ST Quan Falls Under Investigation! Lu Yong and Chu Yifan Father and Daughter Both "Stumble" in the Capital Market

How does AI Lu Yong’s financial fraud case affect his daughter Chu Yifan’s path to capital?

Beijing Business Today (Reporter Ma Huanchang, Wang Manlei) January 2023, “Post-95” Chu Yifan controversially took control of ST Quany (300716, then named Guoli Technology). Three years later, due to suspected information disclosure violations, ST Quany and Chu Yifan were recently investigated by the China Securities Regulatory Commission. Notably, when Chu Yifan took control of ST Quany, market attention was high, not only because of her birth year 1995 but also because of her identity as “Lu Yong’s daughter.”

Recently, ST Quany disclosed that the company and its actual controller and chairman Chu Yifan received notices of case filing from the CSRC, due to suspected violations of information disclosure laws. The CSRC decided to file cases against the company and Chu Yifan. Currently, the company’s production and operations are normal, and these matters do not affect the company’s daily business activities.

It is understood that Chu Yifan was born in 1995. In January 2023, she invested 196 million yuan to take control of ST Quany, which was then named Guoli Technology. In March of the same year, to clarify the control relationship, the company changed its name from Guoli Technology to Quany Technology (i.e., ST Quany).

After gaining control of ST Quany, Chu Yifan implemented significant reforms. In 2023, while maintaining the original new materials business, she also explored a new track in the photovoltaic industry, adopting a “dual-wheel drive” main business strategy. However, based on the current state of the photovoltaic industry and the company’s performance, ST Quany seems to have misjudged the rhythm.

Financial data shows that in the first three quarters of 2023, 2024, and 2025, ST Quany achieved net profits attributable to shareholders of approximately -139 million yuan, -119 million yuan, and -58.8 million yuan, respectively.

In addition to poor operational performance, ST Quany also has some violations. First, non-operational related-party funds occupation. Investigation found that Shanghai Yunqin Trading Co., Ltd. (“Shanghai Yunqin”) is a related party of the listed company. Between January 19 and February 7, 2023, ST Quany provided a loan of 1.3 million yuan to Shanghai Yunqin, constituting non-operational related-party funds occupation, which has been repaid. The company did not promptly fulfill its review and disclosure obligations regarding this matter. Second, internal control deficiencies, including weaknesses in external guarantee controls and seal management.

In response, ST Quany and responsible personnel received warning letters from the Guangdong CSRC. Specifically, Chu Yifan, chairman of ST Quany, and Lei Xinyue, general manager, failed to perform their duties diligently and responsibly as required, bearing primary responsibility for the violations. According to regulations, the Guangdong CSRC decided to issue a warning letter to the company as an administrative regulatory measure.

It should be noted that Chu Yifan is the daughter of Lu Yong. For investors familiar with the capital market, Lu Yong may have gradually faded from memory, but Yabatech will not. In 2017, the Yabatech financial fraud case shocked the A-share market. Lu Yong, as the actual controller, was heavily penalized, banned from the market for life, and sentenced to nine months in prison.

Lu Yong was born in 1969, with a graduate degree. According to data disclosed by the CSRC in 2017, Yabatech inflated its operating income by 583 million yuan and its profits by 257 million yuan during 2015-2016. At that time, Yabatech and Jinya Technology were two of the most sensational financial fraud cases on the A-share market.

Lu Yong’s wife, Chu Yianling, also worked at Yabatech. Born in 1973, she was also subject to a three-year securities market ban in 2017 due to the fraud case.