The lithium-ion battery market is in turmoil, and Mengshi Technology has been delisted, while Baolixin has been delisted.
As of the close on May 28th, lithium equipment company ST Baili (603959. SH) recorded its 17th consecutive limit down, with a total market value of only 887 million yuan.

On April 29th, before the consecutive limit down, Baili Technology, which had not yet put on its ST hat, released its 2023 annual report.
According to the annual report, Baili Technology's operating revenue in 2023 was 2.069 billion yuan, a year-on-year decrease of 35.74%; The net profit attributable to shareholders of the listed company was a loss of 118 million yuan, a year-on-year decrease of 1473.54%.
The annual report also shows that the 2023 internal control audit report of Baili Technology was issued with a negative opinion, and the 2023 annual audit report was issued with a qualified opinion. Three independent directors of the company abstained from voting on the 2023 annual report, the first quarter report of 2024, and the financial settlement report.
After the annual report was issued, Baili Technology put on the hat of ST, and its stock price also fell to the limit all the way.
Chairman resigns
On May 25th, ST Baili announced that the board of directors had recently received a resignation application from the family of Chairman Wang Hairong. Mr. Wang Hairong was unable to perform his duties normally due to assisting relevant departments in investigations. In order to ensure the smooth development of the company's various businesses, he applied to resign as Chairman.
All directors of ST Baili unanimously agree to elect Mr. Wang Liyan as the chairman of the fourth board of directors of the company, with a term from the date of approval by the current board of directors until the expiration of the fourth board of directors.
Mr. Xiao Liming, the vice chairman of the company, will no longer act as the chairman of the company.
Previously, on February 19th, Baili Technology announced that on February 18th, 2024, the company received a notice from the family of Mr. Wang Hairong, the actual controller, chairman, and president of the company. Mr. Wang Hairong needs to assist relevant departments in investigating due to personal reasons and is temporarily unable to perform his duties normally.