Shares of EED fell over 6% on July 13 to close at 5.89 yuan, after the company disclosed that its actual controller Hu Chun completed the naturalization process for Canadian citizenship on July 8, changing his personal identity information from Chinese to Canadian. However, the company's enterprise nature remains a domestic-funded enterprise, with the controlling shareholder and actual controller unchanged. A same-day announcement showed that from April 9 to July 8, 2026, Hu Chun reduced his holdings by 749,100 shares through centralized bidding at an average price of 9.555 yuan, cashing out approximately 7.16 million yuan. EED has seen frequent management changes in recent years. Hu Chun has been appointed and removed as chairman multiple times. After the death of Hu Delin in 2023, the actual controllers were changed to Li Chongzhu and Hu Chun. In the same year, several senior executives resigned en masse, and Hu Chun once again served as chairman until his term expired in June 2025. The company's revenue has declined year-on-year for four consecutive years since 2022. In 2025, net profit attributable to the parent company plunged 69.28% year-on-year to 6.76 million yuan. In the first quarter of 2026, revenue was 122 million yuan, up 13.72% year-on-year, and net profit attributable to the parent company was 2.03 million yuan, up 110.25% year-on-year.
Suzhou Electrical Apparatus SciActual controller cashed out 7.16 million yuan and acquired Canadian citizenship, raising governance concerns; revenue and profit have declined sharply.