Wan Hongwei Fined 37.64 Million Yuan, Receives No Pay From Shuanghui Development, Earned 35.29 Million Yuan From WH Group Over Past 4 Years, Not Enough to Cover the Fine

Deep News10-10 11:50

Wan Hongwei was fined 37.64 million yuan, yet received no compensation from Henan Shuanghui Investment & Development Co., Ltd. (ASX: 000895). Over the past four years, he earned 35.29 million yuan from WH GROUP (ASX: 00288), which is still not enough to pay the fine.

On the evening of October 9, Henan Shuanghui Investment & Development Co., Ltd. announced that the company, its controlling subsidiary Wangkui Shuanghui, and relevant directors and senior executives received administrative penalty decisions from the Wangkui County Agriculture and Rural Affairs Bureau, the Luohe City Animal Husbandry Bureau, and the Luohe City Market Supervision Administration.

According to the penalty decisions, Wangkui Shuanghui had illegal gains of 1.6539 million yuan confiscated and was fined 33.0779 million yuan; Henan Shuanghui Investment & Development Co., Ltd. had illegal gains of 1.701 million yuan confiscated and was fined 34.0193 million yuan; the company received a warning and a fine of 2 million yuan; Chairman Wan Hongwei was fined 37.6462 million yuan, while President Ma Xiangjie, Vice President Qiao Haili, and Chief Engineer Wang Yufen were fined 5.661 million yuan, 6.4694 million yuan, and 6.5862 million yuan, respectively.

Wind data shows that Wan Hongwei served as Vice Chairman of Henan Shuanghui Investment & Development Co., Ltd. from 2018 to 2023, and has served as Chairman since 2024. He did not receive compensation from Henan Shuanghui Investment & Development Co., Ltd. but received compensation from affiliated entities.

Wind data shows that Wan Hongwei has served as Vice Chairman of the Board and Executive Director of WH GROUP since 2021, with total compensation of 35.2933 million yuan. In other words, Wan Hongwei's total compensation from 2022 to 2025 over four years amounts to 35.2933 million yuan, which is less than the disclosed fine of 37.6462 million yuan.

Information shows that Henan Shuanghui Investment & Development Co., Ltd. is an indirect controlling subsidiary of WH GROUP, and WH GROUP is the indirect parent company of Henan Shuanghui Investment & Development Co., Ltd. Simply put, WH GROUP is the global headquarters, and Henan Shuanghui Investment & Development Co., Ltd. is its listed platform for core business in China.

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