Xilinmen's violation of information disclosure rules leads to a one-word limit-down; affected investors may be able to claim compensation

Ask AI · How Will the Alleged Information Disclosure Violations Case at Xilinmen Affect Corporate Governance?

On April 2, Xilinmen (603008) opened with a “one-word” daily limit-down. As of the time of this release, the company’s stock price was 13.68 yuan per share. In the news, Xilinmen released multiple announcements on the evening of April 1, mainly involving the company and its actual controller being placed on file for alleged violations of laws and regulations related to information disclosure, and the company suing its controlling shareholder and its persons acting in concert in court to claim compensation of nearly 480 million yuan.

One of the announcements shows that the company recently received a “Filing Notification Letter” issued by the China Securities Regulatory Commission. Because the company is suspected of violating laws and regulations related to information disclosure, according to relevant laws and regulations, the CSRC has decided to file a case against the company. At the same time, the company’s actual controller, Chen A Yu, has also recently received a “Filing Notification Letter” issued by the CSRC. Because Chen A Yu is suspected of violating laws and regulations related to information disclosure, according to relevant laws and regulations, the CSRC has decided to file a case against Chen A Yu.

The company’s 2025 third-quarter report shows that Xilinmen has 15,978 shareholders. Since the company was suddenly placed under investigation, what should investors who bought earlier do? Lawyer Zhao Jingguo of Shanghai Xinben Law Firm believes that investors who bought and held shares of Xilinmen before March 28, 2026 may, regardless of whether they still hold the shares after March 28, 2026, be able to file claims against the company for compensation. Investors meeting the above conditions can register through the public account “Dazhong Securities News” (feature code: 88). The final claims conditions will be determined based on the court’s findings.

In addition, Xilinmen may also be subject to risk warning measures. A “Risk Warning Notice Regarding Litigation Filed Against the Controlling Shareholder and Its Persons Acting in Concert and a Possible Risk of Risk Warning on the Company’s Stock” published by Xilinmen on the same day shows that on March 31, the company received a “Notice of Case Acceptance” from the People’s Court of Yuecheng District, Shaoxing City. The company and two of its wholly owned subsidiaries, on the grounds of disputes over liability for damages to the company’s interests, filed a lawsuit against the controlling shareholder, Zhejiang Huayi Intelligent Manufacturing Co., Ltd., the person acting in concert, Huanhan Investment, and the actual controller, Chen A Yu, together in court. The total amount involved in the case is 478 million yuan.

According to Xilinmen’s preliminary statistics, as of the date of the announcement, the balance of non-operating funds occupied by the controlling shareholder and its related parties totaled 190 million yuan in aggregate, exceeding 5% of the absolute value of the company’s most recent audited net assets. If the controlling shareholder and its related parties fail to complete repayment or rectification within 1 month, there is a risk that the company’s stock may be subject to other risk warning measures. Additionally, if, as a result of this incident, the company’s auditing institution finds that the effectiveness of internal controls over the company’s 2025 financial report is affected and the company’s 2025 annual audit report is issued with an opinion other than an unqualified opinion, then the company’s stock may be subject to other risk warning measures or delisting risk warning measures after the disclosure of the 2025 annual report.