Summary of Key Points
Despite its revenue exceeding 24.3 billion yuan in 2025 and leading positions in multiple segments globally, Shiyuan Technology Co., Ltd. (002841.SZ), a leader in intelligent display technology for the A-share market, has submitted its application for listing on the Hong Kong Stock Exchange for the third time (the previous two applications were rejected). The company is pursuing an "A+H" listing strategy, which combines its A-share and Hong Kong stock listings. Meanwhile, there has been new progress regarding the sudden death of a 32-year-old employee who died from working overtime at the beginning of the year: the family has been recognized as having suffered a work-related injury, and two civil lawsuits against the subsidiary were held on July 8 (no verdict was announced in court). Nevertheless, Shiyuan Technology's stock price still hit the daily limit up on that day, with a market value of 33.1 billion yuan.
The three founders of the company are known for their low-profile approach and their strategy of maintaining control through a consensus agreement despite holding dispersed shares. The company's prospectus emphasizes a culture that values both corporate development and employee well-being, but this contradicts the actual issues surrounding overtime work.
Latest Developments on the Sudden Death Incident
In November 2025, Gao Guanghui, a 32-year-old programmer at Shiyuan Technology's subsidiary, Shikun Electronics, died suddenly from respiratory and cardiac arrest while working overtime at home over the weekend. His family member, Yang Huasi, stated that his workload had tripled after the job transfer, and he often worked late into the night. The company promotes a "boundary-less collaboration" culture that blurs the lines between work and personal life.
- Work-related Injury Recognition: In February 2026, Gao Guanghui was officially recognized as having suffered a work-related injury, even though he died outside of working hours due to the nature of his job.
- Civil Litigation: The two cases filed on July 8 involve claims for compensation for mental distress (100,000 yuan) and disputes over the loss of personal belongings (the company alleges theft, while the family seeks compensation). No verdict was given in court. The family has also filed a lawsuit to revoke a previous humanitarian compensation agreement worth 390,000 yuan.
- Public Opinion: The family has also sued a popular online influencer for spreading rumors, leading to a counterclaim and the cancellation of the original trial; the incident continues to attract attention.
Why the Industry Leader Is Pursuing an "A+H" Listing?
Shiyuan Technology was already listed on the A-share market in 2017, and this is its third attempt to list on the Hong Kong Stock Exchange (the previous two attempts were unsuccessful due to the six-month application period). CICC and GF Securities are serving as the sponsors for this listing.
- Industry Leadership: The company holds the largest market share (24.4%) in global liquid crystal display control card shipments, ranks first in global revenue for Xibo educational tablets (17%), and is second in China and fourth globally for MAXHUB conference tablets (8.7%).
- Financial Performance: Revenue increased from 2 billion yuan to 24.3 billion yuan between 2023 and 2025, with net profits consistently exceeding 1 billion yuan. In the first quarter of 2026, revenue was 6.2 billion yuan (a 24% increase year-on-year), and net profit was 247 million yuan (a 52% increase year-on-year), demonstrating solid financial performance.
- Reasons for Listing: The Hong Kong listing may help the company broaden its financing options and enhance its international profile, supporting its global business expansion, especially in overseas markets for commercial display equipment.
The Founders' Low Profile and Control Mechanism
The three founders—Huang Zhengcong, Wang Yiran, and Sun Yonghui—rarely appear in public and even missed the A-share listing ceremony. They have since been appointed as non-executive directors.
- Equity Structure: The founders and key executives collectively hold 46.86% of the company's shares and have signed a consensus agreement to vote unanimously until 2028, ensuring stable control despite the dispersed ownership.
- Management Style: The current chairman, Wang Yang, and general manager, Zhou Kaiqi, were both promoted from within the company (starting as engineers), continuing the company's approach of being low-profile and pragmatic. However, this has led to a lack of timely high-level response in times of crisis, exacerbating public opinion debates.
Stock Price Performance on the Day of the Trial
On July 8, when the lawsuits were held, Shiyuan Technology's stock price hit the daily limit up, reaching a market value of 33.1 billion yuan, which contrasts with public opinion.
- Market Perspective: Investors are more focused on the company's industry leadership, impressive financial growth (net profit doubled in the first quarter), and the potential benefits of the Hong Kong listing. They view the sudden death incident as a short-term issue that does not affect the company's long-term value.
- Cultural Discrepancy: The prospectus emphasizes a balance between corporate development and employee well-being, but the company's "boundary-less collaboration" culture has led to overtime issues, highlighting gaps in its cultural implementation. If the litigation outcomes are unfavorable, it could impact the company's reputation and stock price.
Insights from the Incident
The Shiyuan Technology case highlights common challenges faced by rapidly growing companies: how to balance growth with employee rights and welfare.
- Significance of Work-related Injury Recognition: The official recognition of Gao Guanghui's death as a work-related injury clarifies the company's responsibility in such incidents and provides a reference for similar cases.
- Cultural Reflection: A culture of "boundary-less collaboration" that turns into endless overtime not only violates labor laws but also undermines employee trust. Companies need to translate their commitment to employee well-being into practical policies, such as limiting overtime and improving rest facilities.
In summary, whether Shiyuan Technology's attempt to list on the Hong Kong Stock Exchange is successful will depend not only on its financial performance but also on its ability to address public opinion and employee rights issues. While the market focuses on short-term financial results, long-term success requires a company to balance growth with social responsibility and sustainable development.