Xiamen tycoon, de facto controller of 80 billion A-share LED chip leader, under investigation

On March 22, Sanan Optoelectronics announced that on March 21, 2026, the company received a notice from Fujian Sanan Group Co., Ltd. that Fujian Sanan Group recently received a notification issued by the National Supervisory Commission regarding the company’s actual controller, Lin Xiucheng, who has been detained and is under investigation.

The company stated that since July 10, 2017, Lin Xiucheng has not held any position in the company. Currently, the company’s production, operation, and management are normal. The company has a complete organizational structure and a standardized governance system. It will continue to operate in accordance with laws and regulations such as the Company Law, Shanghai Stock Exchange Listing Rules, Corporate Governance Guidelines, and the Articles of Association. The above matters will not have a significant impact on the company’s production and operations.

Public information shows that Sanan Optoelectronics’ main business is the research, production, and sales of compound semiconductor materials and devices, and it is a leading enterprise in China’s LED chip industry.

Lin Xiucheng is the founder of Sanan Group. According to Securities Times e-Company, Lin Xiucheng started in steel trading in his early years, earning his first fortune through scrap steel and waste materials trading. He then co-founded Sanming Steel Plant to establish the initial industrial foundation. In 2000, Lin Xiucheng began a transformation, investing heavily in the LED optoelectronic industry. In 2008, Sanan Optoelectronics successfully listed on the capital market through a backdoor listing of Tianyi Technology.

After completing the backdoor listing, Lin Xiucheng served as chairman of the listed company for a long time until July 2017, when he stepped down during the board reshuffle. His son, Lin Zhiqiang, succeeded him as chairman, completing the second-generation leadership.

As of the disclosure date of the company’s 2024 annual report, Lin Xiucheng and his son Lin Zhiqiang jointly held 71.832% of Fujian Sanan Group’s equity.

The 2026 Hurun Global Rich List shows that Lin Xiucheng and Lin Zhiqiang of Sanan Optoelectronics ranked third among the richest in Xiamen, with a combined wealth of 16 billion yuan.

It is worth noting that Sanan Optoelectronics may experience its first annual loss since listing in 2025. In the first three quarters of 2025, Sanan Optoelectronics achieved operating revenue of 13.817 billion yuan and a net profit attributable to shareholders of 86.601 million yuan. Previously, the company disclosed a forecast for 2025, estimating a net profit attributable to the parent of between -300 million and -200 million yuan.

As of the close on March 20, Sanan Optoelectronics’ latest stock price was 16.54 yuan per share, with a market value of 82.5 billion yuan.

(Source: 21st Century Business Herald)