The Secretary of the Board has changed four times in 19 months, the CFO position has been vacant for a long time, large-volume block trades have surged, and Changguang Huaxin's corporate governance is "warning yellow."

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A bull stock that has been riding the hype around optical chip concepts and has been aggressively炒 up in the secondary market, yet the company’s secretary to the board of directors (secretary to the board of directors) has changed 4 times within just 19 months, and the finance director has been vacant for more than 5 months after resigning.

Meanwhile, over the past month or so, the company has had as many as 126 block trades, with a total amount exceeding 550 million yuan, ranking among the top in the market during the same period. The discount rates are generally above 10%, and many transactions have discount rates as high as 20% to 27.46%.

It is worth noting that, as a listed company without a controlling shareholder, Changguang Huaxin’s largest shareholder, Suzhou Huafeng Investment Center (Limited Partnership), and its second-largest shareholder, Suzhou Yinglei Venture Capital Partnership (Limited Partnership), are also racing to reduce their holdings.

Insiders say the secretary to the board of directors and the finance director are the two core roles for a listed company’s information disclosure and finance. With such frequent changes and long-term vacancies, explaining it solely as “personal reasons” is hard to be convincing. Combined with the concentrated reduction in holdings by shareholders, there are concerns about the company’s governance.

Four different secretary to the board of directors in 19 months

Twice acted on behalf by the chairman

Recently, Changguang Huaxin issued an announcement stating that its board secretary, Du Jia, resigned due to personal health reasons and no longer holds any position in the company. Before the company appoints a new board secretary, its chairman and general manager, Min Dayong, will temporarily perform the duties.

The reporter’s review found that this board secretary who left the job only took office in December last year, serving for just 4 months. According to earlier disclosures, Du Jia started working at Changguang Huaxin in January 2021 as the company’s representative for securities affairs, and was only appointed as board secretary in December 2025.

Before Du Jia, the company’s former board secretary Li Xiaorao resigned as finance director and board secretary in November 2025 and no longer holds any position in the company. Before Du Jia took office, it was Min Dayong who temporarily performed the duties, but the finance director position has remained vacant for more than 5 months to date.

In fact, Li Xiaorao’s term was also not long. In September 2024, after the company’s finance director, Guo Xingan, and board secretary, Ye Baojing, resigned one after another, Li Xiaorao, an externally brought-in executive, held both positions as finance director and board secretary.

It is not hard to see that since September 2024, within just 19 months, the board secretary position at Changguang Huaxin has gone through Ye Baojing, Li Xiaorao, Min Dayong, and Du Jia in succession, and is now back to the state where Min Dayong performs the duties on behalf of the role; meanwhile, the finance director position has been vacant for more than 5 months.

A senior executive of a listed company who asked not to be named said that as the first person responsible for information disclosure, the core compliance hub, and the bridge for investor communication, the stability of the board secretary position directly reflects the company’s governance standards. For companies on the STAR Market, the average term of the board secretary is over 3 years. Changguang Huaxin’s frequent changes of the board secretary do not conform to industry norms.

126 block trades executed at a discount, totaling 550 million yuan

An investigation by the reporter found that behind the turmoil among senior executives such as the finance director and the board secretary, Changguang Huaxin’s secondary-market block trades began to show a rare surge in volume starting from February 25 of this year.

According to Eastmoney data, from February 25 to April 1, a total of 126 block trades occurred, with a combined transaction amount of about 550 million yuan. The average daily number of trades exceeded 1.4, significantly higher than the same historical period. In the past month, the company ranked first across the whole market with 100 trades and transaction amount of 432 million yuan.

According to the Tonghuashun iFinD data, even on April 1 alone, there were 48 block trades, and the transaction prices were all 164.80 yuan. On that day, the stock’s closing price was 227.20 yuan, and the discount rate was 27.46%.

In fact, during the dense reduction in holdings over the past month or so, the discount rates were generally above 10%, and many trades had discount rates as high as 20% to 27.46%, showing a clear “discount-based reduction” pattern. The seller seats are highly concentrated at China International Capital Corporation’s Suzhou Suxiu Road Securities Business Department, used as a continued selling channel. The buyers are mainly specialized fund providers such as institutional-only seats, JPMorgan, and China Citic Securities.

From the perspective of the reducing-holding entities, the concentrated reduction by the company’s largest shareholder Suzhou Huafeng Investment and second-largest shareholder Suzhou Yinglei Venture Capital overlaps completely with the block-trade expansion window; chairman Min Dayong and director Wang Jun also had records of small-scale reductions at the same time.

Among them, Suzhou Huafeng Investment reduced 1.9269 million shares from February 24 to February 25 through centralized bidding and block trades, and then reduced another 530,000 shares from February 26 to February 27 through block trades. Its shareholding ratio has been reduced to 16.99%; Suzhou Yinglei Venture Capital reduced 1.0036 million shares on February 25 through centralized bidding, and has already reduced a total of 1.76 million shares through centralized bidding, bringing its shareholding ratio down to 12.34%.

From the perspective of trading seats, for the 48 block trades on April 1, the selling business department for each trade was China International Capital Corporation Limited’s Suzhou Suxiu Road Securities Business Department. The buying side was more dispersed, involving institutional-only seats and broker seats.

A senior market participant said that, considering changes in executives such as the board secretary and finance director, explaining it solely as “personal reasons” is not convincing. At the same time, with active trading in the secondary market, why would core shareholders and executives be willing to cash out at a steep discount (20% to 27%)? The most straightforward explanation is that the seller believes the current share price is severely overvalued, and it also cannot be ruled out that there are potential risks at the company. Of course, in past cases, more complicated situations may also include complicated issues such as nominee holding arrangements being unwinded, profit-sharing, and the exit of bridge funds.

He added that as a core domestic high-power laser chip enterprise, the governance stability of Changguang Huaxin is directly related to technological R&D, capacity expansion, and investors’ confidence. The “carousel” of the board secretary and the “discount wave” of block trades—two combined abnormalities—clearly point to concerns about the company’s governance.

Regarding the above issues, the reporter sent a letter to Changguang Huaxin to request an interview, but as of the time of publication, no response had been received.

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