--- title: "65 bank accounts frozen, stock price hits consecutive limit down, NARADA faces a \"life-and-death crisis\"" type: "News" locale: "en" url: "https://longbridge.com/en/news/285787363.md" description: "NARADA (ST NARADA, SZ:300068) is facing a severe crisis, with 65 bank accounts frozen and the frozen amount approximately 857 million yuan, accounting for 60.63% of its net assets. The stock price has hit the limit down for consecutive days, reaching a new low since its listing, and has \"halved\" in just four trading days. Since 2026, the company has been plagued by bad news, including the suspension of its IPO plan and massive losses, indicating signs of a systemic crisis. Once a leading company in lead-acid batteries, it has now been abandoned by the tide of the times" datetime: "2026-05-09T01:02:05.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/285787363.md) - [en](https://longbridge.com/en/news/285787363.md) - [zh-HK](https://longbridge.com/zh-HK/news/285787363.md) --- # 65 bank accounts frozen, stock price hits consecutive limit down, NARADA faces a "life-and-death crisis" Once a "veteran in energy storage," Nandu Power (ST Nandu, SZ:300068) is facing a full-blown crisis. Following a 20% drop limit on April 30, on the first trading day after the May Day holiday, Nandu Power hit another 20% drop limit. Shortly after the market opened on May 7, it again reached the drop limit, closing down 19.35% in the afternoon. On May 8, Nandu Power's stock price fell to a low of 5.41 yuan, marking a new low since the company's listing. In just four trading days, the company's stock price has "halved." Hua Xia Energy Network noted that on the evening of May 6, Nandu Power announced that 65 bank accounts of the company and its subsidiaries had been frozen, amounting to approximately 857 million yuan, which accounts for 60.63% of the company's most recent audited net assets; the actual frozen amount is 46.9986 million yuan, accounting for 3.33% of net assets. Since 2026, this 32-year-old veteran battery manufacturer has been plagued by bad news, as if it pressed the "death button" accelerating its disintegration: a long-planned IPO in Hong Kong abruptly halted, a massive loss of 2.642 billion yuan in 2025, a bizarre failure to sell a wholly-owned subsidiary, sudden resignations of executives, rare dissenting votes from independent directors, and the stock being labeled "ST." Various signs indicate that Nandu Power is caught in a systemic crisis. This company, once glorious in the new energy sector, has been ruthlessly abandoned by the tides of the times. **"Lead-acid leader" transformation failure** Founded in Hangzhou in 1994, Nandu Power initially focused on the research and production of industrial energy storage lead-acid sealed batteries. During the 2G/3G era, with the large-scale construction of communication infrastructure, Nandu Power quickly became a leading enterprise in the domestic lead-acid battery field. As early as 1999, Nandu Power laid out lithium iron phosphate battery technology. By 2010, Nandu Power was listed on the Growth Enterprise Market, planning a 1.3 billion yuan production line for lithium batteries and lead-acid batteries. It is worth mentioning that in 2010, CATL (SZ:300750) had not yet been established, while Nandu Power had already entered the energy storage field, exclusively providing energy storage batteries for the first large-scale practical application energy storage project in China. However, this project used lead-carbon batteries. In 2011, affected by environmental regulations on lead-acid batteries, Nandu Power chose to go against the trend by laying out lead-acid batteries for two-wheeled vehicles, which led outsiders to jokingly refer to it as "moving from cars to bicycles." In the following years, Nandu Power's "three-horse carriage"—communication, power, and energy storage—progressed simultaneously. In the energy storage field, Nandu Power also adopted a heavy asset model of investment + operation. This shift in strategic focus not only directly caused Nandu Power to miss the critical window for the explosion of power batteries but also strained its cash flow In 2020, the power battery market experienced a full-scale explosion, but NARADA faced its first loss since going public, with a net loss of 280 million yuan. That year, NARADA made a bold decision to cut its civilian lead-acid business, betting on new energy storage, communication and data center storage, and overseas markets, choosing an "All in" lithium battery strategic transformation, planning to fully transition from traditional lead-acid batteries to lithium batteries. To this end, NARADA invested tens of billions of yuan to build lithium battery production lines, including a total investment of 3 billion yuan to plan the construction of an annual production capacity of 7GWh lithium batteries, and an investment of 2 billion