Core Viewpoint - The article discusses the dissatisfaction of Ding Yanhui, the chairman of Aibisen, regarding the company's governance structure and compensation mechanisms, leading him to vote against the chairman election due to concentrated shareholding issues and ineffective incentive systems [1][3]. Group 1: Governance Structure - Ding Yanhui expressed concerns about the serious issues within the company's governance structure, highlighting the concentrated shareholding that hinders optimization through negotiation [1]. - He has communicated repeatedly with the company regarding the concentrated shareholding problem but has not seen any results, which prompted his dissenting vote during the chairman election [1]. Group 2: Compensation Mechanism - Ding criticized the company's profit distribution mechanism as being inadequate and the compensation distribution mechanism as unscientific and unreasonable [1]. - In 2024, Ding Yanhui received a total pre-tax compensation of 4.3556 million yuan, which includes 1.7399 million yuan from the employee stock ownership plan, marking a 51% increase from his 2.8845 million yuan salary in 2023 [3]. Group 3: Personal Philosophy - Ding Yanhui stated his commitment to reform, emphasizing his motto of contributing more taxes to the state and providing better compensation to employees [1].

Core Viewpoint - The chairman of Absen, Ding Yanhui, opposed his re-election due to dissatisfaction with his salary, which increased significantly despite the company's declining profits [1][3][5]. Group 1: Salary and Performance - Ding Yanhui's salary for 2024 is 4.3556 million yuan, ranking 135th among approximately 4,500 A-share companies [1][8]. - In 2024, Ding's salary increased by nearly 1.5 million yuan compared to 2023, where he earned 2.8845 million yuan [3]. - Absen's revenue for 2024 is approximately 3.663 billion yuan, a decrease of 8.58% year-on-year, while the net profit dropped by 62.98% to about 117 million yuan [3]. Group 2: Shareholding Structure - Ding Yanhui, along with co-founders Ren Yonghong and Deng Jiangbo, holds a combined 66.32% of Absen's shares, indicating a highly concentrated ownership structure [6]. - Ding Yanhui holds 33.78% of the shares, while Ren Yonghong and Deng Jiangbo hold 16.61% and 14.23%, respectively [6]. Group 3: Industry Context - In the A-share market, 13 chairpersons have salaries exceeding 10 million yuan, with WuXi AppTec's chairman earning the highest at 41.8 million yuan [8][9]. - The high salaries in the pharmaceutical sector reflect the industry's characteristics of high investment, high returns, and intense competition [9].

Core Viewpoint - The recent board resolution announcement from A-share listed company Absen has sparked market discussions, particularly due to the unique situation where the founder and chairman Ding Yanhui cast the only dissenting vote against his own election, citing dissatisfaction with the chairman's salary of 4.35 million yuan [1][11]. Group 1: Voting and Reactions - During the first meeting of the sixth board of directors on November 28, 2025, all 9 directors attended, and the election of the chairman resulted in 8 votes in favor and 1 vote against, which was from Ding Yanhui himself [3][13]. - The announcement of Ding's dissent quickly gained traction on social media, with mixed reactions from netizens questioning why he was dissatisfied with a salary of 4.35 million yuan [3][13]. Group 2: Salary Data - Ding Yanhui's pre-tax remuneration for 2024 was 4.3556 million yuan, which includes 1.7399 million yuan from the employee stock ownership plan, marking a 51% increase from 2.8845 million yuan in 2023 [5][15]. - Over five years, his salary has increased nearly fivefold from 730,000 yuan in 2020 to 4.3556 million yuan in 2024 [5][15]. - Compared to peers, Ding's salary is significantly higher, with the chairman of Leyard earning 1.051 million yuan, and others earning even less, indicating that Ding's compensation is more than double the average salary of 2.0971 million yuan for other executives at Absen [5][16]. Group 3: Company Performance - In 2024, Absen reported a revenue of 3.663 billion yuan, a year-on-year decline of 8.58%, and a net profit attributable to shareholders of 117 million yuan, down 62.98% [6][16]. - However, in the first three quarters of 2025, the company showed signs of recovery with a revenue of 2.872 billion yuan, up 5.66%, and a net profit of 185 million yuan, up 57.33% [6][16]. Group 4: Company Response and Governance Issues - In response to the public outcry regarding Ding's salary dissatisfaction, Absen clarified that the statement was a clerical error, and Ding's actual concern was about the overall incentive mechanism of the company [7][17]. - Ding aims to push for reforms in the company's governance structure, focusing on optimizing governance, improving the distribution of benefits, and adjusting the incentive mechanisms [7][17]. Group 5: Shareholder Dynamics and Market Reaction - As the founder and actual controller of Absen, Ding holds approximately 12.5 million shares, accounting for 33.78% of the total share capital, with a market value of around 2 billion yuan [8][18]. - Ding's limited influence over his own salary is highlighted by his absence from the compensation and assessment committee, which is led by another individual [9][21]. - Following the "self-opposition" incident, Absen's stock price fell by 1.36% to 16.01 yuan per share, with a total market capitalization of approximately 5.9 billion yuan [10][22]. - The incident has drawn attention to potential adjustments in the executive compensation system, with the board also passing a proposal to revise the senior management compensation management system [10][23].

