Sudden! Lin Xiucheng, the actual controller of Sanan Optoelectronics, was detained for investigation
On March 22, Sanan Optoelectronics (600703.SH) announced that the company received a notice from its controlling shareholder Fujian Sanan Group Co., Ltd. on March 21, 2026, that the company’s actual controller Lin Xiucheng was detained by the National Supervisory Commission and opened for investigation.
The announcement shows that Lin Xiucheng has not held any position in the company since July 10, 2017. The company stated that the current production and operation management is normal and the governance structure is complete. The above matters will not have a major impact on the company's production and operation. The company will continue to pay attention to the progress of the matter and fulfill its information disclosure obligations.
Public information shows that Lin Xiucheng, born in 1955, has a university degree and is a senior economist. Chairman and general manager of Fujian Sanan Group Co., Ltd.
inkMacSystemFont, "Helvetica Neue", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify; line-height: 1.75em; box-sizing: border-box !important; overflow-wr
ap: break-word !important;'>Sanan Optoelectronics is headquartered in Xiamen, Fujian Province. Information shows that Sanan Optoelectronics Co., Ltd. was formerly known as Hubei listed company Vitality 28. The company was listed on May 28, 1996, and was later renamed Tianyi Technology. In 2008, it was successfully backdoor listed by Sanan Optoelectronics. Sanan Optoelectronics’ main business is the research and development, production and sales of compound semiconductor materials and devices. The company's main products are LED epitaxial chips, LED application products, and integrated circuit chips. inkMacSystemFont, "Helvetica Neue", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;
font-size: 17px; letter-spacing: 0.544px; text-align: justify; line-height: 1.75em; box-sizing: border-box !important; overflow-wrap: break-word !important;'>In the 1980s, Lin Xiucheng made his first pot of gold by purchasing scrap steel scraps and selling them to factories. In 1992, he jointly established San'an Iron Works with Fujian Sanming Iron and Steel Works. inkMacSystemFont, "Helvetica Neue", "Hiragino Sans GB
", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify; line-height: 1.75em; box-sizing: border-box !important; overflow-wrap: break-word !important;'>In 1999, he began to devote himself to the semiconductor field. In 2000, Sanan Optoelectronics Co., Ltd. was listed on the A-share market.
Lin Xiucheng was once called China's "LED King".
, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify; line-height: 1.75em; box-sizing: border-box !important; overflow-wrap: break-word !important;'>In 2017, Lin Xiucheng took the initiative to hand over the baton, and his 43-year-old eldest son Lin Zhiqiang took over.
Served as chairman of Sanan Optoelectronics. After taking office, Lin Zhiqiang led the team to transform.
In 2018, he led the company to invest 33.3 billion yuan to develop III-V compound semiconductor materials, LED epitaxy, chips, microwave integrated circuits and other industries. Since then, Sanan Optoelectronics’ market value once exceeded 200 billion yuan, with annual revenue exceeding 10 billion yuan. Later, it experienced cyclical downturns in the industry, and Sanan Optoelectronics’ latest market value was approximately 80 billion yuan. inkMacSystemFont, "Helvetica Neue", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify; line
-height: 1.75em; box-sizing: border-box !important; overflow-wrap: break-word !important;'>Lin Xiucheng's two sons, the eldest son Lin Zhiqiang and the second son Lin Zhidong, as well as his son-in-law Lin Kechuang, all hold important positions in the San'an Department. The "2026 Hurun Global Rich List" shows that Sanan Optoelectronics Lin Xiucheng and Lin Zhiqiang father and son are ranked third among the richest people in Xiamen with a wealth of 16 billion yuan. The 2025 performance forecast data previously disclosed by Sanan Optoelectronics shows that in 2025, the company is expected to achieve a net profit attributable to the parent company of -200 million to -300 million yuan; the non-net profit is expected to be -750 million yuan to -850 million yuan, compared with -511 million yuan in the same period last year.
For pre-losses
Because, Sanan Optoelectronics stated that during the reporting period, the company's proportion of high-end LED products further increased. Although the revenue scale and profitability of the integrated circuit business increased year-on-year, the filter and silicon carbide business in integrated circuits still had a greater drag on the company's profits. At the same time, the government subsidies received by the company decreased year-on-year; research and development expenses increased year-on-year; the adjustment of the difference between the tentative sales price of precious metal scrap and the price trend of the Shanghai Gold Exchange resulted in a decrease in investment income; in accordance with the provisions of the "Accounting Standards for Business Enterprises", the provision for depreciation of inventories whose net realizable value is lower than the cost increased year-on-year.
In terms of government subsidies, Sanan Optoelectronics received 657 million yuan in government subsidies in the first three quarters of 2024. By the first three quarters of 2025, the figure was 460 million yuan, a year-on-year decrease of approximately 200 million yuan.
In addition, on March 11, Sanan Optoelectronics said in response to investor questions on an interactive platform that the company has carried out in-depth cooperation with Tsinghua University, China Mobile and other entities in the fields of Micro LED optoelectronic devices and high-speed optical communications to jointly promote the research and development and application verification of related technologies. The Micro LED light source devices produced by the company have excellent performance, and samples have been sent to domestic and foreign heads.
The enterprise conducts module assembly verification.
As for the cause of the investigation, the official has not yet disclosed it, and there are currently different market opinions.
