Another listed company’s controller has been detained. On the evening of April 17th, Ju Ran Smart Home suddenly announced that the company’s actual controller, chairman, and CEO, Wang Linpeng, had been detained recently.
According to the announcement, Wang Linpeng received a “Notice of Detention” and a “Notice of Case Filing” issued by the Supervisory Committee of Jianghan District, Wuhan City, in recent days and has been detained for investigation. The announcement did not disclose the reason for Wang Linpeng’s detention but stated that there had been no change in the company’s controlling interest. The board of directors continues to operate normally, and proper arrangements have been made for related matters, which will not have a significant impact on the company’s daily operations.
The 56-year-old Wang Linpeng has previously worked in the Ministry of Commerce’s finance and accounting department, China Commercial Enterprise Group, and National Hualian Commercial Building Joint Limited Liability Company. He was appointed as chairman and CEO of Ju Ran Smart Home in December 2020. In 2024, Wang Linpeng ranked 517th on the “Hurun Rich List” with a wealth of 10 billion RMB.
Originally known as Ju Ran Home, Ju Ran Smart Home is primarily engaged in retail business, including modern department stores, shopping centers, supermarkets, home furnishing stores, home building materials supermarkets, and home decoration business. It is a large-scale business chain focusing on home furnishings. The company has introduced strategic partners such as Alibaba, Taikang Life Insurance, and Beijing Jinyu Group and went public through a reverse merger with Wuhan China Commerce in 2019.
Public records show that Ju Ran Home opened its first store in 1999, and by 2018, the number of stores had reached nearly 300.
Ju Ran Smart Home has not yet released its financial performance for 2024, but the interim report shows a decline in both revenue and profit for the year. The operating income was 12.966 billion RMB, down 4.04% from the same period last year, and the net profit attributable to the company’s shareholders was 883 million RMB, a decrease of 32.08% year-on-year. Total assets shrank by 7.33% to 49.746 billion RMB.
In recent years, many listed company directors and executives have been detained in mainland China. According to incomplete statistics from Prism Insight, since 2020, 54 A-share listed companies have had their senior executives detained, with cases in the past year accounting for 74%. Particularly severe is the situation where chairpersons or actual controllers have been detained; since 2024 alone, 14 listed company chairpersons have been detained for allegations of bribery, misconduct, and other illegal activities.