Jiangsu Huasheng Tianlong faces continued trading risks amid frozen assets, negative net worth

Jiangsu Huasheng Tianlong Photoelectric Co. is under continuous "other risk warning" due to multiple factors. The company's controlling shareholder, Dayou Holdings, has all 25,598,494 shares frozen due to an arbitration dispute and a property preservation request, which could lead to a change in control.

In addition to the frozen shares, the company's full subsidiary, Sichuan Zhongshu Shilian Construction Engineering Co., Ltd., previously had several bank accounts frozen. While some accounts have been unfrozen, other litigation-related freezes remain. The company's production and operations have been severely affected since December 2018 due to a lack of market orders for its mono- and polycrystalline furnace products.

Financially, the company's net assets for 2024 were negative, and its net profit after deducting non-recurring gains and losses was also negative for the past three consecutive fiscal years. For the third quarter of 2025, the net profit attributable to shareholders was -CNY 14,653,506.03, and net assets were -CNY 17,609,716.43, confirming a loss-making status.