"LED King" Lin Xiucheng Detained by National Supervision Commission and Under Investigation! Subsidiary Company's Market Value Exceeds 8 Billion Yuan

On March 22, Sanan Optoelectronics (600703.SH) announced that on March 21, 2026, the company received notice from its controlling shareholder, Fujian Sanan Group Co., Ltd., that its actual controller, Lin Xiucheng, has been detained and placed under investigation by the National Supervisory Commission. Lin Xiucheng has not held any position in the company since July 10, 2017. The company stated that its production, operations, and management are currently normal, its governance structure is sound, and the above matter will not have a significant impact on the company’s operations. The company will continue to monitor the situation and fulfill its information disclosure obligations.

Public information shows that Lin Xiucheng, born in 1955, holds a university degree and is a senior economist. He is the chairman and general manager of Fujian Sanan Group Co., Ltd.

Sanan Optoelectronics is headquartered in Xiamen, Fujian Province, focusing on the research, development, production, and sales of compound semiconductor materials and devices.

According to Yangtze Evening News, in the 1980s, Lin Xiucheng made his first fortune by purchasing scrap steel and selling it to factories. In 1992, he co-founded Sanan Ironmaking Plant with Fujian Sanming Steel Plant.

In 1999, he began to venture into the semiconductor field. In 2000, Sanan Optoelectronics Co., Ltd. was established. In 2008, Sanan Optoelectronics was listed through a backdoor listing on the A-share market. It became a dominant player in domestic LED chips, and Lin Xiucheng was once called China’s “LED King.”

In 2017, Lin Xiucheng voluntarily stepped down, and his 43-year-old son, Lin Zhiqiang, took over as chairman of Sanan Optoelectronics. After taking office, Lin Zhiqiang led the company’s transformation. In 2018, he spearheaded a 33.3 billion yuan investment to develop industry sectors including group III-V compound semiconductors, LED epitaxy, chips, and microwave integrated circuits. Subsequently, Sanan Optoelectronics’ market value once exceeded 200 billion yuan, with annual revenue surpassing 10 billion yuan. After experiencing cyclical downturns in the industry, the company’s latest market value is about 80 billion yuan.

Lin Xiucheng’s two sons—eldest son Lin Zhiqiang and second son Lin Zhidong—and son-in-law Lin Kechuang all hold key positions within the Sanan group. According to the 2026 Hurun Global Rich List, Lin Xiucheng and Lin Zhiqiang together have a wealth of 16 billion yuan, ranking third among Xiamen’s top wealthy individuals.

As the leader of Sanan Optoelectronics, Lin Zhiqiang is also active in the venture capital circle. Tianyancha shows that he is associated with dozens of companies and participates in external investments mainly as a limited partner (LP). For example, he has committed funds to Shanghai Xianghe Hong’an Equity Investment Partnership, which is linked to Cambrian’s early investor, Yonghua Investment.

In direct investments, Lin Zhiqiang plays a significant role in an organization called “Xinding Guorui.” This fund has invested in dozens of companies, including Jing Sheng Co., Ltd., Lianxun Instruments, Kangxi Communications, Yibei Technology, Chenxin Semiconductor, and Daoyuan Technology, with Jing Sheng and Kangxi Communications already listed on the A-share market.

Overall, Sanan Optoelectronics and its leadership, including Lin Zhiqiang, have dispersed investment entities, maintaining a low profile. Their investments span from LEDs to integrated circuits, optical communications, and RF front-ends, all targeting domestic substitution and advanced technology.

Notably, recently, Guanglun Intelligent completed a 1 billion yuan financing round, becoming the world’s first unicorn in the field of embodied data. A long list of investors includes a somewhat unfamiliar name—Dingbang Investment. This is the family office of Sanan’s chairman in the A-share market, backed by the Lin family from Quanzhou, Fujian.

Additionally, on March 11, Sanan Optoelectronics responded to investor questions on an interactive platform, stating that the company has deep collaborations with Tsinghua University, China Mobile, and other entities in the fields of Micro LED optoelectronic devices and high-speed optical communications, jointly advancing related technology research and application verification. The Micro LED light source devices produced by the company have excellent performance and have been sent to leading domestic and international companies for module assembly testing.

In the secondary market, Sanan Optoelectronics closed last Friday at 16.54 yuan per share, with a latest market value of 82.5 billion yuan.

Source: Daily Economic News

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