Red Star Capital Bureau reported on May 12 that Tianyu Digital (002354.sz) announced today that the company’s chairman and general manager Xu Dewei has been investigated and detained by the Ningxia Hui Autonomous Region Supervisory Committee for suspected violations of joint duties.
Screenshot from Tianyu Digital's announcement
According to the announcement, this investigation is only for Xu Dewei personally and has nothing to do with Tianyu Digital. Tianyu Digital stated that its governance structure is complete and its internal control mechanism is sound. The current production and operation order of the company and its subsidiaries is normal. The operations of the company's board of directors and supervisory board have not been affected, and the company's control rights have not changed.
In order to ensure the stability of the company's management, Tianyu Digital has designated director and deputy general manager He Han to temporarily take charge of the company's daily operations and management. Subsequently, Red Star Capital Bureau called Tianyu Digital, but had not received a reply as of press time.
public information shows that Tianyu Digits, formerly known as Tianshen Entertainment, focused on mobile game research and development, overseas game distribution, and film and television content production in its early days. It landed on the A-share market in July 2014. After 2018, affected by factors such as policy adjustments in the gaming and film and television industries and changes in the market environment, the company fell into a debt crisis and was once on the verge of delisting.
In 2020, Tianyu Digital resolved its huge debt through judicial reorganization and changed its name to Tianyu Digital in 2021. Since then, it has changed its business direction and focused on the field of digital economy, focusing on leisure e-sports, digital marketing, virtual digital people and other businesses. In recent years, we have also been pursuing popular concepts such as artificial intelligence and large models.
Xu Dewei was born in 1976. He served as the Political Department Officer of the Yinchuan Armed Police Detachment, the Secretary-General of the General Office of the Yinchuan Municipal People's Government, the Deputy Director of the Yinchuan Financial Affairs Bureau, the General Manager of Beijing Tianxiang Nebula Private Equity Fund Management Co., Ltd., and Yapotash International Investment ( Executive deputy general manager of Guangzhou Co., Ltd., and currently director, general manager and chairman of Tianyu Digits.
It is worth mentioning that Zhu Ye, the former actual controller and former largest shareholder of Tianyu Digital, bought Buffett’s lunch for US$2.34 million in 2015, which attracted widespread attention in the capital market. However, in July 2023, the 70.2 million unrestricted tradable shares of Tianyu Digital held by Zhu Ye were auctioned by the Wuhan Intermediate People's Court on the judicial auction platform, and all were finally sold. Zhu Ye is no longer the largest shareholder of Tianyu Digital.
html On April 25, Tianyu Digital released its 2023 annual report. The company achieved operating income of 1.761 billion yuan, a year-on-year increase of 1.07%. The net profit attributable to shareholders of the listed company was -1.087 billion yuan, and the loss expanded year-on-year.Red Star News reporter Qiang Yaxian
editor Deng Lingyao
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