Redick announced that the company's actual controller, chairman and general manager Shen Renrong, received a decision on release on bail pending trial from the Hangzhou Public Security Bureau on July 20, for suspected insider trading. The matter involved is the same case for which Shen Renrong was penalized by the Zhejiang Securities Regulatory Bureau in October 2022, when his personal account traded shares of Pulishing, resulting in the confiscation of illegal gains of 8.7175 million yuan and a fine of 26.1525 million yuan, totaling 34.87 million yuan in penalties. The company stated that the matter only involves Shen Renrong personally, and he is currently able to perform his duties normally, with the company's production and operations remaining normal. Redick is mainly engaged in automotive components and precision transmission products. In the first quarter of this year, it achieved operating revenue of 199 million yuan, a year-on-year increase of 6.78%, and net profit attributable to the parent company of 26.7762 million yuan, a year-on-year decrease of 23.36%.
HangZhou Radical Energy Saving Technology Co LtdActual controller Shen Renrong released on bail for suspected insider trading, indicating legal and regulatory risk.