Core Viewpoint - The chairman of Aibisen, Ding Yanhui, cast a dissenting vote against the election of the new board chairman due to dissatisfaction with the chairman's compensation and the company's governance structure [2][4][5]. Group 1: Governance Issues - Ding Yanhui expressed that the company's governance structure has serious problems, particularly regarding the concentrated shareholding and the lack of willingness from major shareholders to reduce their stakes, which hampers governance optimization [5][6]. - He highlighted the inadequacy of the company's incentive mechanisms and the unscientific nature of the compensation distribution system [6]. Group 2: Financial Performance - Aibisen reported a revenue of 2.872 billion yuan for the first three quarters of the year, representing a year-on-year increase of 5.66%. The revenue for the third quarter alone was 1.053 billion yuan, showing a growth of 14.5% compared to the same period last year [10]. - The net profit attributable to shareholders for the first three quarters was 185 million yuan, marking a significant year-on-year increase of 57.33%. The net profit for the third quarter reached approximately 69.05 million yuan, up 138.55% year-on-year [10]. Group 3: Compensation Details - Ding Yanhui directly holds 124,671,149 shares of the company, accounting for 33.78% of the total share capital, making him the actual controller of Aibisen [8]. - His pre-tax compensation for 2024 was reported at 4.3556 million yuan, which includes 1.7399 million yuan from the employee stock ownership plan. This represents a 51% increase from his 2023 salary of 2.8845 million yuan [8].

Core Insights - The A-share market has seen a significant increase in equity financing in 2023, with a total of approximately 1.01 trillion yuan raised in the first 11 months, representing a year-on-year growth of about 310% [1] - The main contributors to this financing are private placements, which accounted for over 80% of the total, with a fivefold increase in fundraising compared to the previous year [2] - The IPO market has also shown growth, with 98 new listings raising 100.36 billion yuan, a 72.9% increase year-on-year, primarily driven by large IPOs from emerging industries [6] Group 1: Equity Financing Overview - Total equity financing in A-shares reached approximately 1.01 trillion yuan, with IPOs contributing 100.36 billion yuan, private placements 846.83 billion yuan, and convertible bonds 59.13 billion yuan [1] - Private placements have become the dominant financing method, with 149 companies completing placements, a 17.32% increase, and total funds raised surging by 5.03 times [2] - The top 10 companies in private placements included four banks and two brokerages, with China Bank raising 165 billion yuan, Postal Savings Bank 130 billion yuan, and others exceeding 100 billion yuan [2] Group 2: IPO and Convertible Bonds - The IPO market has seen 98 new listings, with a 10.1% increase in the number of IPOs and a 72.9% increase in funds raised compared to the previous year [6] - Emerging industries accounted for over 80% of IPOs, indicating a shift towards technology-driven companies [6] - Convertible bonds have also seen growth, with 40 bonds issued, raising a total of 59.1 billion yuan, a 31.8% increase year-on-year, despite a decrease in the number of issuances [6][7]

