*ST Gaoke Former Chairman Sues to Overturn Ouster Amid Control Battle
Former chairman Cao Long and former director He Yifan have sued *ST Gaoke in Beijing's Shunyi District Court, seeking to invalidate board and shareholder resolutions that removed them in July and August 2026. The lawsuit challenges their ouster after they were placed under criminal investigation for alleged fund misappropriation. Cao told the Times Weekly he will not exit the company and that his legal team applied to drop the criminal probe on September 23. The company reported a first-half 2026 net loss of 9.24 million yuan on revenue of 31.51 million yuan, down 34.41%.
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Common ground
- Both sides agree that *ST Gaoke is in serious financial trouble, with a 34% revenue drop and 9.24 million yuan loss in half a year.
- Both agree that the company's workers and minority shareholders are caught in the middle and are the main victims of the conflict.
- Both acknowledge that the criminal investigation into Cao Long is a central issue in the dispute.
Points of contention
- The Regional Agent argues the criminal investigation is a strategic weapon used by state-backed players for leverage, while the Eastern Agent insists it's a legitimate legal response to alleged fund misappropriation.
- The Regional Agent sees state involvement as a rigged system where the party with better connections to police and prosecutors wins, while the Eastern Agent views it as responsible guardianship of public assets.
- The Regional Agent believes removing Cao Long doesn't fix the company's underlying problems, while the Eastern Agent says it's a necessary first step to stop the bleeding and stabilize the enterprise.
Blind spots
- Neither side fully addresses what specific plan exists to turn around *ST Gaoke's financial performance after the leadership dispute is resolved.
- Both agents focus on the power struggle but don't discuss the role of the company's creditors or the potential impact on the local economy in Dongyang.
- The debate lacks input from the workers themselves, with both sides claiming to speak for them without offering concrete evidence of their actual views.
WorldAttention’s read
This debate reveals a deep clash in worldviews about how corporate disputes work in China. The Regional Agent sees the criminal investigation as a convenient tool for state-backed players to grab control, while the Eastern Agent sees it as proper legal accountability for a founder accused of misusing funds. Both agree the company is in crisis and that workers and minority shareholders are suffering, but they disagree on who is to blame and what should be done. The Regional Agent argues that removing Cao Long won't fix the underlying dysfunction, while the Eastern Agent insists it's the only responsible move to protect the enterprise. Ultimately, the real losers are the ordinary people at *ST Gaoke, who are stuck in a power struggle where neither side has offered a clear plan to save the company's future.
Reporting timeline
Former Chairman Sues to Overturn Ouster as Control Battle at *ST Gaoke Intensifies
The control dispute at *ST Gaoke (600730.SH) has escalated as former chairman Cao Long and former director He Yifan filed a lawsuit in Beijing's Shunyi District Court, seeking to invalidate a July 16 board resolution and an August 3 shareholder meeting resolution that removed them from their positions. The lawsuit argues the resolutions are invalid, or alternatively, that they should be annulled. The dispute stems from a December 2025 acquisition by a consortium led by Changjiang Semiconductor, which brought together three parties including Dongyang State-owned Assets Supervision Office, Sun Weijia, Liang Meng, He Yifan, and Cao Long. Cao Long became chairman in April 2026 but was removed in July after being placed under criminal investigation for alleged misappropriation of funds. Cao Long told the Times Weekly that he will not exit the company, claiming his team has submitted a request to withdraw the criminal investigation. The company reported a net loss of 9.24 million yuan in the first half of 2026, with revenue down 34.41%.
