Jiachuang Vision controlling shareholder waives 35 million yuan debt to avert delisting risk
Jiachuang Vision (300264) announced on September 24 that controlling shareholder Chen Kunjiang unconditionally waived 35 million yuan in company debt, the second such waiver in two years totaling 55 million yuan. The move aims to boost net assets and help the loss-making company avoid a delisting risk warning. Separately, Chen and other shareholders completed the transfer of 21.55 million shares to Shanghai Lingqiong Kunlun Technology Partnership for about 158 million yuan.
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Cross-source coverage
Common ground
- All agree that Jiachuang Vision's revenue dropped 67% and net assets are nearly zero, showing serious financial trouble.
- Everyone sees the 35 million yuan debt waiver as a move to avoid delisting, not a genuine rescue.
- All acknowledge the company has lost money for three straight years and its private placement failed.
- All agree the share transfer to Shanghai Lingqiong Kunlun is a key event, though they disagree on what it means.
Points of contention
- Neutral and Regional Agents say the debt waiver is an accounting trick to inflate net assets, while Eastern Agent calls it responsible stewardship.
- Neutral and Regional Agents argue the share transfer is a controlled exit for Chen Kunjiang, but Eastern Agent says it's patient capital from a strategic partner.
- Regional Agent blames the system for protecting listing status over workers, while Eastern Agent says the system prioritizes stability and personal accountability.
- Neutral Agent says the company has no viable path to profit, but Eastern Agent says it's just in a rough patch with macro headwinds.
Blind spots
- No one provided concrete evidence about whether suppliers have been paid or employees are at risk of losing jobs.
- The debate ignored what happens to the company's customers and small business partners if it collapses.
- No one examined the track record or motives of the partnership that bought the shares, leaving its role unclear.
- The discussion didn't consider how similar situations play out in other emerging markets for comparison.
WorldAttention’s read
This debate shows that Jiachuang Vision is a deeply troubled company with collapsing revenue and near-zero net assets, kept listed mainly by its controlling shareholder's debt waivers. The key disagreement is whether Chen Kunjiang is responsibly trying to save the company or using accounting tricks to cash out while avoiding a crash. The share transfer to a little-known partnership is suspicious to some and a sign of strategic value to others. Everyone agrees the company's future is uncertain, but they split on whether it's a zombie doomed to fail or a business that can recover with patient support. The human cost for employees and suppliers was raised but never backed up with facts, leaving a big gap in the discussion. Ultimately, the debate highlights how different viewpoints—focused on numbers, power dynamics, or cultural context—lead to very different judgments about the same situation.
Reporting timeline
Jiachuang Visiontech faces delisting risk; controlling shareholder waives 35 million yuan debt
Jiachuang Visiontech (300264) announced on September 24 that its controlling shareholder, actual controller, and chairman Chen Kunjiang decided to waive a 35 million yuan debt owed by the company. The company stated the move aims to alleviate debt pressure, optimize asset structure, and support continued operations. Jiachuang Visiontech operates in four categories: audio-video software solutions, system integration, gaming and cloud services, and VR products. In the first half of 2026, the company reported revenue of 26.88 million yuan, down 67.23% year-on-year, and a net loss of 11.40 million yuan. The company warned in its semi-annual report that if audited net assets at year-end are negative, or if net profit is negative with revenue below 100 million yuan, its stock will face delisting risk warning. As of June 2026, net assets attributable to shareholders were only 1.29 million yuan. The 35 million yuan debt waiver is expected to be recorded as capital reserves, directly increasing net assets and potentially helping the company avoid the delisting warning. This follows a similar 20 million yuan debt waiver by Chen in October 2025. Chen also previously planned a 140 million yuan private placement to support the company, but the plan was terminated in August 2026 due to market conditions and Chen's own funding arrangements. Additionally, Chen and his family have provided multiple guarantees for the company's credit applications. On the same day, Chen completed the transfer of 20 million shares to Shanghai Lingqiong Kunlun Technology Partnership at 7.33 yuan per share.
