From suspected information disclosure violations to suspected market manipulation, the actual controller of BeiQingsong is again under investigation by the CSRC

On the evening of February 5th, BQX (SH688793, stock price 22.97 RMB, market capitalization 1.974 billion RMB) announced that the company received a “Notice of Filing” from the China Securities Regulatory Commission (CSRC) regarding its actual controller, Ma Xuejun. The CSRC has decided to file a case against him for suspected market manipulation.

BQX stated that this investigation is solely related to Ma Xuejun personally and will not have a significant impact on the company’s daily operations. He continues to perform his duties normally at the company. Ma Xuejun will actively cooperate with the CSRC’s related work, and currently, all of the company’s business activities and operations are proceeding normally.

Public information shows that Ma Xuejun served as Chairman and General Manager of Shenzhen BQX Health Products Industry Co., Ltd. from 1996 to 2001; since August 2001, he has been Chairman and General Manager of BQX, responsible for overall management of the company. He is also one of the company’s core technical personnel.

It is noteworthy that this is the second time Ma Xuejun has been filed against by the CSRC in just over a month. On December 25, 2025, due to suspected information disclosure violations involving BQX and Ma Xuejun, the CSRC decided to file cases against the company and Ma Xuejun.

Looking back at BQX’s recent development, its performance pressure and internal control issues have attracted significant external attention. Regarding performance, BQX recently announced that it expects a net profit attributable to the parent company for 2025 to be a loss of between 84 million and 105 million RMB, compared to a net profit of 10.25 million RMB in the previous year.

The company explained that the main reasons for the performance change include strategic adjustments based on industry development trends and market environment changes. During the transition period of these strategic adjustments, operating income decreased compared to the same period last year, leading to a decline in gross profit; additionally, sales expenses did not meet expected efficiency, and fixed expenses and rigid costs could not be reduced in line with revenue in the short term. These multiple factors led to decreases in total profit, net profit, and net profit attributable to shareholders after deducting non-recurring gains and losses.

Since its listing on the STAR Market in July 2021, BQX’s performance has experienced significant fluctuations. In 2021, it saw double growth; in 2022, revenue declined by 24.69%, with a net loss of 124 million RMB; in 2023, revenue rebounded with a year-over-year increase of 42.30%, but the full-year net profit attributable to the parent was a loss of 50.86 million RMB; in 2024, the company’s net profit attributable to the parent briefly turned positive to 10.25 million RMB.

In addition, since 2023, BQX has repeatedly been involved in situations where its actual controller, Ma Xuejun, has misappropriated funds. For example, between 2023 and 2024, the company made advance payments to suppliers for procurement, while the suppliers and their related parties transferred corresponding funds to Ma Xuejun’s related parties or used them for designated purposes. On September 11, 2024, BQX transferred 2 million RMB to Shenzhen Xingjiashun Trading Co., Ltd. (hereinafter referred to as Xingjiashun), a company with significant influence over the actual controller, Ma Xuejun, and repaid the principal on September 12 of the same year. From December 10 to December 12, 2024, BQX transferred a total net amount of 52 million RMB to Xingjiashun, repaying the principal before the end of that year.

With ongoing performance pressure, BQX’s stock price has also been declining. As of the close on February 5th, the stock price was 22.97 RMB, while at the time of listing, the highest price was 131.78 RMB per share. Its current market value is less than 2 billion RMB.

(Source: Daily Economic News)