Stolen by "house thief" and embezzled 100 million; protective judicial freeze of 900 million; Xiliming receives regulatory letter | Quick Read Announcement

Financial Associated Press, March 28 (Reporter Chen Xiaoxiao) Due to the illegal transfer of funds and large-scale freezing of accounts at its holding subsidiary, “China’s mattress leader” Xilinmen (603008.SH) has recently come under regulatory scrutiny.

On the evening of the 27th, the Shanghai Stock Exchange issued a regulatory work letter regarding the fund transfers and freezes related to Xilinmen, involving the listed company, directors, senior management, controlling shareholders, and actual controllers.

Behind this regulatory letter is a case suspected of involving the embezzlement of funds by an insider taking advantage of their position. On the evening of March 27, Xilinmen announced that it discovered that the bank account funds of its holding subsidiary, Xitu Technology Co., Ltd., were illegally transferred, with a total transfer amount of 100 million yuan.

After the company’s investigation, relevant personnel are suspected of embezzling company funds by taking advantage of their position. To further prevent financial security risks, the company applied to the public security organs for a case investigation on March 26, 2026, and has taken protective measures to freeze the relevant bank accounts that may be involved.

As of the announcement date, the amount of funds illegally transferred from the bank accounts of the company’s holding subsidiary is 100 million yuan, and the amount of protective judicial freeze exceeds 900 million yuan, totaling 1 billion yuan, which accounts for 26.54% of the company’s latest audited net assets and 42.69% of the company’s latest audited cash funds. The freezing of the above bank accounts is a proactive protective measure taken by the company to safeguard fund security and is not due to being frozen by a third party.

The announcement further indicates that there remains uncertainty regarding the recovery of the illegally transferred funds; if the funds cannot be recovered, it may adversely affect the company’s net profit. The timing of the lifting of the protective freeze is also uncertain, which may negatively impact the subsidiary’s short-term fund usage and normal operations.

Founded in 1996, Xilinmen focuses on the design, research and development, production, and sales of high-quality deep sleep products centered around mattresses. Its main products include mattresses, beds, sofas, and other supporting guest room furniture, widely used in homes, hotels, apartments, and various commercial scenarios, with business coverage in over 70 countries and regions, and a total of over 5,000 offline specialty stores.

Notably, according to the announcement in January 2026, the company’s controlling shareholders and their concerted actors have a high pledge ratio, with a total pledge accounting for 59.01% of their total shareholdings, and 21.46% of the company’s total share capital. In the next six months, 283 million yuan of pledged financing will mature, and another 200 million yuan will mature within a year.