On the afternoon of June 5, the microblog account of Dreame Technology founder and CEO Yu Hao (“Yu Hao - Loves Giving Gold”, 629,000 followers) was suspended, with the homepage stating the suspension was “due to violations of relevant laws and regulations.” His last weibo post was on June 1. At the same time, market rumors claimed a district in the Yangtze River Delta was surveying local companies on their cooperation with Dreame Technology, including project scale, capital investment, and state-owned capital participation. Local sources, however, quickly denied these claims. The dual news caused confidence in the Dreame ecosystem in the capital market to plummet sharply. Shares of Jiamibao (002969), which had just completed a tender offer that raised Yu Hao’s stake to 45.01%, suffered a sudden flash crash in the afternoon, reversing from a morning gain of over 7% to end at the daily limit down of 16.79 yuan, with an intraday swing exceeding 17%.
This incident reflects deep-seated controversies accumulated during Dreame’s aggressive expansion over the past few years. According to a previous investigation by Securities Times, Dreame’s affiliated VC Skyworks Ventures (formerly Dreame Ventures) managed 29 funds totaling over 25.2 billion yuan, with more than 60% of LP funds coming from local state capital in over a dozen cities including Suzhou, Hangzhou, and Chengdu. Of its 64 portfolio companies, a significant portion are related entities spun off from Dreame’s internal business divisions. This effectively creates a “circular investment model” — an industrial company sets up a fund, local state capital invests, and related companies establish operations to fulfill local investment requirements — which has repeatedly triggered industry concerns over conflicts of interest and compliance risks. Entering 2026, Yu Hao’s high-profile statements such as “building a hundred-trillion-dollar corporate ecosystem” and “becoming the world’s richest person in five years” have frequently trended on social media. This microblog ban has brought these controversies back into the capital market’s spotlight.