yuan for 4GWh lithium iron phosphate energy storage battery capacity, among others. However, the competition in the lithium energy storage sector is far more intense than in the lead-acid era, and NARADA lacks core competitiveness in the lithium battery field. More troubling is that during the transformation, the old business shrank while the new business had not yet formed stable profits, leading to a "double loss" that continuously eroded the company's financial foundation. In 2024, NARADA's net profit loss reached 1.497 billion yuan, a year-on-year plunge of 4260.62%, setting a record for the company's highest loss. By 2025, the net loss further expanded to 2.642 billion yuan, with a total loss exceeding 4.1 billion yuan over two years. At the same time, NARADA's funding issues became urgent. In 2025, asset impairment losses reached 1.462 billion yuan, with a debt-to-asset ratio as high as 92.14%, and significant pressure from short-term loans and concentrated repayments. **Two self-rescue attempts failed** As the loss gap widened, NARADA began to self-rescue from two directions: first, by planning to go public in Hong Kong to raise funds from the capital market; second, by selling off hot assets to generate cash from existing assets. In April 2025, NARADA announced plans for an IPO in Hong Kong, which was interpreted as a positive signal of the company actively seeking external financial support—if successful, it could not only replenish liquidity but also gain endorsement from the capital market for the company's transformation narrative. However, a year later, on April 29, 2026, NARADA announced the termination of its H-share issuance and listing work. Although NARADA stated in its announcement that the decision was made after comprehensive consideration of multiple factors such as the macroeconomic environment, capital market environment, the company's actual situation, funding needs, and development plans, the 2025 annual report revealed the real reason to the outside world: the company had serious internal control issues, and ShineWing Certified Public Accountants issued a negative opinion on the company's internal controls. Under the listing review thresholds of the Hong Kong Stock Exchange, such financial and internal controls could not possibly pass. As the Hong Kong IPO quietly came to an end, NARADA placed its hopes for self-rescue on another card, selling its wholly-owned subsidiary Anhui Huabo Recycling Resources Technology Co., Ltd. (hereinafter referred to as "Anhui Huabo"), which had been a long-term financial drain. Anhui Huabo specializes in the recycling of waste lead-acid batteries and was NARADA's most successful industrial chain expansion. In 2015, NARADA began acquiring Anhui Huabo and later achieved full control. During those years, the chain of waste lead-acid battery recycling—recycled lead—lead-acid batteries was highly prosperous, and Anhui Huabo once contributed very strong cash flow and profits However, Anhui Huabo's profitability is highly tied to the lead-acid system. As the lead-acid battery industry gradually declines, Anhui Huabo has slowly transformed from a strategic asset of Nandu Power to a historical burden. In 2023, Anhui Huabo turned from profit to loss, and by 2025, the net profit loss of Anhui Huabo reached as high as 1.523 billion yuan, with a net asset of -1 billion yuan. On March 12 of this year, Nandu Power suddenly announced good news: it planned to transfer 100% equity of Anhui Huabo to Houji Lianeng for a consideration of 1.415 billion yuan, which was expected to bring about 2.565 billion yuan in cash inflow. For Nandu Power, which was already in a tight financial situation, this was like a "timely rain." However, just 12 days later, the buyer unilaterally breached the contract on the grounds of "phase changes in funding preparation," and this highly anticipated transaction fell through. Meanwhile, Anhui Huabo completely ceased operations, with ongoing production losses, failed asset divestiture, and rejected technical transformation plans, leading to a complete shutdown of this subsidiary. In addition, on the evening of December 11, 2025, Nandu Power announced plans to change control. However, just a week later, the plan was terminated, primarily because the parties involved failed to reach a consensus. With the withdrawal of the Hong Kong IPO, the failed sale of Anhui Huabo, and the unsuccessful change of control, Nandu Power's multiple crises have nowhere to be relieved. **Systemic Crisis Fully Erupts** After the failed self-rescue, Nandu Power did not get a chance to catch its breath, and the cracks continued to widen. On April 7, in one day, independent director Fu Lili, non-independent director Wang Yingjiao, and vice president and board secretary Qu Yi all submitted their resignation applications on the same day. Although the announcement stated that Qu Yi would still