Core Viewpoint - The ongoing power struggle between the new and old management of *ST Xinchao revolves around the control of the company's overseas oil and gas assets, which constitute over 99% of its total assets, valued at approximately 36.2 billion yuan as of mid-2025 [4][10]. Group 1: Management Transition and Control - The new management of *ST Xinchao faced resistance during the handover of the Beijing office, with the previous management refusing to cooperate [4][10]. - The new management, backed by Yitai B, has attempted to take control of the company's U.S. subsidiary, Seewave Energy Holdings, by replacing its board members [3][11]. - A "status quo order" was issued by the Delaware Chancery Court, maintaining the current operational status of the U.S. subsidiary while the legitimacy of the new management is under review [16][20]. Group 2: Legal Proceedings - Multiple lawsuits have been filed in U.S. courts regarding the control of *ST Xinchao's assets, with key cases involving both the new management and the original management team [7][8]. - The original management, led by Liu Ke, has initiated legal actions to restore their positions on the board of the U.S. subsidiary [14][15]. - The outcomes of these legal disputes are critical as they will determine the control over the overseas oil and gas assets [20][21]. Group 3: Asset Valuation and Audit Issues - *ST Xinchao's overseas assets, primarily located in Texas, have been acquired through various transactions totaling approximately $1.06 billion from 2015 to 2019 [23][26]. - There have been significant discrepancies in the audit reports regarding the number of oil wells and their associated liabilities, raising concerns about the accuracy of the company's asset valuations [26][27]. - Previous auditors have raised issues regarding the internal controls of the overseas subsidiaries, which could impact the company's financial reporting and governance [27][28].

Core Viewpoint - The ongoing power struggle between the new and old management of *ST Xinchao revolves around the control of the company's overseas oil and gas assets, which constitute over 99% of its total assets, valued at approximately 362.04 billion yuan as of June 30, 2025 [1][3][18]. Group 1: Management Transition and Legal Disputes - The new management of *ST Xinchao faced resistance during the handover of the Beijing office, with the previous management refusing to cooperate [1][3]. - Following the acquisition of control by Yitai B, the new management attempted to replace the board of directors of the U.S. subsidiary Seewave Energy Holdings Company, leading to lawsuits from the ousted directors [2][9]. - A "status quo order" was issued by the Delaware Chancery Court, maintaining the current operational status of the U.S. subsidiary while the legitimacy of the new management remains unconfirmed [2][12][13]. Group 2: Asset Control and Corporate Structure - The core assets of *ST Xinchao are primarily located in the U.S., including conventional oil fields and shale gas assets in Texas [3][18]. - The previous chairman, Liu Ke, allegedly transferred asset control to personal affiliated companies through complex shareholding changes, creating a "maze" of overseas ownership [4][5][6]. - The company’s structure involves multiple layers of U.S. subsidiaries, complicating the control and management of its oil and gas assets [4][18]. Group 3: Financial and Audit Concerns - The company has faced scrutiny regarding the audit of its overseas oil and gas assets, with discrepancies noted between reported figures and those from the U.S. Railroad Commission [20][21]. - Previous auditors raised concerns about internal controls and governance issues, which have led to negative audit opinions and the company's designation as ST (Special Treatment) [21][22]. - The financial implications of these disputes and audit issues could significantly impact the company's valuation and operational stability moving forward [18][21].

Group 1 - The core issue of the article revolves around the ongoing control struggle at *ST New Tide (SH600777), particularly following the acquisition by Yitai B shares, which now holds a 50.10% stake in the company [1][3] - The newly elected board of directors, primarily composed of candidates from Yitai B, aims to address internal governance issues and has committed to supporting minority shareholders [3][4] - The control dispute is largely centered on the company's oil and gas assets located in the United States, which are crucial for the company's operations and future [4][5] Group 2 - The recent interim shareholders' meeting resulted in a significant majority (81.49%) supporting the early re-election of the board and supervisory committee, despite the previous management's objections [2][3] - The new management faced significant resistance during the transition, with key personnel from the previous management not cooperating during the handover process [4][5] - Legal battles are ongoing in U.S. courts, with multiple cases being heard, including one initiated by Yitai B to protect the company's interests and maintain operations of its U.S. subsidiaries [5]

