ST Hailong Says Controller Hu Xingrong Placed Under Coercive Measures; Shares Fall

ST Hailong (000677.SZ) said it was notified by its largest shareholder, Wenzhou Kangnan Technology Co., that the company’s de facto controller Hu Xingrong has been placed under coercive measures by authorities, according to Jiemian News. The company said Hu holds no position at ST Hailong and does not participate in day-to-day operating decisions, adding that its board and management are functioning normally. ST Hailong opened lower on July 8 and was last down 2.65% at 1.47 yuan per share, valuing the company at about 1.27 billion yuan. The company reported 2025 revenue of 1.146 billion yuan, up 8.58% year-on-year, while net profit attributable to shareholders fell 92.09% to 3.4708 million yuan; operating cash flow netted 100 million yuan, down 43.00%. In the first quarter, revenue rose 5.42% to about 277 million yuan, while attributable net profit fell 61.46% to about 5.0239 million yuan. Separately, Hong Kong-listed Minsheng International (00938.HK) said Hu resigned as director and chairman effective July 7, 2026. Minsheng International reported continuing-operations revenue of HK$94.399 million for the fiscal year ended March 31, down 0.9% year-on-year.