"Mattress King" and Vitamin Industry Leader Both Under Investigation by the CSRC on the Same Day!

2026-04-06 07:01:48

On the same day, two listed companies were put on file for investigation.

Phantom Sleep (603008): The company and its actual controller were both put on file for investigation.

On the night of April 1, Phantom Sleep announced that its actual controller, Chen Ayu, recently received a “Notice of Filing for Investigation” issued by the CSRC. Because of alleged violations of information disclosure laws and regulations, the CSRC decided to file a case for investigation against Chen Ayu.

Another announcement disclosed at the same time by Phantom Sleep shows that, because the company was suspected of violating information disclosure laws and regulations, the CSRC decided to file the company for investigation. Phantom Sleep stated that, as of now, the company’s production and operating activities are normal, and its directors and senior management are currently performing their duties normally; the above matters will not have a material impact on the company’s production and operations.

The “mattress king” in A-shares was put on file for investigation

Founded in 1984, Phantom Sleep is a well-known company in China’s mattress industry. It currently mainly engages in the design, research and development, production, and sales of mattresses, sofas, and other supporting bedroom furniture, among other products.

Besides the company and its actual controller being put on file for investigation, Phantom Sleep has also drawn significant market attention because multiple matters have been disclosed in quick succession recently.

On March 27, Phantom Sleep suddenly announced that it had recently discovered that the bank-account funds of its controlling subsidiary, Xitu Technology Co., Ltd., were illegally transferred, with the cumulative transferred amount totaling 100 million yuan. After the company’s review, it found that relevant personnel were allegedly using their positions to embezzle the company’s funds illegally.

Phantom Sleep said that, to further prevent risks to fund safety and safeguard the company’s funds, the company applied to public security authorities for filing and investigation on March 26, 2026, and will place the potentially involved bank accounts under protective freeze.

Phantom Sleep also mentioned that the company has established communication channels with the relevant parties, is actively negotiating the return of the transferred funds, and will actively cooperate with the public security authorities in handling the case investigation to promptly recover the transferred funds, eliminate unsafe factors regarding the company’s account funds, and ensure the safety of the company’s assets.

The issue of funds occupation by related parties remains unresolved

Non-operating funds occupation by related parties is also one of the challenges Phantom Sleep is facing at present.

On April 1, Phantom Sleep disclosed in an announcement that, after the company’s review, its controlling shareholder and its related parties were involved in non-operating funds occupation. Phantom Sleep and its wholly-owned subsidiaries Zhejiang Shunxi Supply Chain Co., Ltd. and Zhejiang Yingxi Supply Chain Management Co., Ltd., as three plaintiffs, have filed a lawsuit with and had the case accepted by the People’s Court of Yuecheng District, Shaoxing.

According to the announcement, Phantom Sleep and its subsidiaries, on the grounds of disputes over liabilities for damaging the interests of the company, sued the controlling shareholder and its concerted action party, and required them to assume compensation liability. The relevant cases have been filed. The amount involved is approximately 478 million yuan.

The source of this dispute is related to the occupation of funds by related parties. Phantom Sleep disclosed details of how the company’s controlling shareholder and its concerted action party improperly occupied funds. Between 2025 and 2026, the plaintiffs carried out factoring financing business; the amounts already paid by the plaintiffs to suppliers, were—by the defendants through the factoring financing business model—applied for financing by using the suppliers as the name, and the funds ultimately flowed to the defendants and their designated accounts.

Improper occupation of funds by related parties may lead to the company being subjected to risk warning measures in the future.

Phantom Sleep stated that, as of now, the outstanding balance of non-operating funds occupied by the controlling shareholder and its related parties totals 190 million yuan, already exceeding the absolute value of the company’s most recently audited net assets by more than 5%. If the controlling shareholder and its related parties fail to complete repayment or rectification within one month, in accordance with relevant rules for stock listing on the SSE, the company’s stock will be subject to other risk warnings.

In addition, besides the above non-operating funds occupation situation, the company also has a situation where the controlling shareholder and its related parties provided guarantees to the outside in violation of regulations without the company’s deliberation and approval procedures. If the company’s audit institution issues a non-unqualified opinion on the company’s 2025 annual report as a result of this incident, the company’s stock may be subject to other risk warnings or risk warning for delisting after the 2025 annual report is disclosed.

On April 1, Phantom Sleep closed at 15.2 yuan per share, with a total market value of about 5.6 billion yuan.

Nengte Technology is suspected of information disclosure violations and has been put on file for investigation

On the same day, another A-share company that disclosed being put on file for investigation was Nengte Technology. On the evening of April 1, the company announced that it received a “Notice of Filing for Investigation” issued by the CSRC. Due to alleged violations of information disclosure laws and regulations, the CSRC decided to file the company for investigation.

According to the materials, Nengte Technology mainly engages in pharmaceutical intermediates, vitamin E and its intermediates, and plastic trade e-commerce, among other businesses.

Nengte Technology is an important vitamin E producer listed on A-shares. Vitamin E is one of the vitamin-category products with the largest global market capacity and is widely used in industries such as clinical settings, pharmaceuticals, food, feed, health products, and cosmetics.

Previously, Nengte Technology’s wholly-owned subsidiary, Nengte Co., Ltd., and DSM-Firmenich—an industry-leading enterprise in the global nutrition and health products sector—formed a joint venture, Yimant, for the vitamin E and intermediate business. Nengte held a 25% equity stake in Yimant. Yimant has become a leading global enterprise in vitamin E.

As of April 1, Nengte Technology’s market value was about 8.2 billion yuan. As of the end of the third quarter of 2025, the company had about 48k shareholders.

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