After being ordered to correct false statements in the annual report, Filinger approaches the "delisting red line," and last year, the change of ownership caused the stock price to surge tenfold, becoming a top-performing stock.

Why Did AI’s Entry as the New Actual Controller Trigger a Tenfold Surge in Stock Price?

An accounting error correction announcement pushed Filinger, once dubbed a “ten-bagger,” into the spotlight of public opinion.

Behind the capital frenzy that saw the stock price soar about ten times within a year are the company’s two consecutive years of performance losses, regulatory proof of financial fraud, and the awkward situation of revenue data brushing against the delisting “red line.”

False Records in Financial Reports

The turmoil began with a regulatory penalty notice. On April 3, this year, Filinger received an administrative regulatory decision from the Shanghai Securities Regulatory Bureau. An investigation found that the company had misrepresented project revenue recognition, inaccurately classified some financial assets, and violated procedures in approving executive compensation, among other violations.

The investigation revealed that the company used forged acceptance documents, requested cooperation partners to provide acceptance documents prematurely, and delayed revenue recognition through internal approval processes, thereby recognizing nine projects’ revenue that should not have been included in 2024, directly leading to false records in the 2024 annual report. Additionally, two funds invested in 2021 were misclassified, causing false records in annual reports from 2021 to 2024.

Just three days later, on the evening of April 6, Filinger swiftly issued a correction announcement for previous accounting errors. The company retrospectively adjusted financial statements from 2021 to the third quarter of 2025, with a key adjustment moving 23.3834 million yuan of revenue originally recognized in 2024 to 2023 and 2025.

Specifically, the company reclassified holdings in Lingang Fund and Hainan Fund from “Other Equity Investments” to “Other Non-Current Financial Assets”; adjusted the 23.3834 million yuan revenue recognized in 2024, allocating 7.0346 million yuan to 2023 and 15.1128 million yuan to 2025, with 1.24M yuan offset.

Filinger promised that after the correction, the operating revenue for 2024, excluding other income unrelated to core business or lacking commercial substance, would be 304M yuan. This correction will not cause the company’s revenue after deductions in 2024 to fall below 300M yuan, nor will it change the nature of the profit and loss disclosed in the periodic reports.

Only One Step Away from the “Red Line” for Delisting

Against the backdrop of continued performance decline, this adjusted data appears particularly delicate.

According to the Shanghai Stock Exchange Stock Listing Rules, if the net profit before and after deducting non-recurring gains and losses is negative for two consecutive years and operating revenue is below 300M yuan, the company will be subject to delisting risk warning (*ST).

Public data shows that Filinger’s performance has been under pressure for several years. In 2023 and 2024, the company recorded net losses for two consecutive years, with net losses of 16.5518 million yuan and 37.99M yuan, respectively.

After this correction, the company’s operating revenue for 2024, excluding other income unrelated to core business or lacking commercial substance, is adjusted to 304M yuan.

This “precise compliance” has sparked widespread market skepticism. Given the two consecutive years of negative net profit in 2023 and 2024, if the company cannot turn a profit in 2025 and its revenue cannot stabilize above 300M yuan, it is highly likely to face *ST designation.

According to a performance forecast disclosed by Filinger in January this year, the company expects net profit attributable to the parent company’s owners in 2025 to be between -85 million and -65 million yuan; net profit after deducting non-recurring gains and losses to be between -90 million and -70 million yuan; operating revenue to be between 340 million and 370 million yuan, with revenue excluding unrelated business income and non-substantive income estimated at 330 million to 360 million yuan.

Since the “924” Market Rally, Stock Price Has Soared

Before the financial issues were exposed, Filinger’s equity structure had already experienced dramatic upheaval in 2025, and this “leadership change” coincided with the regulatory storm.

In September 2025, Filinger completed a change of actual controller. Angji, backed by local state-owned capital, through Qing Technology Partnership (Limited Partnership) and its controller Jin Yawei, acquired a total of 25% of the shares from the original controller Ding Furu and his concerted parties, becoming the new controlling shareholder. Meanwhile, Filinger Holding, a German shareholder holding 27.22%, transferred its shares via agreement and exited completely.

At the same time, with the new controller in place, the management team also underwent a major overhaul. In October 2025, Jürgen Vöhringer, the German chairman who had served for 17 years, announced his resignation, followed by the departure of the secretary of the board and the CFO.

Notably, since the “924” rally, Filinger’s secondary market performance has been astonishing, with the stock price increasing over 11 times to date. During this period, the maximum cumulative increase exceeded 1,300%.

The market generally believes that the core logic driving this surge is the expectation of “asset restructuring” and “new quality productivity.” The new controller Jin Yawei and Angji are interpreted by the market as likely to introduce high-tech industry resources to help the listed company achieve transformation.

However, as financial fraud has been confirmed and revenue has touched the delisting red line, this capital-driven frenzy faces fundamental scrutiny.