Economic Observer reporter Zhang Xiaohui

On May 18, 2026, a listed company issued a real name report to the Guangdong Provincial Commission for Discipline Inspection and the Guangdong Provincial Supervisory Commission.

The name of this report letter is a bit long, and its full name is "Report Letter on Requesting Investigation into the Suspected Violation of Trial Work Secrets by Judges in the Series of Disputes between Xinghui Company and Sun Caijin and Others" (hereinafter referred to as the "Report Letter")

The informant is a company listed on the Shenzhen Stock Exchange, named Guangdong Xinghui Precision Manufacturing Co., Ltd. (300464. SZ hereinafter referred to as "Xinghui Co., Ltd.").

Xinghui Co., Ltd. has been involved in a series of disputes with Sun Caijin, Zhu Jiajia, Sunvalley E-commerce (HK) Limited, and others (hereinafter referred to as "Sun Caijin et al.") over the acquisition of Shenzhen Zebao Innovation Technology Co., Ltd. (hereinafter referred to as "Zebao Company"). The relevant litigation cases have been ongoing for five years and are currently being heard by the Guangdong Provincial High People's Court (hereinafter referred to as "Guangdong High Court") and the Foshan Intermediate People's Court (hereinafter referred to as "Foshan Intermediate Court"). (For details, please refer to the Economic Observer's report on October 19, 2024, titled "Hundreds of Internal Emails Expose the Secrets of Zebao Technology in the Star Emblem Lawsuit Case".)

On May 22nd, the reporter called Guangdong High Court, Guangdong Securities Regulatory Bureau and other relevant parties. As of press time, there has been no response from all parties to the report.

Real name reporting letter

On May 18, 2026, the official website of Xinghui Co., Ltd. issued a real name report letter, stating that during the trial process of the above-mentioned series of cases, "Xinghui Company discovered that there may have been judges illegally leaking trial work secrets to Sun Caijin and others, and even serious illegal and disciplinary violations such as judicial corruption and interest transfer

Report Letter on Xinghui Stock's Official Website

The Economic Observer reporter called the contact information of Ms. Ma, the signatory of the "Report Letter", to confirm that the real name report was issued by Xinghui Shares, and to confirm that Ms. Ma is the human resources and administrative head of the company, Ma Li.

The core of the "Report Letter" is a reply from the Guangdong Securities Regulatory Bureau to the Foshan Intermediate People's Court on October 28, 2025 regarding the situation of Xinghui Company (note: Xinghui Company refers to Xinghui Shares).

This "Reply on the Relevant Situation of Xinghui Company" consists of three pages. The Guangdong Securities Regulatory Bureau introduced the specific situation of Xinghui Company from the perspectives of laws and regulations, market practices, and agreement agreements. Finally, the Guangdong Securities Regulatory Bureau explicitly stated that this letter is only for your reference in handling cases and will not be used as evidence in litigation.

Strange Event

However, something strange happened:

On May 8, 2026, during the trial of the lawsuit (2025) Yue Min Shen Case No. 2876 (hereinafter referred to as "Case No. 2876"), this "Reply on the Relevant Situation of Xinghui Company" appeared in the attachment submitted by Sun Caijin and others as a special opinion.

On page 3 of the "Reply on the Relevant Situation of Xinghui Company" provided by Guangdong Securities Regulatory Bureau to Foshan Intermediate People's Court, it is stated that this letter shall not be used as evidence in litigation

The Economic Observer reporter noticed that the signature date of this letter is stamped with the official seal of Guangdong Securities Regulatory Bureau. The reply letter from the China Securities Regulatory Bureau is a response document made by the Guangdong Securities Regulatory Bureau to the Foshan Intermediate People's Court during the trial of the related case (2024) Yue 06 Min Chu No. 65 (hereinafter referred to as "Case 65"), after sending an investigation letter to the Guangdong Securities Regulatory Bureau.

Xinghui Shares stated in the "Report Letter": "The reply letter from the China Securities Regulatory Bureau is an internal document and is not publicly disclosed to the parties in accordance with the law

During the hearing of Case 65, the presiding judge clearly stated that the reply from the China Securities Regulatory Bureau would not be presented or cross examined as evidence to both parties. Therefore, neither party has the right to obtain the document in this case (see pages 4-5 of the investigation transcript of Case 65)

Xinghui Shares stated that the company has verified with the Guangdong Securities Regulatory Bureau, and the bureau has confirmed that it only issued the response letter to the Foshan Intermediate People's Court and did not provide the document to any party involved. In addition, after inquiring with the Guangdong High Court and Foshan Intermediate People's Court, the collegial panels of Case No. 65 and Case No. 2876 have clearly stated that they have not provided the response letter to any party.

Xinghui Stock reasonably suspects that Sun Caijin and others obtained this reply through illegal means, and there may have been illegal and irregular behaviors such as interest transfer during the case trial. We sincerely request the relevant departments to investigate thoroughly.

In the case where the relevant reply cannot be made public, Sun Caijin and others can still obtain and submit the reply in its entirety. Xinghui Company has sufficient reason to suspect that during the trial process of a series of dispute cases, there may be illegal and disciplinary issues such as internal personnel of the court leaking case materials, questioning cases in violation of regulations, and even transferring benefits. Relevant behaviors may involve: suspected illegal disclosure of trial work secrets; Suspected of violating regulations by questioning cases and investigating the situation; Suspected of serious illegal and disciplinary violations such as judicial corruption and interest transfer.

Response from all parties

The staff in charge of handling this matter at Xinghui Stock told the Economic Observer that according to their understanding, the general staff of the China Securities Regulatory Bureau cannot obtain the original stamped version, and the relevant personnel can only see the pure text version of the content from the electronic office system.

On the morning of May 22nd, the Economic Observer called the Office of the Fourth Civil Court of the Guangdong High Court, which was re hearing the case on the number 2876. Clerk Zheng Ruoqing replied that he was not aware of the reported matter of Xinghui Shares; The office phone of Zhang Jianqing, the assistant of Judge Li Mintao, was not connected.

On the afternoon of May 22nd, the Economic Observer called the media office of Guangdong Securities Regulatory Bureau to inquire whether the bureau had noticed the real name report of Xinghui Shares, a listed company in its jurisdiction? Do you know about this reply regarding the situation of Xinghui Company, and whether the bureau has sent it to a third party outside of Foshan Intermediate People's Court?

The staff of Guangdong Securities Regulatory Bureau stated that they have recorded the situation reported by the reporter and will provide feedback after verifying it clearly.

On the evening of May 22nd, a reporter from the Economic Observer contacted Sun Caijin, the opponent of Xinghui Shares' lawsuit, to inquire about the source of this letter. Sun Caijin stated that he needed to verify the journalist's identity in order to answer the question. The reporter sent the journalist ID information to the other party's mobile phone. As of the time of writing, Sun Caijin has not responded to the real name report of Xinghui Shares.

It is relatively rare for listed companies to issue real name reports.

The Economic Observer will continue to track and report.