On September 22, 2025, the Shanghai Stock Exchange issued public criticism against listed company Solareast Holdings Co.,Ltd. (603366), its controlling shareholder Taiyangyu Holdings Group Co., Ltd., related party Tibet Longsheng Energy Management Co., Ltd., former chairman Xu Xinjian, former general manager Wan Xuchang, former CFO Xu Zhong, and former board secretary Ding Wei.
On September 26, 2025, the Shanghai Stock Exchange publicly released the criticism notice.
According to investigations, based on Solareast Holdings' "2024 Annual Report" and "Special Statement on Non-operating Capital Occupation and Other Related Fund Transactions in 2024" disclosed on April 30, 2025, as well as the "Correction Announcement Regarding 2024 Non-operating Capital Occupation Related Data" disclosed on August 28, 2025, during 2024, the company's wholly-owned subsidiary Tibet Solareast Akang Clean Energy Co., Ltd. provided loans to Tibet Longsheng Energy Management Co., Ltd., an enterprise under the same control as the company's controlling shareholder Taiyangyu Holdings Group Co., Ltd. The cumulative amount was 27.5863 million yuan, with an outstanding loan balance of 551,600 yuan as of December 31, 2024. As of January 27, 2025, the aforementioned loan balance was zero.
Regarding the same matter, on September 27, Solareast Holdings announced that it received a warning letter from the Jiangsu Securities Regulatory Bureau. The bureau decided to issue warning letters as administrative regulatory measures against Solareast Holdings, controlling shareholder Taiyangyu Holdings Group Co., Ltd., related party Tibet Longsheng Energy Management Co., Ltd., former chairman Xu Xinjian, former general manager Wan Xuchang, former CFO Xu Zhong, and former board secretary Ding Wei, and record them in the securities and futures market integrity files.
Capital occupation is a regulatory red line that must not be crossed with any sense of luck, as violations will inevitably be caught.
Solareast Holdings reported a net profit of 221 million yuan for 2024, up 1.79% year-on-year, while its 2025 interim net profit was 41.3 million yuan, down significantly by 27% year-on-year.
Solareast Holdings' total market capitalization once approached 10 billion yuan. Recently, possibly affected by this incident, the stock has declined nearly 25% amid the broader market's continued upward trend, with the latest market value at approximately 7.765 billion yuan.
Possibly affected by this incident, former board secretary Ding Wei resigned on July 15, 2025, and joined another listed company as board secretary in the same month.
Ding Wei's original term was set to expire on October 14, 2025. With only three months remaining before the term expiration, the decision to leave the former employer through resignation is quite regrettable.
Currently, the position of board secretary at Solareast Holdings is still being served by chairman Xu Xinjian in an acting capacity.
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