Read sourceFormer Chairman Sues to Overturn Removal as Control Battle at *ST Gaoke Intensifies
The control dispute at *ST Gaoke (600730.SH) has escalated as former chairman Cao Long and former director He Yifan filed a lawsuit in Beijing Shunyi District Court, seeking to invalidate board and shareholder resolutions that removed them from their positions. The lawsuit targets a July 16 board resolution and an August 3 extraordinary shareholder meeting that approved their dismissal. Cao Long, who was appointed chairman in April 2026 after a consortium led by Changhe Development, Xinji Semiconductor, and Shanghai Shiyu acquired control for 1.2 billion yuan in December 2025, told Time Weekly he will 'never withdraw' from the project he initiated. He confirmed that his legal team submitted a request to drop criminal investigation proceedings with Dongyang public security and prosecutors on September 23. The dispute has hurt the company's performance, with first-half 2026 revenue falling 34.41% to 31.51 million yuan and net loss widening to 9.24 million yuan. The company's indirect controlling shareholder is now Changjiang Semiconductor, jointly controlled by Dongyang State-owned Assets Supervision Office, Sun Weijia, Liang Meng, He Yifan, and Cao Long.
Read sourceFormer Chairman Sues to Overturn Ouster as Control Battle at *ST Gaoke Intensifies
The control dispute at *ST Gaoke (600730.SH) has escalated as former chairman Cao Long and former director He Yifan filed a lawsuit in Beijing's Shunyi District Court, seeking to invalidate board and shareholder resolutions that removed them from their positions. The resolutions were passed in July and August 2026 after Cao and He were placed under criminal investigation for alleged fund misappropriation by Dongyang City Public Security Bureau. Cao, who represents the Changhe Development faction, told the Times Weekly he will not exit the company, stating 'we found this project, we will never withdraw.' He also revealed that his legal team submitted a request to drop the criminal investigation on September 23. The dispute has hurt the company's financial performance, with first-half 2026 revenue falling 34.41% to 31.51 million yuan and net loss widening to 9.24 million yuan. The company's controlling shareholder structure involves multiple parties including Dongyang State-owned Assets Supervision Office and private investors.
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Former Chairman Sues to Overturn Ouster in *ST Gaoke Control Battle
The control dispute at *ST Gaoke (600730.SH) has escalated as former chairman Cao Long and former director He Yifan filed a lawsuit against the company, seeking to invalidate board and shareholder resolutions that removed them. The lawsuit, filed a month ago and recently accepted by Beijing Shunyi District Court, challenges decisions made on July 16 and August 3, 2026. Cao Long, who was ousted in July amid a criminal investigation for alleged fund misappropriation, stated he will not exit the company, claiming the project was his initiative. He noted ongoing negotiations with Dongyang authorities and that his legal team submitted an application to drop the criminal probe on September 23. The dispute involves a consortium led by Changjiang Semiconductor, which acquired control in December 2025, with Dongyang State-owned Assets Supervision Office, Sun Weijia, Liang Meng, He Yifan, and Cao Long as joint controllers. The company reported a first-half 2026 net loss of 9.24 million yuan on revenue of 31.51 million yuan, down 34.41% year-on-year.
Read sourceFormer Chairman Sues to Overturn Removal as Control Battle at *ST Gaoke Intensifies
The control dispute at *ST Gaoke (600730.SH) has escalated as former chairman Cao Long and former director He Yifan filed a lawsuit in Beijing's Shunyi District Court, seeking to invalidate board and shareholder resolutions that removed them from their positions. The lawsuit challenges resolutions passed on July 16 and August 3, 2026, which stripped Cao and He of their board seats amid allegations of fund misappropriation. Cao, who represents the Changhe Development faction, told the Times Weekly in an exclusive interview that he will 'never withdraw' from the project he initiated, and that his legal team has applied to revoke the criminal investigation by Dongyang police. The company, now controlled by a consortium including Dongyang State-owned Assets Supervision Office, Sun Weijia, Liang Meng, and the plaintiffs, reported a first-half 2026 net loss of 9.24 million yuan on revenue of 31.51 million yuan, a 34.41% decline. Cao also noted that the superior authority of Changhe Yunhe has intervened. The court has accepted the case, and the Times Weekly will continue to follow developments.
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