The employee stock ownership platform controlled by iRay Technology’s de facto controller Gu Tie has once again disclosed a share reduction plan, drawing market attention to corporate governance and related-party transactions. Since 2025, three employee stock ownership platforms have reduced their holdings by over 7 million shares, cashing out a total of nearly 700 million yuan. This coincides with another company controlled by Gu Tie, SeeYA Technology, sprinting toward a listing on the STAR Market. Meanwhile, the scale of related-party transactions between iRay Technology and SeeYA Technology has been significantly raised, with the projected transaction amount for 2026 increasing from 120 million yuan to 860 million yuan, accounting for 38.53% of the estimated similar business, and adopting a tripartite transaction model designated by downstream customers. Gu Tie concurrently serves as chairman, general manager, and core technical personnel of iRay Technology, and his governance structure of controlling multiple industrial platforms faces a test of independence. In addition, early investor Sequoia Capital has been continuously reducing its holdings since 2022, with its shareholding ratio dropping sharply from 14.75%.
iRay Technology Co LtdDe facto controller's employee stock ownership platforms reduce holdings, cashing out nearly 700 million yuan, and related-party transactions with SeeYA Technology significantly increase, raising governance concerns.
Sequoia Capital has been continuously reducing its holdings since 2022, with shareholding ratio dropping sharply from 14.75%.