For pre-losses
Because, Sanan Optoelectronics stated that during the reporting period, the company's proportion of high-end LED products further increased. Although the revenue scale and profitability of the integrated circuit business increased year-on-year, the filter and silicon carbide business in integrated circuits still had a greater drag on the company's profits. At the same time, the government subsidies received by the company decreased year-on-year; research and development expenses increased year-on-year; the adjustment of the difference between the tentative sales price of precious metal scrap and the price trend of the Shanghai Gold Exchange resulted in a decrease in investment income; in accordance with the provisions of the "Accounting Standards for Business Enterprises", the provision for depreciation of inventories whose net realizable value is lower than the cost increased year-on-year.
In terms of government subsidies, Sanan Optoelectronics received 657 million yuan in government subsidies in the first three quarters of 2024. By the first three quarters of 2025, the figure was 460 million yuan, a year-on-year decrease of approximately 200 million yuan.
In addition, on March 11, Sanan Optoelectronics said in response to investor questions on an interactive platform that the company has carried out in-depth cooperation with Tsinghua University, China Mobile and other entities in the fields of Micro LED optoelectronic devices and high-speed optical communications to jointly promote the research and development and application verification of related technologies. The Micro LED light source devices produced by the company have excellent performance, and samples have been sent to domestic and foreign heads.
The enterprise conducts module assembly verification.
As for the cause of the investigation, the official has not yet disclosed it, and there are currently different market opinions.
For pre-losses
Because, Sanan Optoelectronics stated that during the reporting period, the company's proportion of high-end LED products further increased. Although the revenue scale and profitability of the integrated circuit business increased year-on-year, the filter and silicon carbide business in integrated circuits still had a greater drag on the company's profits. At the same time, the government subsidies received by the company decreased year-on-year; research and development expenses increased year-on-year; the adjustment of the difference between the tentative sales price of precious metal scrap and the price trend of the Shanghai Gold Exchange resulted in a decrease in investment income; in accordance with the provisions of the "Accounting Standards for Business Enterprises", the provision for depreciation of inventories whose net realizable value is lower than the cost increased year-on-year.
In terms of government subsidies, Sanan Optoelectronics received 657 million yuan in government subsidies in the first three quarters of 2024. By the first three quarters of 2025, the figure was 460 million yuan, a year-on-year decrease of approximately 200 million yuan.
In addition, on March 11, Sanan Optoelectronics said in response to investor questions on an interactive platform that the company has carried out in-depth cooperation with Tsinghua University, China Mobile and other entities in the fields of Micro LED optoelectronic devices and high-speed optical communications to jointly promote the research and development and application verification of related technologies. The Micro LED light source devices produced by the company have excellent performance, and samples have been sent to domestic and foreign heads.
The enterprise conducts module assembly verification.
As for the cause of the investigation, the official has not yet disclosed it, and there are currently different market opinions.
For pre-losses
Because, Sanan Optoelectronics stated that during the reporting period, the company's proportion of high-end LED products further increased. Although the revenue scale and profitability of the integrated circuit business increased year-on-year, the filter and silicon carbide business in integrated circuits still had a greater drag on the company's profits. At the same time, the government subsidies received by the company decreased year-on-year; research and development expenses increased year-on-year; the adjustment of the difference between the tentative sales price of precious metal scrap and the price trend of the Shanghai Gold Exchange resulted in a decrease in investment income; in accordance with the provisions of the "Accounting Standards for Business Enterprises", the provision for depreciation of inventories whose net realizable value is lower than the cost increased year-on-year.
In terms of government subsidies, Sanan Optoelectronics received 657 million yuan in government subsidies in the first three quarters of 2024. By the first three quarters of 2025, the figure was 460 million yuan, a year-on-year decrease of approximately 200 million yuan.
In addition, on March 11, Sanan Optoelectronics said in response to investor questions on an interactive platform that the company has carried out in-depth cooperation with Tsinghua University, China Mobile and other entities in the fields of Micro LED optoelectronic devices and high-speed optical communications to jointly promote the research and development and application verification of related technologies. The Micro LED light source devices produced by the company have excellent performance, and samples have been sent to domestic and foreign heads.
The enterprise conducts module assembly verification.
As for the cause of the investigation, the official has not yet disclosed it, and there are currently different market opinions.
For pre-losses
Because, Sanan Optoelectronics stated that during the reporting period, the company's proportion of high-end LED products further increased. Although the revenue scale and profitability of the integrated circuit business increased year-on-year, the filter and silicon carbide business in integrated circuits still had a greater drag on the company's profits. At the same time, the government subsidies received by the company decreased year-on-year; research and development expenses increased year-on-year; the adjustment of the difference between the tentative sales price of precious metal scrap and the price trend of the Shanghai Gold Exchange resulted in a decrease in investment income; in accordance with the provisions of the "Accounting Standards for Business Enterprises", the provision for depreciation of inventories whose net realizable value is lower than the cost increased year-on-year.
In terms of government subsidies, Sanan Optoelectronics received 657 million yuan in government subsidies in the first three quarters of 2024. By the first three quarters of 2025, the figure was 460 million yuan, a year-on-year decrease of approximately 200 million yuan.
In addition, on March 11, Sanan Optoelectronics said in response to investor questions on an interactive platform that the company has carried out in-depth cooperation with Tsinghua University, China Mobile and other entities in the fields of Micro LED optoelectronic devices and high-speed optical communications to jointly promote the research and development and application verification of related technologies. The Micro LED light source devices produced by the company have excellent performance, and samples have been sent to domestic and foreign heads.
The enterprise conducts module assembly verification.
As for the cause of the investigation, the official has not yet disclosed it, and there are currently different market opinions.
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