Xi Pu material hidden related party transactions with Sunflower restructuring new branches

Sunflower, which is advancing cross-border restructuring, once again revealed explosive news. Investigating journalists recently learned that Xianpu Materials Technology Co., Ltd., which Sunflower intends to acquire, has hidden related-party transactions. In the process of purchasing electronic fluoride solution, they conducted transactions through multiple companies, extending the trading chain and disguising the related-party transactions as unrelated. On one hand, they kept substantial profits in the personal sole proprietorship company of Xianpu Materials Chairman Zhang Qin's father. On the other hand, they attempted to evade related-party transaction scrutiny, making it easier to adjust Xianpu Materials' profitability. For more details, please refer to the report by Cailian Press on the 14th. On December 25, 2025, Cailian Press published a report titled "Xianpu Materials 'rush' to market, Sunflower's cross-border semiconductor 'reef' emerges," questioning the suspicious bulk transactions of electronic fluoride solution by Xianpu Materials. The Shenzhen Stock Exchange issued an inquiry letter the morning after the report was released, raising four queries, including requesting Sunflower to supplement information on the amount of electronic fluoride solution purchased by Xianpu Materials, its specific purpose, whether it is related to the production of core products, and whether it has any connection with Shanghai Den Hongxin New Materials Technology Co., Ltd. As of the time of publication, the response from Sunflower has not been publicly disclosed.