Following-the-actual-accuser-

After Lin Xiucheng, the actual controller of Sanan Optoelectronics, was detained and investigated by the National Supervisory Committee, his son-in-law, the company's vice chairman and general manager Lin Kechuang was also detained and investigated.

On April 8, Sanan Optoelectronics announced that the company received a notice issued by the Chongqing Yuzhong District Supervisory Committee on April 7, 2026, and that the company’s vice chairman and general manager Lin Kechuang was detained and investigated.

Sanan Optoelectronics stated that as of now, the company has not received any documents targeting the company or cooperating with the investigation. At present, the company has made appropriate arrangements for relevant work, other directors and senior managers are performing their duties normally, the board of directors is operating normally, and production, operation and management are in normal condition.

It is worth mentioning that Lin Kechuang is Lin Xiucheng's son-in-law.

Sanan Optoelectronics' 2024 annual report shows that Lin Kechuang, male, born in 1976, master's degree, professor-level senior engineer. He once served as executive director of Xiamen Sanan Gas Co., Ltd., deputy general manager of Fujian Sanan Group Co., Ltd., and director of the company's board of directors. Currently serving as Chairman of Xiamen Sanan Integrated Circuit Co., Ltd., Quanzhou Sanan Semiconductor Technology Co., Ltd., Xiamen Sanan Optical Communication Technology Co., Ltd., Xiamen Sanan Nano Technology Co., Ltd., Anhui Sanan Technology Co., Ltd., Executive Director and General Manager, Hubei Sanan Optoelectronics Co., Ltd., Xiamen Sanan Optoelectronics Technology Co., Ltd., Tianjin Executive director and manager of Sanan Optoelectronics Co., Ltd., executive director of Wuhu Anrui Optoelectronics Co., Ltd., Shanghai Sanan Lingxiang Integrated Circuit Co., Ltd., Xiamen Sanan Optoelectronics Co., Ltd., Fujian Jingan Optoelectronics Co., Ltd., Anhui Sanan Optoelectronics Co., Ltd., director of Xiamen Qijun IoT Technology Co., Ltd., and vice chairman and general manager of the company. He currently directly holds 1.753 million shares in Sanan Optoelectronics.

Previously, Sanan Optoelectronics announced on March 22 that the actual controller Lin Xiucheng was detained and investigated.

On the same day, Sanan Optoelectronics also announced that the company recently received a notice from the indirect controlling shareholder Sanan Group that the company's shares held by Sanan Group and controlling shareholder Sanan Electronics were waiting to be frozen. The total number of shares waiting to be frozen this time is 1.377 billion shares, accounting for 93.68% of its shares and 27.60% of the company's total share capital. As of the date of the announcement, Sanan Electronics and Sanan Group had a total of 1.47 billion judicially frozen shares, accounting for 100% of their shares and 29.47% of the company's total share capital.

The company stated that the controlling shareholder also confirmed that the controlling shareholder and the company remain independent in terms of assets, business, finance, etc., and there are no non-operating fund occupations, illegal guarantees, etc. that infringe the interests of the listed company. The freezing of the above-mentioned shares will not have a significant impact on the company's control rights, ownership structure, corporate governance, etc. for the time being.

If the above-mentioned frozen shares are not properly resolved in the future, it may lead to forced transfers, judicial auctions, etc., which will in turn pose the risk of affecting the stability of the company's control. Sanan Group has set up a special team to resolve the issue of frozen shares and is actively communicating with creditors to safeguard the legitimate rights and interests of creditors. The government has also stepped in to actively coordinate and promote the resolution of the debt problem as soon as possible

Currently, the controlling shareholder of Sanan Optoelectronics is Sanan Group. The actual controller of Xiamen Sanan Electronics Co., Ltd. is Lin Xiucheng; Sanan Optoelectronics chairman Lin Zhiqiang is Lin Xiucheng’s eldest son; Sanan Optoelectronics vice chairman and general manager Lin Kechuang is Lin Xiucheng’s son-in-law; Sanan Optoelectronics director and deputy general manager Lin Zhidong is Lin Xiucheng’s youngest son. Lin Xiucheng’s family still controls Sanan Optoelectronics.

It is worth noting that on March 30, Lin Kechuang also attended the company's press conference. At that time, he stated at the press conference: In the week since the announcement that Lin Xiucheng, the actual controller of Sanan Group, was detained and investigated by the National Supervisory Commission, Sanan Optoelectronics has had in-depth exchanges with suppliers, customers, and cooperative financial institutions, and has received support from relevant parties. At present, the company's production, operation and management are all normal. Sanan Optoelectronics has a complete organizational structure, standardized governance system and mature management team, and all businesses are steadily advancing according to established plans.

At that time, Lin Kechuang responded positively to the market doubt that "Sanan Optoelectronics mainly relies on government subsidies". He said that the company is still receiving relevant subsidy payments normally, and the government's support for high-tech entities such as Sanan Optoelectronics, which is deeply involved in the field of compound semiconductors, remains as strong as ever. Lin Kechuang emphasized that the company's operations have always been legal and compliant, its self-development capabilities are strong, and its operations are completely on track.

Lin Kechuang also said at the time that the Chongqing Anyi silicon carbide chip project jointly owned by Sanan Optoelectronics and STMicroelectronics has entered the mass production stage. Sanan Optoelectronics' long-term development strategy will not change.

In addition, based on confidence in the company's future development prospects and recognition of the company's long-term investment value, and in order to enhance investor confidence and protect investor interests, the company's chairman Lin Zhiqiang and vice chairman and general manager Lin Kechuang have planned a six-month period starting from March 31, 2026. Within the period, Lin Zhiqiang planned to increase his holdings of the company's shares through centralized bidding through the Shanghai Stock Exchange system. Lin Zhiqiang planned to increase his holdings by no less than RMB 20 million and no more than RMB 40 million. Lin Kechuang planned to increase his holdings by no less than RMB 5 million and no more than RMB 10 million.

Official website information shows that Sanan Optoelectronics is a compound semiconductor R&D, manufacturing and service company. Its main businesses include LED, microwave radio frequency, power electronics, and optical technology. Its products are used in lighting, display, infrared sensing, AR glasses, new energy vehicles, charging piles, 5G, 3D identification, cloud computing, base stations, photovoltaic inverters and other fields.

The pressure on performance cannot be ignored either. The performance forecast shows that Sanan Optoelectronics may suffer its first loss since its backdoor listing in 2025. The company predicts that the net profit in 2025 will be -200 million to -300 million yuan; the net profit after deducting non-profit items will be -750 million yuan to -850 million yuan.

China Light Network believes that in just half a month, the actual controller and the general manager have been investigated one after another, which is extremely rare. Although the current announcement states that the company's production and operations are normal, the successive incidents involving key figures will have an impact on the company's confidence, internal management and business decision-making efficiency. What deserves most attention right now is whether the company's management can remain stable.

In addition, Sanan Optoelectronics is currently in a critical period of transformation from LED chips to compound semiconductors, and continues to invest in cutting-edge fields such as Micro LED and silicon carbide. In this critical period, stability is more important than anything else. Next, whether the company can stabilize the situation as soon as possible and keep operations undisturbed will be the focus of the industry.