hold other management positions after resigning, the resignation of the board secretary, who is the core communication interface between the listed company and the capital market, just before the annual report disclosure, shortly after the Hong Kong IPO was terminated and the sale of Huabo fell through, sparked many speculations in the market. On April 28, Nandu Power disclosed its 2025 annual report. Although the company had previously warned the market that the performance forecast would be revised down to a loss of 2.4 billion to 2.8 billion yuan, what shocked the market even more was the audit opinion of the 2025 annual report— The accounting firm Xinyong Zhonghe issued a "qualified opinion with a paragraph on significant uncertainty regarding the company's ability to continue as a going concern" for Nandu Power's 2025 financial report, and also issued a negative opinion on the company's internal control over financial reporting. This means that the reliability of Nandu Power's financial data has been publicly questioned by professional institutions, rather than just being a matter of operational losses. During the board meeting reviewing the 2025 annual report, two independent directors, Wu Hui and Fu Lili, both voted against it, citing the inability to confirm the authenticity, accuracy, and completeness of the financial data. The disclosure of the annual report directly triggered the risk warning mechanism of the regulatory authorities, and Nandu Power's stock abbreviation was changed to "ST Nandu." The market immediately chose to vote with its feet, causing the company's stock price to hit multiple daily limit downs When it rains, it pours. On May 6th, ST NARADA announced that a total of 65 bank accounts of the company and its subsidiaries were frozen, covering account types such as basic accounts and general accounts, with an applied frozen amount of approximately 857 million yuan, accounting for 60.63% of the company's most recent audited net assets; the actual frozen amount is 46.9986 million yuan, accounting for 3.33% of net assets. The reason for the freeze is "lawsuit disputes due to overdue company debts, with creditors applying for judicial freezing." NARADA Power admitted in the announcement that the account freeze has had a certain impact on the company's capital operations and management. Hua Xia Energy Network noted that as early as 2023, Sunwoda Electronic Co., Ltd. sued NARADA Power over quality issues with lithium batteries supplied by NARADA Power, claiming 565 million yuan. After the first-instance judgment reduced the compensation amount to 100 million yuan, both parties entered the retrial stage. In addition, NARADA Power also owes upstream suppliers such as Chuangneng New Energy, Shangen Electric (SZ:300827), Wanrun New Energy (SH:688275), and Huazheng New Materials (SH:603186) a total of approximately 160 million yuan. At this point, NARADA Power is facing a comprehensive crisis with multiple fronts in business, finance, law, governance, and personnel all in urgent situations, and the company is on the brink of complete collapse. Of course, NARADA Power is not sitting idly by; it proposed three countermeasures in the announcement: first, actively communicating and negotiating with creditors and courts to resolve the debt crisis, striving to properly handle the frozen bank account matters; second, revitalizing existing assets and increasing the collection efforts for receivables, actively raising the funds needed by the company; third, leveraging external industries to stabilize the main business and solidify the operational foundation. However, the ultimate effectiveness of these measures remains uncertain for now. Whether NARADA Power can make a comeback seems very bleak at present ### Related Stocks - [300068.CN](https://longbridge.com/en/quote/300068.CN.md) - [300750.CN](https://longbridge.com/en/quote/300750.CN.md) - [603787.CN](https://longbridge.com/en/quote/603787.CN.md) - [300827.CN](https://longbridge.com/en/quote/300827.CN.md) - [688275.CN](https://longbridge.com/en/quote/688275.CN.md) - [603186.CN](https://longbridge.com/en/quote/603186.CN.md) - [HCCD.SG](https://longbridge.com/en/quote/HCCD.SG.md) - [03750.HK](https://longbridge.com/en/quote/03750.HK.md) ## Related News & Research - [Did the Trump White House just give Warsh the green light to hike interest rates? This analyst thinks so.](https://longbridge.com/en/news/290742665.md) - [Top CATL boss cools expectations over next major leap in EV batteries](https://longbridge.com/en/news/290789150.md) - [Bergen Carbon Solutions releases June 2026 shareholder letter](https://longbridge.com/en/news/290777123.md) - [Hina and FAW conclude long-term test of sodium-ion electric truck battery](https://longbridge.com/en/news/290550591.md) - [CATL chairman flags long road to solid-state battery mass production](https://longbridge.com/en/news/290672352.md)