A publicly issued termination notice from a company planning an initial public offering has ignited widespread discussion due to its unusual wording. The notice cited "openly eating snacks in the office, severely undermining social order and morality" as grounds for dismissal.
On March 18, 2026, an internal announcement from Shenzhen Jinhaobiao Electronics Co., Ltd. circulated widely online. The document stated that the company's former deputy general manager Cheng (female) and He (male), former deputy general manager of affiliated company Sakowei Semiconductor, had been dismissed before the Spring Festival.
The notice listed two reasons for the termination: first, "colluding with external parties (virtual agent Desen Light Company Luo and Huanyu Xinke Company Yuan) to extensively embezzle company assets," and second, "openly eating snacks in the office, severely undermining social order and morality." The announcement further indicated that the company is pursuing criminal charges against both individuals and has offered rewards for information about their alleged crimes.
On March 19, media representatives contacted the general manager's office of Jinhaobiao Electronics, where a staff member confirmed the authenticity of the announcement and that the relevant personnel had been dismissed. However, when questioned about the specific amount of embezzled assets and what exactly "eating snacks" referred to, the staff member stated they were "unclear."
As the notice gained attention, it revived memories of a years-old incident involving the company's founder, Song Shiqiang, who had previously gained notoriety as a whistleblower. Both Jinhaobiao and Sakowei, founded by Song, currently have IPO plans in progress.
The internal personnel controversy comes at a critical juncture as both Jinhaobiao and its affiliated company Sakowei prepare for their public listings. Established in 2007, Jinhaobiao Electronics specializes in developing Beidou/GPS dual-mode antennas and RF connectors, with products applied in smartphones, laptops, robotics, and new energy vehicles. Sakowei Semiconductor, founded in 2015, focuses on power devices and power management chips, offering products comparable to international brands like Texas Instruments, Infineon, and Nexperia. Both companies share the same legal representative, Song Shiqiang, and registered address.
According to company websites and public interviews, Jinhaobiao has achieved "continuous growth," with both companies maintaining 100% growth rates in 2022 and 2023. In July 2024, both firms announced IPO intentions, with Sakowei targeting listing standards within three years and Jinhaobiao planning to go public within five years. In early 2025, Jinhaobiao announced annual sales exceeding 100 million yuan, claiming this met basic financial criteria for ChiNext listing while working toward STAR Market standards.
The strongly worded dismissal notice quickly sparked public debate, focusing on two points: the evidence and amount involved in the asset embezzlement allegations, and whether the "office snacking" description was inappropriate or violated personal privacy. Legal experts noted that while such announcements can be damage control measures, their compliance with privacy laws depends on factual accuracy.
The controversy recalled a 2020 incident where Song Shiqiang had publicly accused listed company Finmeng Electronics of pre-IPO financial fraud. Song claimed his company had signed fake contracts worth millions to help Finmeng with financing. The allegation caused significant market reaction and regulatory inquiry, though Finmeng denied the claims and sued Song for defamation. The case revealed complex financial disputes between the companies, with Song eventually deleting his social media posts about the matter without further resolution.
Song Shiqiang began his career in technical roles before moving into real estate, including executive positions at international developers. He transitioned to electronics in 2007, founding Jinhaobiao in Shenzhen's Huaqiangbei district. He later established Sakowei by selling several of his personal properties. Beyond business, Song is active in researching Huaqiangbei's commercial models and山寨 culture, publishing articles and videos across multiple platforms.
The current situation presents a stark contrast to Song's 2020 whistleblower role, now placing his companies under scrutiny for internal governance issues during their IPO preparations. The outcome of Jinhaobiao's STAR Market application and the reputation Song built over nearly two decades in Huaqiangbei may become clear within coming months.