On September 8, Pawa announced that Zhang Bao, one of the company's co-actual controllers and director, was suspected of duty embezzlement and was investigated by the public security organs. Zhuji People's Procuratorate has made a decision to arrest Zhang Bao for duty embezzlement according to law.
Zhang Bao has multiple identities, not only as chairman and general manager of Pawa shares, but also as a researcher and doctoral supervisor of the School of Metallurgy and Environment, Central South University.
As of the disclosure of Zhongbao, Zhang Bao still holds 16.56 million shares of Pawa, ranking the second largest shareholder. At the close of September 8, the shares were worth about 184 million yuan. Founded in July 2014 and listed on the Science and Technology Innovation Board in 2022
, Pava is mainly engaged in the production, research and development and sales of ternary cathode material precursors for lithium-ion batteries for electric vehicle.