Sanan Optoelectronics Announces Actual Controller Approved for Arrest

Deep News10-23 19:51

On the evening of October 23, Sanan Optoelectronics disclosed an announcement stating that the company had received notice from the family of actual controller Lin Xiucheng that Lin Xiucheng has been approved for arrest by the procuratorate.

The announcement showed that Sanan Optoelectronics disclosed on September 25 that Lin Xiucheng was criminally detained by public security authorities on suspicion of the crimes of embezzlement through abuse of position and misappropriation of funds.

Sanan Optoelectronics stated that currently, the company's production and operations management situation is normal. Lin Xiucheng has not held any position in the company since July 10, 2017. This matter is unrelated to the company and will not have a material impact on the company's production and operations.

Trading data showed that on October 23, Sanan Optoelectronics closed up 2.43% at 10.1 yuan per share, with a total market value of 50.39 billion yuan.

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