Every editor du Yu

On the evening of May twenty _ fourthSpearfishing, ST Bailey (603959Spearfishing.SH, stock price 2 yuan, market capitalization 9.SpearfishingAccording to the announcement, the board of directors recently received an application for resignation from the family of Chairman Wang Hairong. Wang Hairong could not perform his duties normally for the time being because he assisted relevant departments in the investigation. He applied to resign as chairman in order to ensure the smooth development of various businesses of the company.

ST Bailey announced that the company held the 51st meeting of the fourth board of directors on May 24, 2024, and examined and passed the "motion on electing the chairman of the fourth board of directors of the company." All the directors unanimously agreed to elect Mr. Wang Liyan as the chairman of the fourth session of the board of directors of the company for a term of office from the examination and adoption of the board of directors to the expiration of the fourth session of the board of directors. After the company has appointed a new chairman, Mr. Xiao Liming, vice chairman of the company, will no longer act as chairman of the company. The company and the board of directors express their heartfelt thanks to Mr. Xiao Liming for his contribution to the development of the company during his acting chairman.

According to the articles of Association and other relevant provisions, the chairman is the legal representative of the company. Accordingly, the legal representative of the company will be synchronously changed to Mr. Wang Liyan. The company will handle follow-up matters such as industrial and commercial change registration in accordance with relevant regulations.

Resume of Mr. Wang Liyan

Mr. Wang LiyanSpearfishingBorn in 1962, Chinese nationality, with permanent residence in Singapore, master's degree, senior engineer, Nanyang technological University, Singapore. He has served as an engineer of China National Petroleum Pipeline Design Institute, president of Southern Branch, director and general manager of RH International Pte Ltd, director and chief operating officer of RH Energy, supervisor of Bailey Co., Ltd., director and acting president of Benefo Technology, Haixin Investment Manager, Qingdao Lanshui Quantum Director, Hengyuan Huida Director, Director of Lubao Xinghai, Chairman of Shanghai Baikun, etc.

It is worth noting that in February this year, St Bailey revealed that Wang Hairong, one of the real controllers, assisted the relevant departments in the investigation.

According to public information, Wang Hairong, who was born in 1969, has more than 20 years of experience in the oil and petrochemical energy industry. he was the project manager of Qinghai Oilfield Administration of China National Petroleum Corporation, the chairman of Wuhan Refining and Chemical Engineering Design Co., Ltd., the chairman of Qingdao Lanshui Quantum Technology Development Co., Ltd., and the director of Changzhou Baili Lithium Smart Factory Co., Ltd.

At present, ST Benefo has many risks such as operating performance and controlling shareholder pledge.

On the evening of April 29th this year, the 2023 annual report released by ST Bailey showed that the operating income in 2023 was 2.069 billion yuan, down 35.74 percent from the same period last year, of which petrochemical design income was 138 million yuan, lithium electricity intelligent production line and equipment sales income was 1.09 billion yuan, and lithium power plate project total contract income was 825 million yuan. The net profit of homing was-118 million yuan, down 1473.54% from the same period last year.

At the same time, the auditor Dahua Accounting firm issued an audit report with reservations on the company's 2023 annual report and a negative opinion on the company's internal control, saying that Bailey Technology had made a total advance payment of 196 million yuan by the end of 2023. Audit institutions are unable to obtain sufficient and appropriate audit evidence to judge the nature, commercial rationality and recoverability of large capital transactions. Based on this, the auditor is unable to determine the impact of the above advance payment on the financial position and operating results of Bailey Technology Company during the reporting period.

Due to the negative opinion of the internal control audit report issued by the accounting firm, according to the relevant regulations, Bailey Technology shares were suspended for one day on April 30, 2024, resumed trading on May 6 and were given other risk warnings, and became St shares wearing stars and hats.

The exchange also sent inquiry letters overnight. On the evening of April 29, the exchange issued a regulatory inquiry to Bailey Technology, requiring Bailey Technology to provide a written response to non-standard opinions, board deliberations and the performance of independent directors within five trading days.

In the secondary market, St Bailey continues to be abandoned by funds. Since the market opened on May 6th, ST Benefo has fallen by its daily limit for 15 consecutive trading days, and its share price has fallen from 4.30 yuan to the latest closing price of 2 yuan, leaving the company with a market capitalization of less than 1 billion yuan.

Public information shows that as of March 31, 2024, St Bailey has 26400 shareholders. It is worth noting that the number of shareholder households increased by 2500 in a month.

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