Xilimen and its subsidiaries sue the controlling shareholder, involving a total amount of approximately 477 million yuan.

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On April 1, Aiko Sleep Health Sleep Technology Co., Ltd. (Aiko Sleep, 603008.SH) released an announcement disclosing that the company and its two wholly owned subsidiaries have filed lawsuits against the controlling shareholder and its parties acting in concert, with the total amount involved in the case of approximately RMB 478 million.

According to the announcement, on March 31, 2026, Aiko Sleep and its wholly owned subsidiaries Zhejiang Shunxi Supply Chain Co., Ltd. (hereinafter referred to as “Shunxi Company”) and Zhejiang Yingxi Supply Chain Management Co., Ltd. (hereinafter referred to as “Yingxi Company”) as plaintiffs received from the People’s Court of Yuecheng District of Shaoxing City the 《Case Acceptance Notice》【(2026) Zhe 0602 Min Chu 4695】.

This lawsuit is aimed at Aiko Sleep’s controlling shareholder Zhejiang Huayi Intelligent Manufacturing Co., Ltd. (hereinafter referred to as “Huayi Intelligent Manufacturing”) and its parties acting in concert Shaoxing Yuecheng District Hanhán Equity Investment Partnership (Limited Partnership) (hereinafter referred to as “Hanhán Investment”) and Chen Ayu (together, “the controlling shareholder and its parties acting in concert” or “the defendants”). Aiko Sleep and its two wholly owned subsidiaries requested the defendants to bear liability for compensation on the grounds of disputes over liability for damaging the interests of the company, and the related cases have been filed.

As of the date of disclosure in this announcement, the above cases have not yet been heard in court.

Based on the litigation facts and reasons disclosed in the announcement, in 2026, for business operation needs, Aiko Sleep and its subsidiaries borrowed loans from banks. Through a loan-refinancing business model, the controlling shareholder and its parties acting in concert occupied RMB 72 million that has not been repaid, of which Aiko Sleep is involved with RMB 15 million and Yingxi Company with RMB 57 million. In addition, between 2025 and 2026, Aiko Sleep and its subsidiaries carried out factoring financing business. For the amounts already paid to suppliers, the defendant, through a factoring financing business model, applied to the bank for financing in the name of the suppliers. Ultimately, the funds flowed to the defendant and its designated accounts. According to preliminary understanding, the defendants collectively obtained funds of approximately RMB 406 million.

Aiko Sleep cites Article 21 of the Company Law, which states that: company shareholders shall comply with laws, administrative regulations, and the company’s articles of association, exercise their shareholder rights in accordance with the law, and shall not abuse shareholder rights to damage the interests of the company or other shareholders; if a shareholder abuses shareholder rights and causes losses to the company or other shareholders, it shall bear liability for compensation.

Aiko Sleep and its subsidiaries believe that the defendants’ aforementioned conduct in obtaining funds has severely damaged the interests of the plaintiffs. Given that the defendants have a high degree of commingling (the three defendants are the controlling shareholder and its parties acting in concert of the listed company), the three defendants should jointly bear liability for compensation to the plaintiffs.

In addition, the announcement shows that, as of the date of disclosure, the balance of non-operating funds occupied by Aiko Sleep’s controlling shareholder and its related parties has cumulatively reached RMB 189.6 million (this amount is based on the company’s preliminary statistics; the final amount shall be subject to the final determination by further investigation and regulatory authorities). This exceeds the absolute value of 5% 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 warnings.

In addition, the announcement shows that, if the company’s auditing institution, due to this incident, issues conclusions that are not free of material misstatement regarding the effectiveness of internal controls in the company’s financial report as of December 31, 2025, and issues an audit report for fiscal year 2025 with a non-unqualified opinion, then the company’s stock may be subject to other risk warnings or delisting risk warnings after the disclosure of the 2025 annual report.

On the same day, the announcement disclosed by Aiko Sleep also shows that the company’s actual controller Chen Ayu and the company itself have recently received from the China Securities Regulatory Commission the 《Notice of Filing for Investigation》. The CSRC decided to file separate investigations of both, as they allegedly violated laws and regulations related to information disclosure.

According to the official website of Aiko Sleep, the company was founded in 1984. It is the first listed company in China’s mattress industry. It is currently defined as a health sleep technology enterprise driven by technological innovation as the core. It has deployed globally 7 production bases and has more than 5,200 stores.

According to Great Wisdom VIP, as of the market close on April 1, Aiko Sleep reported RMB 15.2 per share, up 1.74%.

By person Qi Simin, reporter for The Paper

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