Shenzhen Beiqingsong Technology Co., Ltd. (Beiqingsong), announced on February 6 that the actual controller of the company is under investigation for suspected stock market manipulation, which has raised concerns along with a 900% decline in the company’s performance in 2025.
On February 6, Beiqingsong released a public announcement titled “Notice Regarding the Actual Controller Receiving the Investigation Notice from the China Securities Regulatory Commission.” The announcement stated that on February 4, 2026, they received an investigation notice from the China Securities Regulatory Commission against the actual controller, Ma Xuejun, for “suspected stock market manipulation,” leading to an investigation against him.
Furthermore, a previous announcement from December 26, 2025, revealed that “due to alleged violations of information disclosure laws and regulations by the company and the actual controller, Mr. Ma Xuejun,” the China Securities Regulatory Commission decided to initiate an investigation against both the company and Mr. Ma Xuejun.
Within less than two months, Ma Xuejun has faced two separate investigations.
Beiqingsong is a publicly listed company based in Shenzhen primarily engaged in the design, development, production, sales, and services of intelligent portable massagers made of rubber and plastic products. It has been praised in the capital world as the “originator” and “leader” in China’s intelligent massager industry.
According to financial news from Chengdu-based Deep Blue New Media Technology’s “Deep Blue Finance” on February 7, Ma Xuejun is considered a commercial “genius” and “marketing master” who early on revolutionized the intelligent massager industry. Leveraging his efforts, he drove up the demand for massagers, even moving the technology-centric Sci-Tech Innovation Board. In 2021, Beiqingsong went public as China’s “top intelligent massager” stock, reaching a market value of up to 10.5 billion yuan at one point.
After the company went public, Ma Xuejun made multiple sell-offs to cash in. Prior to being investigated, Ma Xuejun cashed out nearly 100 million yuan by reducing his shareholdings and used methods like “employee loans” to misappropriate around 80 million yuan of company funds.
According to the annual performance forecast released by Beiqingsong on January 28, 2025, it anticipated a negative impact on its 2025 financials, reaching a net loss attributed to the parent company owner within a range of -105 million to -84 million yuan, marking a steep decline compared to the previous year. Preliminary financial estimations suggest an adjusted net profit range of -92 to -71 million yuan attributed to the parent company owner.
In contrast, the earnings data from the 2024 period revealed: “Total profit: 11.83 million yuan. Net profit attributed to the parent company owner: 10.25 million yuan.”
The data from official announcements indicates that Beiqingsong suffered a net loss of 84 to 105 million yuan in 2025, a decrease of over 900% compared to the previous year.
According to reports from “The Beijing News” on February 7, Beiqingsong, not yet five years into its public listing, has experienced significant fluctuations in its performance, with profitable years in 2021 and 2024, losses in 2022 and 2023, and a projected loss for 2025. Its adjusted net profits have been in the negative for four consecutive years.
Following the news of Ma Xuejun’s investigation, Beiqingsong’s stock price dropped at the opening on February 6. By the end of the day, the stock price was at 22.71 yuan per share, a decline of 1.13%, with the company’s total market value approximately 1.952 billion yuan, representing an 81.5% decrease from its peak value.
According to data from East Money, on July 15, 2021, Beiqingsong’s first trading day ended with a closing price of 171.18 yuan per share, reaching a peak intraday price of 185.58 yuan per share, and closing with a total market value of around 10.552 billion yuan. Its lowest point was observed on December 31, 2025, with a market value of about 1.874 billion yuan.