An investor whistleblower complaint surrounding optical industry leader O-Film Tech (002456.SZ) has thrust the issue of boundaries between the listed company and other enterprises controlled by its actual controller, Cai Rongjun, into the spotlight.
Recently, an investor alleged that O-Film's actual controller, Cai Rongjun, through his controlled entities Xinfeiguang Communication Technology Co., Ltd. ("Xinfeiguang") and New Shicoh Motor Co., Ltd. ("New Shicoh"), has harmed the interests of the listed company in areas such as related-party transactions, technology usage, and cost allocation. The core allegations include: O-Film manufactures components for Xinfeiguang at artificially low prices, thereby transferring profits to the actual controller; the two companies share factory facilities and equipment with opaque cost allocation; and the fruits of the listed company's cumulative R&D investment exceeding 8 billion yuan (approximately $1.2 billion) over the past five years have been used by off-book companies without compensation, leaving the listed company to bear R&D losses while the actual controller's off-book entities reap the profits from maturing high-growth businesses.
In response to these allegations, O-Film issued a clarification announcement on the evening of August 9, stating that the content of the relevant reports is an online rumor. The company has formally issued retraction requests to the relevant media outlets and has filed a police report to...
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