scratchlatestversion| Another chairman of a listed company was detained

Paineng Technology announced on May 19 that the company recently received a notice from the company's controlling shareholder Zhongxing New Communications. Zhongxing New Communications received a notice issued by the Yongqing County Supervisory Committee that the company's chairman Wei Zaisheng was filed for investigation and detention.

According to public information, Wei Zaisheng worked for ZTE New Communications from January 1993 to November 1997, serving as regional market general manager, assistant general manager, and chief financial officer; from November 1997 to September 2017, he worked for ZTE, in charge of ZTE's financial and investment management, and has served as chief financial officer, senior vice president, executive vice president, and director; since September 2017, he has served as chairman of ZTE New Communications; Since October 2019, he has served as chairman of Paineng Technology.

Paineng Technology is a provider of energy storage battery systems, focusing on the research and development, production and sales of lithium iron phosphate cells, modules and energy storage battery systems. The company's products are widely used in the generation, transmission, distribution, and use of power systems, as well as communication base stations, vehicle-mounted energy storage, mobile energy storage and other scenarios.

The first quarterly report of 2024 shows that the company achieved a net profit of 400%.scratchlatestversion.04 million yuan, a year-on-year decrease of 99.13%; revenue was 386 million yuan, a year-on-year decrease of 79.05%. In 2023, the company achieved revenue of 3.299 billion yuan, a year-on-year decrease of 45.13%; net profit attributable to the parent company was 516 million yuan, a year-on-year decrease of 59.49%.

(Article sourcescratchlatestversion: China Securities Journal·China Securities Taurus)