Breaking Announcement! Chairman Ye Wenguang and General Manager Chen Kai Both Face Investigation

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【Introduction】Lierda and key executives under investigation

Chinese Fund Reporter Xia Tian

On the evening of March 13, listed company Lierda (Stock Code: 920249) on the Beijing Stock Exchange suddenly announced that the company and related persons (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, due to suspected violations of information disclosure laws and regulations. The CSRC has decided to file cases against the company, Ye Wenguang, and Chen Kai.

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

Controlling shareholder and key executives 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 person” group.

According to the company’s 2024 annual report, Ye Wenguang is Chen Kai’s uncle, and they form the core control team of the company.

As of the third quarter report of 2025, ending September 30, 2025, Chen Kai directly holds 11.46% of shares, Ye Wenguang directly holds 4.27%, and Chen Yun (Chen Kai’s uncle) directly holds 1.87%. The three constitute the actual controlling persons of the company.

Lierda’s 2024 annual report states that Hangzhou Lierda Holding Group Co., Ltd., the actual controllers Chen Kai, Ye Wenguang, and Chen Yun collectively hold 60.12% of the shares. This means 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 information disclosure violations may be directly related to the company’s core decision-making and financial control.

Significant performance fluctuations after listing

Founded in 2001, Lierda’s main business is IC value-added distribution and IoT module solutions. It was listed on the Beijing Stock Exchange in February 2023.

However, after listing, Lierda’s performance rapidly “changed face,” with sharp fluctuations in financial data. In 2023, the company’s revenue decreased by 5.87% year-on-year to 2.427 billion yuan, with a net loss attributable to shareholders of 12.8095 million yuan. In 2024, the company’s performance further came under pressure, with revenue of 1.958 billion yuan, down 19.31% year-on-year, and a net loss of 108 million yuan, significantly increasing losses.

Entering 2025, Lierda’s performance showed some improvement. On February 27, Lierda disclosed its 2025 performance forecast, reporting revenue of 2.432 billion yuan, up 24.17% year-on-year, and a net profit of 49.15 million yuan, turning profitable.

The company stated that during the reporting period, revenue from IoT modules and system solutions increased significantly, with gross profit also rising substantially. As the domestic chip market gradually recovered, measures such as destocking and channel expansion in the IC value-added distribution business proved effective, leading to considerable growth compared to the previous year.

Notably, just over a month before this investigation, Lierda completed a correction of its 2024 annual report. On January 30, 2026, the company announced a comprehensive correction of the 2025 annual report and summary, which had been disclosed in April 2024. The correction was due to prior accounting errors involving the treatment of certain expenses and income from 2019 to 2023, which did not comply with enterprise accounting standards, resulting in inaccurate data for revenue, expenses, non-operating income, and capital reserves for those years.

As of the close on March 13, Lierda’s stock price was 12.43 yuan per share, with a total market value of 5.241 billion yuan.

Proofreading: Ji Yuan

Editor: Captain

Review: Xu Wen