On October 30, *ST Prosolar (600193.SH) announced that it had received notice from the family of Chairman Liu Peng, stating that he had been formally arrested by the Shangcheng District Branch of Hangzhou Public Security Bureau due to alleged criminal activities. The company clarified that the matter is unrelated to its operations.

As of the announcement date, the board of directors continues to function normally. Director and General Manager Yang Zhe has temporarily assumed the duties of chairman and legal representative, while the executive team oversees daily operations. The company and its subsidiaries maintain normal production and business activities.

Earlier, on September 19, *ST Prosolar disclosed that Liu Peng had been detained for investigation by the same authorities.

Public records show that Liu Peng, born in June 1980, holds a master's degree from Zhejiang University’s School of Management. His 2024 compensation was reported as CNY 27,300, paid by a company affiliate.

Recently, *ST Prosolar underwent a change in control. On July 16, the company announced that its major shareholder, Huaqiao Industrial, had 67 million shares (15.75% of total equity) judicially auctioned, reducing its stake to 8.15%. Wang Xiangrong and his associates now collectively control 15.75% of shares, making Wang the de facto controller.

The company, listed on the SSE since May 27, 1999, operates in construction engineering, mobile information services, and computing power services. It was previously known as Prosolar Resources before being rebranded as *ST Prosolar on April 29 due to financial triggers for delisting risk.

Financial reports reveal severe declines: H1 2025 revenue plunged 99% YoY to CNY 374,000, with a net loss of CNY 13.71 million. Q1-Q3 2025 revenue fell 59.1% YoY to CNY 18.73 million, though net loss narrowed by 26.27% to CNY 14.49 million.

Liu Peng previously held executive roles in companies linked to Yu Zengyun, including Huaqiao Fund and Huaqiao Commercial Group. In March 2023, Huaqiao Industrial, a Yu-controlled entity, acquired 102 million shares of Prosolar Resources, making Yu the actual controller. Liu was subsequently appointed chairman.

In September 2024, *ST Prosolar reported Yu’s disappearance, triggering a stock crash. Later, Yu’s Huaqiao Fund faced redemption crises, and he was placed under investigation in November 2024.