Sayyas Windows and Xianfeng New Material have each received administrative penalty decisions from their respective securities regulatory bureaus for disclosure violations related to control transfers. Xianfeng New Material and related parties were fined a total of nearly 10 million yuan. Sayyas Windows' actual controller Bian Shuping signed an agreement in August 2025 involving share transfers and control handover, but failed to inform the company and cooperate in fulfilling disclosure obligations. The company, along with chairman Bian Keren and board secretary Xing Youwei, were issued warning letters by the Heilongjiang Securities Regulatory Bureau and had the matter recorded in their integrity files. Xianfeng New Material was warned and fined 2 million yuan by the Ningbo Securities Regulatory Bureau for failing to timely disclose a 2018 equity transfer agreement between then-actual controller Lu Xianfeng and He Qinming, as well as failing to disclose a guarantee provided for a 250 million yuan loan to related party Kaixin Investment. Lu Xianfeng was fined a total of 6 million yuan, while Bai Ruichen and Xiong Jun were fined 800,000 yuan and 600,000 yuan respectively.
Ningbo Xianfeng New MaterialFined for failing to disclose control transfer and guarantee, totaling nearly 10 million yuan.
Harbin Sayyas Windows Co. Ltd. AActual controller failed to disclose share transfer and control handover; company and executives issued warning letters.