Core Viewpoint - The control struggle over *ST Xinchao (SH600777)* continues despite the completion of the board restructuring, as highlighted in the recently disclosed 2025 semi-annual report, revealing a decline in performance amid ongoing litigation and governance issues [1][2][5]. Group 1: Financial Performance - In the first half of 2025, *ST Xinchao* reported operating revenue of 3.973 billion yuan, a year-on-year decrease of 8.85% [1] - The net profit attributable to shareholders was 959 million yuan, down 18.22% year-on-year [1]. Group 2: Control and Governance Issues - The new controlling shareholder, Yitai B, holds 50.10% of the shares and aims to address internal governance issues, but faced resistance from existing management [2][3]. - A temporary shareholders' meeting was held on July 24, 2025, where a significant majority (81.49%) supported the early restructuring of the board and supervisory committee [3]. - The newly elected board includes four non-independent directors from Yitai B, with Zhang Junyu appointed as chairman [3][4]. Group 3: Legal and Operational Challenges - The transition of control has led to significant operational challenges, with the new management facing resistance during the takeover of the Beijing office, where previous management did not cooperate [6][7]. - The core asset dispute centers around the oil and gas assets in the U.S., with ongoing litigation in U.S. courts, including three key cases [7][8]. - A "status quo order" from a Delaware court mandates that the U.S. subsidiary maintain normal operations and restricts significant transactions without prior consent [8]. Group 4: Future Outlook and Risks - The new board is actively working to address issues raised in the previous year's audit report to improve governance and financial reporting quality [9]. - The company faces a delisting risk due to an "unable to express opinion" audit report for the 2024 fiscal year, which could lead to termination of listing if the situation does not improve in 2025 [8].

Core Viewpoint - The control struggle over *ST New潮 (600777.SH) continues despite the recent board restructuring, with significant operational and legal challenges ahead for the new management team [1][2][7] Financial Performance - In the first half of 2025, *ST New潮 reported revenue of 3.973 billion yuan, a year-on-year decline of 8.85%, and a net profit attributable to shareholders of 959 million yuan, down 18.22% year-on-year [1][2] Control Transfer Issues - The new management faced significant resistance during the transition, with no cooperation from the previous executives during the handover of the Beijing office [2][8] - The control dispute has escalated to litigation over the company's core U.S. assets, with three lawsuits currently in progress [2][9] Shareholder Meeting and Board Restructuring - A temporary shareholders' meeting was held where the new board was elected with 81.49% of voting rights in favor, marking a significant shift in control to the 伊泰 B股 group [5][4] - The newly elected board members include Zhang Junyu, Liu Chunlin, Zhang Jingquan, and Lian Tao, who are expected to address shareholder concerns and improve governance [5][4] Legal Challenges - The ongoing litigation includes a case initiated by 伊泰 to secure the company's U.S. assets and ensure the new management can access critical financial documents [9][10] - A "status quo order" from a Delaware court mandates that the U.S. subsidiary must operate normally and comply with the new board's requests for financial reporting [10] Risk of Delisting - The company faces a delisting risk due to an "unable to express opinion" audit report for the 2024 fiscal year, which could lead to termination of listing if the 2025 audit does not improve [10]

内蒙古伊泰煤炭股份有限公司关于 内蒙古伊泰财务有限公司的风险评估报告 按照《上海证券交易所上市公司自律监管指引第5号—交易与关联交易》的 要求，内蒙古伊泰煤炭股份有限公司（以下简称"公司"）通过查验内蒙古伊泰 财务有限公司（以下简称"财务公司"）《金融许可证》《企业法人营业执照》 等资质证照，取得并审阅了包括资产负债表、利润表、现金流量表等在内的财务 报告，对其经营资质、业务和风险状况进行了评估。具体情况如下： 一、财务公司基本情况 财务公司是由内蒙古伊泰集团有限公司（持股 60%）及公司（持股 40%）共 同出资组建，经国家金融监督管理总局批准（金融许可证编号：L0224H315060001）、 鄂尔多斯市市场监督管理局登记注册（统一社会信用代码：9115060034136526X4） 的非银行金融机构。 法定代表人：张立峰 注册资本：100,000 万元人民币 注册及营业地：内蒙古鄂尔多斯市东胜区天骄北路万博广场 A 座 股东会是财务公司的最高权力机构；董事会是股东会的常设机构，负责组织 实施股东会的重大决策，并对股东会负责；监事会切实履行监督职责；经理层按 照董事会决策的目标与方向，负责具体生产经营的执 ...

