Breaking Announcement! Chairman and General Manager Both Subject to Investigation

On the evening of March 13, listed company Lierda (Stock Code: 920249) on the Beijing Stock Exchange suddenly announced that the company and related parties (Chairman Ye Wenguang, Director and General Manager Chen Kai) received a “Notice of Filing” from the China Securities Regulatory Commission (CSRC) on the same day. The CSRC decided to file cases against the company, Ye Wenguang, and Chen Kai for suspected violations of information disclosure laws and regulations.

Currently, the CSRC investigation is ongoing, and the specific details of the violations, involved parties, and final penalties have not been clarified. Lierda stated that during the investigation, the company and related parties will actively cooperate with the CSRC’s investigation and strictly fulfill their information disclosure obligations.

Ultimate controller and key executives are under investigation

Ye Wenguang and Chen Kai, who are also under investigation, are not ordinary management members of Lierda but are part of a “relatives + actual controlling shareholder” group.

Company’s 2024 annual report shows that Ye Wenguang is Chen Kai’s father-in-law, and both form the core controlling team of the company.

According to Lierda’s 2025 third-quarter report, as of September 30, 2025, Chen Kai directly holds 11.46% of the shares, Ye Wenguang directly holds 4.27%, and Chen Yun (Chen Kai’s uncle) directly holds 1.87%. The three constitute the company’s actual controllers.

Lierda’s 2024 annual report states that Hangzhou Lierda Holding Group Co., Ltd., the actual controller Chen Kai, Ye Wenguang, and Chen Yun collectively hold 60.12% of the shares. This means that Chen Kai and Ye Wenguang, through direct and indirect holdings, firmly control the company’s decision-making, financial accounting, and information disclosure processes.

Public information shows that the founder of Lierda is Chen Kai’s father, Chen Xianxing. In 2011, Chen Kai joined Lierda and was elected General Manager in 2020, marking the company’s entry into the “second-generation era.” Ye Wenguang has been working at Lierda since November 2001, serving as General Manager and Executive Director, and has been Chairman of the Board since May 2013.

Chen Kai and Ye Wenguang have managed together for many years. The recent simultaneous investigation for suspected violations of information disclosure laws may be directly related to the company’s core decision-making and financial control.

◆Source: China Fund News

Editor: Sun Yici

Preliminary review: Liang Shuang

Re-review: Cao Guangyu

Final review: Zang Li

【Source: Changchun Evening News】