Controversies

Three-year loss of RMB 1.1 billion, IPO stalled; nine shareholders seek judicial dissolution

CASICloud, an industrial internet company under CASIC, brought in multiple investors and then accumulated losses of about RMB 1.1 billion over three years; its IPO was completely stalled, and there were no VAM or repurchase arrangements. Shareholders had previously won an information rights lawsuit but still had to seek enforcement to obtain materials. In June 2026, nine investors sued to request judicial dissolution of the company; the Beijing First Intermediate People's Court accepted the case in July. In an earlier data center cooperation dispute with Gaosheng Holdings, the court ordered Gaosheng Holdings to pay it about RMB 156 million. Judicial dissolution lawsuit under trial.