（三）中国证监会《上市公司独立董事管理办法》、上海证券交易所自律监 管规则以及公司章程有关独立董事任职资格和条件的相关规定； （四）中共中央纪委、中共中央组织部《关于规范中管干部辞去公职或者退 （离）休后担任上市公司、基金管理公司独立董事、独立监事的通知》的规定（如 适用）； （五）中共中央组织部《关于进一步规范党政领导干部在企业兼职（任职） 问题的意见》的相关规定（如适用）； （六）中共中央纪委、教育部、监察部《关于加强高等学校反腐倡廉建设的 意见》的相关规定（如适用）； （七）中国人民银行《股份制商业银行独立董事和外部监事制度指引》等的 相关规定（如适用）； 独立董事提名人声明与承诺 提名人内蒙古伊泰煤炭股份有限公司董事会，现提名段辉为内蒙古伊泰煤炭 股份有限公司第九届董事会独立董事候选人，并已充分了解被提名人职业、学历、 职称、详细的工作经历、全部兼职、有无重大失信等不良记录等情况。被提名人 已同意出任内蒙古伊泰煤炭股份有限公司第九届董事会独立董事候选人（参见该 独立董事候选人声明）。提名人认为，被提名人具备独立董事任职资格，与内蒙 古伊泰煤炭股份有限公司之间不存在任何影响其独立性的关系，具体声明并承诺 ...

内蒙古伊泰煤炭股份有限公司 关于公司 2025 年 7 月对外提供担保的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 证券代码：900948 证券简称：伊泰 B 股 公告编号：临 2025-052 注：截至 2025 年 7 月，公司对控股子公司提供担保的余额约为 34.74 亿元， 对部分全资子公司、控股子公司商业承兑汇票融资业务提供担保的余额约为 1659.62 万元。 被担保人名称及是否为上市公司关联人：被担保人为内蒙古伊泰煤制油 有限责任公司、内蒙古伊泰化工有限责任公司、伊泰伊犁矿业有限公司，均不是 公司关联人。 7 月实际发生担保 4,429.22 万元，无反担保。 对外担保逾期的累计数量：截至本公告日，无逾期对外担保。 特别风险提示：公司实际发生的对外担保均为合并报表范围内企业，风 险可控。 一、公司对外担保预计审批情况 内蒙古伊泰煤炭股份有限公司（"公司"或"本公司"）于 2025 年 4 月 28 日、2025 年 5 月 19 日分别召开了第九届董事会第十五次会议和 2024 年年 ...

证券代码：900948 证券简称：伊泰 B 股 公告编号：临 2025-048 内蒙古伊泰煤炭股份有限公司 关于改选公司独立董事的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 内蒙古伊泰煤炭股份有限公司董事会 2025 年 8 月 29 日 1 附：段辉先生简历 独立董事候选人简历 段辉，男，汉族，1971 年出生，研究生学历，高级会计师、中国注册会计 师非执业会员。1993 年 7 月至 1998 年 7 月,任石家庄化肥厂审计科审计员；1998 年 8 月至 2001 年 12 月，任石家庄会计师事务所审计项目经理；2002 年 3 月至 2006 年 8 月，任北京庄胜集团审计部审计主任：2006 年 9 月至 2011 年 3 月，任 中国银行软件中心财务部高级会计师；2011 年 4 月至今，任央广视讯传媒股份 有限公司副总经理兼财务总监。 内蒙古伊泰煤炭股份有限公司（"公司"或"本公司"）于 2025 年 8 月 29 日召 开第九届董事会第十七次会议，审议通过了《关于改选公司独立董事的议案》， 现将相关情 ...

证券代码：900948 证券简称：伊泰 B 股 公告编号：临 2025-050 关于对 2025-2026 年度日常关联交易补充预计的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、日常关联交易履行的审议程序 内蒙古伊泰煤炭股份有限公司（以下简称"公司"或"本公司"）于 2025 年 8 月 29 日召开第九届董事会第十七次会议，在关联董事回避表决的情况下， 以 3 票同意、6 票回避、0 票反对、0 票弃权的表决结果审议通过了《关于公司 对 2025-2026 年度日常关联交易补充预计的议案》。 上述日常关联交易议案在提交公司董事会审议前已经独立董事专门会议审 议通过。 二、日常关联交易基本情况 2025 年至 2026 年，蒙冀铁路有限责任公司（以下简称"蒙冀铁路"）向公 司及控股子公司提供运输服务，预计每年上限金额为 220,400 万元，该上限金额 的预计基础为公司需向蒙冀铁路支付的铁路运输费用。2025 年，出于成本效益 考虑，公司增加了蒙冀铁路的发运量，预计与蒙冀铁路的结算金额将有所上升。 ...