China Western Power Industrial (SHE:002630) said Li Renchao, its controlling shareholder and actual controller, no longer holds any position in the company following his detention, according to a Shenzhen Stock Exchange filing on Tuesday.
The Chinese power company made the announcement after receiving a notice from authorities in Suining City, China.
The company said the change will not have a significant impact on its operations, but it is rectifying the deficiencies identified in its 2024 audit report and will apply for the removal of the "ST" designation from its stock, the filing said.
The company's shares rose more than 1% in recent trade.
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