Sayyas Windows actual controller Bian Shuping received a regulatory letter from the Shenzhen Stock Exchange and an administrative warning from the Heilongjiang Securities Regulatory Bureau for privately signing an agreement involving the transfer of control without informing the company or fulfilling information disclosure obligations. The agreement was signed in August 2025 with Shenzhen Jin'ao Haokun Enterprise Management Co., Ltd., stipulating that Shenzhen Jin'ao or its designated entity would acquire shares held by Bian Shuping and his spouse, and involving arrangements for control transfer and new business transformation. Shenzhen Jin'ao paid a deposit of 30 million yuan upfront. In January 2026, Bian Shuping issued a termination notice citing significant uncertainty in the agreement, after which Shenzhen Jin'ao initiated arbitration demanding double the deposit, totaling 60 million yuan, bringing the matter to light. Sayyas Windows stated that the company was not a party to the agreement and the arbitration would not lead to a change in control, but the company has posted losses for two consecutive years, with 2024 revenue of 567 million yuan and a loss of 42.1908 million yuan, and 2025 revenue of 611 million yuan with losses widening to 48.0815 million yuan.
Harbin Sayyas Windows Co. Ltd. AActual controller secretly signed control transfer agreement without disclosure, receiving regulatory warning and administrative warning.