On September 7, ST Power New Energy (688184.SH) announced that one of its actual controllers and director, Zhang Bao, was arrested by the Zhuji City People's Procuratorate on suspicion of embezzlement.
In this regard, ST Power New Energy confirmed to Xinfeng that Zhang Bao's arrest is mainly related to the embezzlement of funds from the listed company.
As of the end of August 2025, Zhang Bao had occupied a total of 161 million yuan of ST Power New Energy's funds.
This is less than three years since ST Power New Energy went public.
ST Power New Energy was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on September 15, 2022, but experienced a performance reversal the following year, with revenue in 2023 amounting to 954 million yuan, a year-on-year decline of over 40%; during the same period, the net loss reached 248 million yuan, more than doubling year-on-year.
As a Zhejiang company, Zhang Bao's special position had attracted attention even before ST Power New Energy's listing on the Sci-Tech Innovation Board.
When ST Power New Energy was established in 2014, Zhang Bao, who was already a department-level official and the secretary of the Youth League Committee of Central South University as well as the secretary of the Party Committee of the School of Metallurgy and Environment, held shares in Power New Energy through his wife, Peng Chunli, and his sister, Zhang Mei, in a nominee shareholding arrangement.
This clearly conflicts with regulatory policies.
According to the 2010 notice on the &#34;Ten Prohibitions&#34; for Party members and leading cadres in directly affiliated universities, Party members and leading cadres are prohibited from engaging in business or running enterprises in their own name or in the name of others.
Additionally, according to the 2016 &#34;Several Provisions on Deepening the Implementation of the Central Eight Regulations in Higher Education Institutions,&#34; Party members and leading cadres of schools are not allowed to hold concurrent positions in social organizations, foundations, enterprises, and other business units without approval.
Perhaps due to his identity at Central South University, Zhang Bao signed a &#34;Leave of Absence Entrepreneurship Agreement&#34; with the university in July 2018.
At this point, the nominee shareholding was reverted to Zhang Bao, who then joined ST Power New Energy and served as a director and general manager.
Regarding these circumstances, the Shanghai Stock Exchange had also raised questions during its inquiries.
&#34;The issuer should explain whether Zhang Bao's shareholding (nominee holding) from 2014 to 2018 complies with the management regulations for university teachers/cadres,&#34; the Shanghai Stock Exchange pointed out.
In response, ST Power New Energy acknowledged that while this did not comply with the relevant regulations for external investments by Party members and leading cadres, it obtained a &#34;Confirmation Letter&#34; from Central South University indicating that no disciplinary actions or penalties had been imposed on Zhang Bao by the university.
Central South University confirmed in 2021 that it was aware of Zhang Bao's aforementioned shareholding situation, which did not involve any major illegal or regulatory violations, and no relevant disciplinary actions or penalties were imposed on Zhang Bao or Peng Chunli.
Ultimately, ST Power New Energy successfully passed the review for listing.
In fact, it is rare for such projects to be successfully listed.
Previously, Guangdong Baihe Medical Technology Co., Ltd. (referred to as &#34;Baihe Medical&#34;), which also sought an IPO on the Sci-Tech Innovation Board, encountered a similar situation and ultimately withdrew its application.
As the actual controller of Baihe Medical, Huang Kai was only 19 years old when he established the company, and his father, Huang Weiguo, was then the vice mayor of Foshan City, raising regulatory concerns about whether Huang Kai held shares on behalf of his parents.
At that time, the Foshan City Government Office also issued a reply confirming that no evidence was found of Huang Weiguo engaging in business or violating the relevant Party discipline and regulations applicable to public officials and their children during his tenure as vice mayor
Although Lianhua Medical passed the review of the listing committee, it ultimately failed at the registration stage of the China Securities Regulatory Commission.
With Zhang Bao being arrested for embezzlement, it remains uncertain whether ST Power New Energy will successfully &#34;collect money&#34; in the future

688184

On September 7th, ST Power New Energy announced that one of the common actual controllers and director Zhang Bao is suspected of embezzlement by Zhuji City

Less than 3 years after going public, Power New Energy's over 100 million yuan in funds were misappropriated by the actual controller