① Li Guangsheng, the actual controller of Shangwei Co., Ltd., was sentenced to 3 years and 10 months in prison, and former director Jiang Xiangdong was “sentenced to 3 years and 4”; ② Li Guangsheng's brother, Li Guangyuan, the company's largest shareholder, was sentenced to 11 years in prison in 2016 for corporate bribery, bribery charges, and falsification of special VAT invoices; ③ In addition to the actual controller's sentence, the progress of the company's transformation into new energy sources fell short of expectations due to the decline in negative material prices.
Finance Association, April 15 (Reporter Li Yongjun) Shang Wei Co., Ltd. (603333.SH) announced tonight that the company learned that Li Guangsheng, the company's actual controller, was sentenced to 3 years and 10 months in prison and a fine of RMB 7 million yuan; Jiang Xiangdong, then secretary of the board of directors, co-committed the previous crime and was sentenced to three years in prison, suspended for four years, and a fine of 100,000 yuan. Defendant Li Guangsheng's illegal proceeds were confiscated and handed over to the national treasury; at the same time, defendant Li Guangsheng's illegal proceeds continued to be recovered and handed over to the national treasury.
After learning the news of Li Guangsheng's sentence, a Finance Association reporter from a partner company with business ties to Sunway Co., Ltd. lamented: “The two brothers have been sentenced one after another; they still have to be honest in business.” The partner said that it has been following the progress of the Sunway Co., Ltd. case. “We are doing things for them, and we are also watching and watching how much money they do. We have also sent people to their company to collect money these days.”
It is worth mentioning that Li Guangyuan, the younger brother of Li Guangsheng and the founder and majority shareholder of Sunway Co., Ltd., was previously sentenced to 11 years. Sunway Co., Ltd. was formerly known as Star Cable. The founder of the company was Li Guangyuan, the younger brother of Li Guangsheng. Today, the two brothers have been jailed one after another.
Li Guangyuan launched Star Cable in 2012, in the East Window incident. His involvement in a corruption case was investigated. He was later sentenced to 11 years in prison in 2016 for the crime of corporate bribery, bribery, and falsely issuing a special VAT invoice.
After Li Guangyuan's accident, his brother Li Guangsheng became the chairman of Star Cable in 2015 and later became the actual controller of the company by handing over Li Guangyuan's shares and voting rights. Since then, Star Cable changed its name to Sunway Co., Ltd.
According to the 2023 three-quarter report, Li Guangyuan and Li Guangsheng hold 22.44% and 14.11% of the company's shares, respectively. However, 71.28% of Li Guangyuan's shares and 87.78% of Li Guangsheng's shares were pledged.
In fact, Li Guangyuan originally pledged more shares. In July 2023, Sunway Co., Ltd. announced that Li Guangyuan defaulted due to failure to repay his debts on time due to the expiration of the stock pledge, and that Guoyuan Securities reduced his holdings and disposed of 6.1 million shares.
After taking charge of the company, Li Guangsheng began transformation exploration outside of the main business of special cables, and brought the star company Conch Venture (00586.HK) from his hometown in Anhui to establish Haichuang Shangwei (Haichuang Shangwei holds 51% of shares and Sunway Co., Ltd. holds 49% of shares, respectively) to enter the anode materials new energy industry across borders.
On May 29, 2022, Haichuang Sunway held a commencement ceremony for the first 40,000-ton anode materials and supporting infrastructure project. Less than ten days after appearing at the commencement ceremony, Li Guangsheng was taken away for investigation by the Huzhou Public Security Bureau for “suspected manipulation of the securities market and futures.”
Currently, the price of anode materials is low, and the progress of Sunway Co., Ltd.'s transformation into new energy sources clearly falls short of expectations. The company's previous expectation that “according to the construction schedule, the graphitization area is expected to be put into operation in August 2023, and 40,000 tons of graphitized materials can be produced after production; it is expected that by the end of 2023, the first phase of the anode material integration project will reach the intended state of use” has come to an end.
In March of this year, when replying about the progress of the anode material project on the investor interactive platform, Sunway Co., Ltd. only stated, “The project is progressing actively and steadily. For specific project construction progress, please pay attention to the relevant content of the company's regular reports.”