Shenzhen Beiqingsong Technology Co., Ltd. (Beiqingsong), the first listed company of portable massage devices in mainland China, recently saw its Chief Financial Officer resign after only 48 days in office. This marks the fourth CFO change within four months for Beiqingsong, which has accumulated losses of 280 million yuan since its listing four years ago.
In a statement released on September 25th, Beiqingsong announced the resignation of Mr. Zhang Chunli, the CFO, citing personal reasons for his decision to step down.
Following his resignation, Mr. Zhang Chunli will continue to serve as the Deputy CFO responsible for sales finance, with the company assuring that his resignation will not impact its normal operations.
However, according to a report by Huaxia Times on October 1st, Beiqingsong’s latest announcement further exposed governance cracks in the company, as Mr. Zhang Chunli’s tenure lasted merely 48 days since his appointment on August 7th. Such frequent changes in the CFO position within a short span of four months are uncommon among companies listed on the Sci-Tech Innovation Board.
The CFO holds a critical role as the primary individual responsible for financial accounting, internal control enforcement, and information disclosure within a listed company, directly impacting the quality of financial reports and governance effectiveness.
Director of Asia-Pacific Social Innovation Research Institute and Managing Director of Hongyuan Capital in Hong Kong, Huo Hongyi, emphasized that the CFO’s unusually high turnover rate does not directly equate to internal control failure, but serves as a significant early warning signal for governance risks in publicly traded companies.
Additionally, Beiqingsong’s Chairman and General Manager, Ma Xuejun, is currently undergoing a dual investigation and penalty process by securities regulators. In July 2026, the Shenzhen Securities Regulatory Bureau issued an administrative penalty decision, warning Beiqingsong and imposing fines of 2.5 million yuan on Ma Xuejun and 6.3 million yuan on him, along with fines of 800,000 yuan and 500,000 yuan on two other senior executives, totaling 10.1 million yuan.
Despite being dubbed as the leading portable massage device company in mainland China, Beiqingsong has been experiencing consecutive losses.
According to Beiqingsong’s semi-annual report released on August 28th, the company generated operating income of 366 million yuan in the first half of the year, a mere 4.92% year-on-year decrease, while its net loss attributable to shareholders reached 47.1485 million yuan, expanding by 30.6% year-on-year, with adjusted net losses of 42.39 million yuan.
From 2022 to 2025, the company has incurred consecutive losses in adjusted net profit, accumulating approximately 279 million yuan.
Huo Hongyi analyzed that Beiqingsong’s current financial structure highlights a deviation between revenue growth and profit-making capability, shifting focus from revenue growth to profitability.
National technology expert Zhou Di from the Ministry of Science and Technology also pointed out that Beiqingsong has been excessively spending on sales expenses, persistently exceeding 60%. This strategy of spending heavily to generate revenue results in minor revenue decreases and significant loss expansions, as high expenses deplete gross profits.
Huo Hongyi further emphasized that while portable massage devices inherently offer high product gross margins, having a “high gross profit” does not necessarily translate to “high profits.” If companies need substantial investments in advertising, traffic acquisition, channel commissions, offline stores, and brand marketing expenses to maintain sales volume, the gross profit generated from the product side can easily be consumed on the sales end.
Apart from Beiqingsong’s internal challenges, a group of lawyers has submitted a bulk of investor compensation filing materials to the Shanghai Financial Court, seeking compensation for damages incurred between January 1, 2024, and December 25, 2025. Under the Securities Law and relevant judicial interpretations, listed companies held accountable for illegal and non-compliant information disclosure leading to investor losses should bear civil liability.
Public records show that Shenzhen Beiqingsong Technology Co., Ltd. was established on July 5, 2000, with its registered address in Futian District, Shenzhen. It is a limited company primarily engaged in the design, research and development, production, sales, and service of smart portable massage devices within the household appliance-small appliance-personal care small appliance industry.
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