and arbitration in November 2024. On June 13, 2025, a court invalidated the shareholder meeting resolutions that infringed on Haite High-Tech's rights, a decision upheld on appeal on January 7, 2026. On March 30, 2026, an arbitration tribunal ruled that Haiyue Holding must honor the investment agreement regarding Haite High-Tech's rights. The company claims these decisions remain unimplemented.
On April 24, 2026, Huaxin Technology issued a statement committing to handle disputes according to law and safeguard shareholder rights. A Haite High-Tech representative characterized this as "pure performance," alleging the company continues preventing shareholder oversight while claiming compliance. The representative affirmed continued legal action to protect shareholder interests.
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