Doubling Stock, Subject to CSRC Investigation! Suspected Violations of Information Disclosure Regulations

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(Source: Quan Yan She)

On the evening of March 16, ST Keli Da announced that recently, the company and Chairman Gu Yiming received notices of case filing from the China Securities Regulatory Commission. Due to suspected violations of information disclosure laws and regulations, the CSRC has decided to file a case against the company and Gu Yiming.

The company stated that currently, its production and operations are normal, and the above matters will not affect the company’s normal business activities. During the investigation, the company and Chairman Gu Yiming will actively cooperate and strictly fulfill their information disclosure obligations.

Image source: Company announcement

According to ST Keli Da’s 2025 performance forecast, in 2025, the company is expected to achieve a net profit attributable to the parent company of -160 million to -200 million yuan, turning from profit to loss year-on-year. Regarding the reasons for the expected loss, the company stated that it is mainly affected by two factors: during the reporting period, the company proactively shrank its market scope, focusing on the local market, resulting in reduced construction projects and decreased revenue; additionally, due to intensified market competition, project gross profit further declined. Moreover, the company’s accounts receivable impairment provisions increased, leading to higher impairment losses.

According to the company’s 2025 semi-annual report, ST Keli Da’s main business involves the design and construction of building curtain walls and architectural decoration projects, with a focus on Jiangsu and an accelerated expansion nationwide. Currently, the company has formed six major business segments: curtain walls, architectural decoration, prefabricated renovation, design, architectural design and EPC, and photovoltaic building integration.

It is noteworthy that in January this year, ST Keli Da announced that its controlling shareholder, Suzhou Keli Da Group Co., Ltd. (“Keli Da Group”), and shareholders Gu Yiming, Gu Longdi, Gu Jia, and Lu Chongming signed a “Share Transfer Agreement” with Shanghai Yingzhong Intelligent Technology Co., Ltd. (“Yingzhong Intelligent”) and Keli Da Group on January 9, proposing to transfer their 100% stake in Keli Da Group. Keli Da Group holds approximately 112 million unrestricted circulating shares, accounting for 18.74% of the total share capital. If this transfer is completed, the controlling shareholder will remain Keli Da Group, but the indirect controlling shareholder will change to Yingzhong Intelligent, and the actual controllers will change to Cao Yalian and Liu Chunjian.

Additionally, this year, the company has issued two risk warning notices regarding the stock reaching other risk alert levels, highlighting potential risks. Previously, the company was subject to other risk warnings due to issues such as the controlling shareholder occupying the company’s funds.

Wind data shows that on March 16, ST Keli Da closed at 6.68 yuan per share, with a latest market value of 4 billion yuan. The stock has gained a total of 188.97% in 2025, but has fallen 20.29% since the beginning of this year.