Accused of Financial Fraud, Jiangxi Photovoltaic Cross-border Players Come to an End in 3 Years?

2025-08-04 09:05:59

Three years ago, it announced a high-profile cross-border photovoltaic, but three years later, it had to sell its land, and was investigated by the SFC for suspected financial fraud. * ST Mubang's cross-border pursuit of light may really come to an end.

On July 31, * ST Mubang issued a notice on the failure to return the raised funds on time.

The announcement shows that, in view of the company's current large number of litigation cases, and a number of operating accounts have been frozen, * ST Mubang is temporarily unable to return the previously used fund-raising of no more than 100 million yuan on time.

Earlier, on the evening of July 28, * ST Mubang also announced that it planned to sell a land use right and ground attachments held by Bangbao Yizhi, a wholly-owned subsidiary, at a discount of 7% through public auction . (For details, please click: Accused of Financial Fraud?")?

On the same day, * ST Mubang also received a decision on administrative supervision measures from the Jiangxi Securities Regulatory Bureau. According to the written decision, * ST Mubang has major accounting errors , illegal use of raised funds , occupation of non-operating funds by controlling shareholders and other related parties, The annual report and other disclosure documents have errors and irregularities.

Among them , * ST Mubang raised funds in violation of regulations from February 2024 to April 2025. Part of the raised funds will be paid in advance to suppliers such as the construction party of the project (closely related to the controlling shareholder or other related parties), and then the supplier will be arranged to transfer part of the funds to the designated account. After several transfers, it is transferred to the bank account of the controlling shareholder or other related parties, and then the controlling shareholder or other related parties transfer part of the funds back to the company in the form of previous payments for repayment of loans, daily operations and other non-investment projects .

It is understood that * ST Mubang has been in the cross-border photovoltaic field since 2022. The specific use of the accumulated raised funds is shown in the figure below:

As for the occupation of non-operating funds by the controlling shareholder and other related parties, as of the end of June 2025, The company's total non-operating capital occupancy balance is about 8131.

However, it is worth noting that * ST Mubang's financial problems have emerged as early as the beginning of the year . On January 24,

2025, * ST Mubang issued an annual pre-loss announcement for 2024, predicting an annual revenue of 330-350 million yuan and a net profit loss of 420-520 million yuan .

However , three months later (April 30), * ST Mubang issued a 2024 annual performance loss correction announcement, confirming that 2024 revenue is expected to be 2.7-2.Compared with the relevant data previously disclosed, the gap is relatively large .

During this period, the Shanghai Stock Exchange inquired about matters related to the performance forecast of * ST Mubang. However, * ST Mubang did not respond immediately, but after three delays , it did not reply to the relevant content until one month later . What is

even more puzzling is that * ST Mubang released its third quarterly report of 2024 in October 2024, which showed that the company's revenue in the first three quarters was 486 million yuan . Year-on-year decline 52.

Then * ST Mubang released its 2024 revenue forecast of 330-350 million yuan in January 2025 (the company has corrected its 2024 revenue forecast of 2.7-2.0H on April 30). TML0 UNK1 4 In this way, * ST Mubang's fourth quarter not only failed to achieve revenue growth, but the company's 0 HTML 0 UNK1 5 disappeared by 136-156 million yuan 0 HTML 0 UNK1 6; If calculated according to the corrected data, the amount will reach 0 HTML 0 UNK1 72.06-2.0 HTML 0 UNK1 8. In addition, digital new energy DataBM.0 HTML 0 UNK1 9. During the reporting period, the company expects to continue to lose 1.5-1 in 0 HTML 0 UNK2 0. Before that, * ST Mubang only lost 1.162 billion yuan in 2024, and has lost 5.0 HTML 0 UNK2 3 liabilities in 0 HTML 0 UNK2 2 accumulated profits in the previous 10 years. As of March 31, 2025, * ST Mubang had total assets of 3.561 billion yuan, total liabilities of 0 HTML0 UNK2 of 42.728 billion yuan 0 HTML0 UNK2 5, and debt ratio of about 0 HTML0 UNK2 676.

In addition, due to disputes over private lending and contract sales , as of July 22, the company's fund-raising account had been deducted by the judiciary for about 2

. * ST Mubang itself has long been difficult to support .

In the past, Lingyun's ambition

data showed that * ST Mubang, formerly known as Bangbao Puzzle, is a cultural, educational and leisure company mainly based on educational toys . Subsequently, due to the pursuit of transformation, in 2022,

according to the incomplete statistics of the digital new energy DataBM. Com, * ST Mubang completed the acquisition of Hao'an Energy. A number of 10GW, The are shown in the following table:

failed ." The only real promotion is the 10GW high-efficiency battery project in Wuzhou , Guangxi, which is now in a loss state. (For details, please click: a fine of up to 10 million yuan and claims from many investors. Even * ST Mubang itself may even be forced to delist .

As of August 1, 2025, the total market value of * ST Mubang was 2.281 billion yuan, and the stock price closed at 5. Compared with the highest point corresponding to the stock price in 2022, 53.

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