Read sourceJiachuang Shixun's controlling shareholder waives 35 million yuan debt to help avoid delisting risk
Jiachuang Shixun (300264) announced on September 24 that its controlling shareholder, actual controller, and chairman Chen Kunjiang decided to waive a 35 million yuan debt owed by the company. The company stated this move is to alleviate debt pressure, optimize asset structure, and support continued operations. The company's main businesses include audio and video software, system integration, gaming, cloud services, and VR products. In the first half of 2026, Jiachuang Shixun reported revenue of 26.88 million yuan, down 67.23% year-on-year, and a net loss of 11.4 million yuan. The company warned that if audited net assets at end-2026 are negative, or if net profit is negative with revenue below 100 million yuan, its stock will face delisting risk warnings. As of June 2026, net assets were only 1.29 million yuan. The 35 million yuan waiver, expected to be recorded as capital gains, could help the company avoid this risk. This follows a similar 20 million yuan debt waiver by Chen in October 2025. Chen also previously attempted a 1.4 billion yuan private placement to inject funds, which was terminated in August 2026. Additionally, Chen and his family have provided guarantees for the company's credit facilities. On September 24, Chen also completed the transfer of 20 million shares to Shanghai Lingqiong Kunlun Technology Partnership.
Read sourceJiachuang Shixun's controlling shareholder waives 35 million yuan in debt for the second time
On September 24, 2026, Jiachuang Shixun (300264.SZ) announced that its controlling shareholder and actual controller, Chen Kunjiang, waived 35 million yuan in debt owed by the company, effective immediately and irrevocably. This is the second consecutive year Chen has waived company debt, totaling 55 million yuan over two years. The waiver aims to alleviate the company's debt pressure and support its continued operations. The company has been loss-making for three consecutive years, with revenues declining from 131 million yuan in 2023 to 117 million yuan in 2025, and net losses persisting. On the same day, the company also announced that a separate agreement for Chen and other shareholders to transfer 21.55 million shares to Shanghai Lingqiong Kunlun Technology Partnership had been completed, with a total transaction value of approximately 158 million yuan. Chen's shareholding dropped to 13.98% after the transfer. The transfer was motivated by the shareholders' own funding needs.
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Jiachuang Visiontech faces delisting risk; controlling shareholder waives 35 million yuan debt
Jiachuang Visiontech (佳创视讯), a Chinese company specializing in audio-video software, system integration, gaming, and VR services, faces a potential delisting risk warning (*ST) if its 2026 audited net assets are negative or if it reports a net loss with revenue below 100 million yuan. As of June 2026, the company's net assets attributable to shareholders stood at only 1.2937 million yuan. To help the company avoid this risk, its controlling shareholder, Chen Kunjiang, has waived a 35 million yuan debt owed by the company. This follows a previous 20 million yuan debt waiver in October 2025, which increased the company's capital reserves. Chen Kunjiang has also provided guarantees for the company's credit facilities and previously planned a private placement to inject up to 140 million yuan, though that plan was terminated in August 2026. The debt waiver is expected to be accounted for as an increase in capital reserves, directly boosting net assets. The company stated that the waiver reflects the controlling shareholder's support for its continued operations.
Read sourceJiachuang Vision's Debt Relief: Controlling Shareholder Waives 35 Million Yuan Loan, Share Transfer Completed
On September 24, 2024, Shenzhen Jiachuang Shixun Technology Co., Ltd. (佳创视讯) announced that its controlling shareholder and actual controller, Chen Kunjiang, unconditionally and irrevocably waived a loan principal of 35 million yuan owed by the company, relieving its debt burden. The waiver, approved by the board with Chen abstaining, is intended to optimize the company's asset structure and support its ongoing operations. Separately, Chen and two other shareholders completed the transfer of 21.55 million shares (5.0017% of total equity) to Shanghai Lingqiong Kunlun Technology Partnership on September 22, for a total consideration of 157.9615 million yuan. After the transfer, Chen's stake dropped from 18.6256% to 13.9837%, but he remains the controlling shareholder. The company reported a 67.23% year-on-year revenue decline to 26.88 million yuan and a net loss of 11.4 million yuan for the first half of 2026. The stock closed at 6.20 yuan per share on September 24, down about 7.6% year-to-date.
Read sourceJiachuang Vision's Controlling Shareholder Waives 35 Million Yuan Company Debt
Jiachuang Vision (300264) announced on September 24 that its controlling shareholder and actual controller, Chen Kunjiang, has unconditionally and irrevocably waived a total of 35 million yuan (excluding interest) in principal owed by the company from outstanding loans. The waiver is intended to alleviate the company's debt pressure and support its continued operations. As a result, the company is no longer obligated to repay these funds. The announcement was made via a filing to the Shenzhen Stock Exchange and reported by Securities Times.