HAICHANG HLDG (02255) fell more than 5% during morning trading. At the time of writing, the stock was down 4.44%, trading at HK$0.43, with a turnover of HK$11.4695 million. The decline follows the company's release of its annual results, which showed revenue of RMB 1.549 billion, a year-on-year decrease of approximately 14.8%. The loss widened from RMB 750 million in the same period last year to RMB 984 million. The announcement indicated that the core park operations business suffered a significant revenue decline due to lower visitor numbers and reduced secondary spending within the parks, which was the primary reason for the drop in overall revenue. Notably, Xiangyuan Holding acquired a stake in HAICHANG HLDG last year with capital injection, intending to provide more strategic development resources while helping to replenish the company's working capital and reduce financial expenses. However, in December 2025, Yu Faxiang, the actual controller of Xiangyuan, was subjected to criminal compulsory measures by the Shaoxing Public Security Bureau for alleged involvement in criminal activities. He subsequently resigned swiftly from all his positions, including Chairman of the Board of HAICHANG HLDG, leading to sudden turmoil in the company's core management and a complete halt to the originally planned rescue and transformation initiatives.