Heli Technology warned over decade-long concealed proxy shareholding arrangement
AI Summary- Heli Technology, Fan Kaishu and Fan Kaiyuan received regulatory warning letters over concealed proxy shareholding.
- Ma Xubiao paid 5 million yuan under the 2015 agreement, while Fan held 500,000 original shares.
- Heli Technology first disclosed the arrangement in its 2025 annual report after its 2017 listing.