# Chuangyuan Co., Ltd. Chairman Chen Gang Placed Under Investigation; Emergency Deputy Appointed to Stabilize Operations | Quick Read Announcement

What should you read among the thousands of announcements from listed companies every day? What are the key points in major event announcements that can be dozens or hundreds of pages long? Are you confused by a bunch of professional terms in the announcements, unsure if they are good or bad news? Check out the “Quick Read Announcements” section by Caixin News Company, where our reporters stationed nationwide will bring you accurate, fast, and professional interpretations on the night of the announcement.

Caixin News, March 13 — (Reporter Chen Kang) Chuangyuan Co., Ltd. (300703.SZ) announced tonight that Chairman Chen Gang has been detained by relevant supervisory authorities and is currently unable to perform his duties normally. To ensure the continuity and stability of the company’s operations and management, the company has responded quickly by appointing Director Hua Tian to temporarily assume the duties of chairman.

As of the announcement date, the company stated that the specific progress and conclusions of the detention investigation are unknown.

Chuangyuan Co., Ltd. has maintained steady operations recently. In the first three quarters of 2025, the company achieved a total revenue of 1.602 billion yuan, a year-on-year increase of 15.63%; net profit attributable to shareholders of the listed company was 79.65 million yuan, up 33.44%, with basic earnings per share of 0.4416 yuan. Quarterly performance was impressive, with net profit in the first quarter of 2025 increasing by 218.33% year-on-year, and net profit in the first half of the year increasing by 32.97%.

In terms of business structure, the company has formed three core segments: cultural and leisure, sports fitness, and home living. Cross-border e-commerce has become an important growth engine in recent years. According to the company’s 2025 semi-annual report, during the reporting period, revenue from cross-border e-commerce increased by 59.03% year-on-year, accounting for 37.46% of total revenue. The company’s sports fitness brand “Ruitifei” focuses on strength training equipment and other home fitness products, with products like leg press machines and power racks ranking first in their categories on Amazon. The US subsidiary sold $27.13 million via Amazon, up 51.59%, and $16.49 million through its official website, up 110.99%.

Public information shows that Chairman Chen Gang was born in November 1973, holds a master’s degree, is a senior economist, and a high-level talent in Ningbo. He has a strong background in government and cultural tourism industries, having served as director of the Policy and Regulations Department at Ningbo Tourism Bureau, deputy director and party committee member of Ningbo Tourism Bureau, and since 2017, vice chairman and general manager of Ningbo Tourism Investment Development Co., Ltd., chairman of Ningbo Cultural Tourism Investment Group Co., Ltd., and since June 2023, secretary of the party committee and chairman of Ningbo Cultural Tourism Convention and Exhibition Group Co., Ltd. He also serves as vice president of Zhejiang Tourism Association and EMBA tutor at Zhejiang University.

On November 13, 2025, Chen Gang was officially elected as the new chairman of Chuangyuan Co., Ltd. at the 11th meeting of the company’s fourth board of directors. The announcement clearly stated that he has not been penalized by the China Securities Regulatory Commission or other relevant departments, nor has he been disciplined by the stock exchange. There are no ongoing investigations or cases related to suspected crimes or violations that have not yet reached a conclusion.

Tonight, the company emphasized that other directors and senior management are performing their duties normally, daily operations are proceeding in an orderly manner, and no investigation or cooperation documents have been received from authorities regarding the company itself.