Core Viewpoint - The recent board resolution announcement from Absen, a well-known company in the LED display industry, has drawn significant market attention due to a dramatic voting outcome where the only opposing vote came from the elected chairman himself, Ding Yanhui [1] Group 1: Board Decision and Reactions - The board approved the election of Ding Yanhui as chairman with a vote of 8 in favor and 1 against, the latter being from Ding Yanhui himself [1] - Ding Yanhui's reason for opposing the election was dissatisfaction with the chairman's salary [3] - Following the event, Absen clarified that the opposition was a "secretary's error" and emphasized that the core issue was Ding's dissatisfaction with the overall incentive mechanism rather than just salary figures [3] Group 2: Financial Performance - Absen's main business involves the research and sales of LED display products, with a strong performance in the first three quarters of the year, reporting revenue of 2.872 billion yuan, a year-on-year increase of 5.66% [4] - The net profit attributable to shareholders reached 185 million yuan, showing a significant year-on-year growth of 57.33% [4] Group 3: Governance Issues - The incident highlights governance and incentive conflicts within the company, revealing that even with positive operational performance, issues like decision-making deadlocks among key shareholders can persist [4] - Ding Yanhui pointed out the fundamental governance issue of overly concentrated and rigid shareholding structure, indicating that he has attempted to communicate with major shareholders to optimize the structure but has not succeeded [3]

Core Viewpoint - The recent board meeting of Absen Optoelectronics Co., Ltd. (300389.SZ) witnessed a dramatic event where Ding Yanhui was elected as the chairman but voted against his own appointment due to dissatisfaction with the chairman's compensation structure and the company's incentive mechanism [1][4]. Group 1: Company Leadership and Governance - Ding Yanhui, the founder of Absen, has served as chairman since the company's establishment in August 2001 and has held various leadership roles within the company [3]. - In 2024, Ding's pre-tax salary was reported at 4.3556 million yuan, a significant increase of over 50% from the previous year's salary of 2.8845 million yuan [3]. - Ding expressed concerns regarding the company's concentrated shareholding structure, which he believes hinders governance and investor participation [4]. Group 2: Shareholding Structure - As of the end of Q3 2025, the top three shareholders of Absen were Ding Yanhui (33.78%), Deng Jiangbo (16.61%), and Ren Yonghong (14.23%) [4]. - Ding has made multiple share purchases since the company's IPO, including a significant acquisition of 41 million shares in 2022, financed through a personal loan of 260 million yuan [4]. Group 3: Financial Performance - For the first three quarters of the year, Absen reported revenue of 2.872 billion yuan, reflecting a year-on-year growth of 5.66% [6]. - The net profit attributable to shareholders was 185 million yuan, showing a substantial increase of 57.33% compared to the previous year [6]. - The company's net profit excluding non-recurring items reached 163 million yuan, marking a remarkable growth of 107.4% [6].

Core Viewpoint - The only dissenting vote in a recent board decision came from Ding Yanhui, who expressed dissatisfaction with the chairman's compensation, which sparked discussions on social media about the appropriateness of a salary of 4.35 million yuan [1][2]. Group 1: Compensation and Governance - Ding Yanhui's dissenting vote was initially attributed to dissatisfaction with his salary, but he later clarified that his real concern was with the company's incentive mechanism and the concentrated ownership structure, which he believes hinders governance [3]. - According to the 2024 annual report, Ding Yanhui's salary was 4.3556 million yuan, an increase of 1.4711 million yuan from the previous year [4]. Group 2: Company Background - Aibisen, founded in 2001, is a leading provider of LED display applications and services globally. In the first three quarters of 2025, the company reported revenues of 2.872 billion yuan and a net profit attributable to shareholders of 185 million yuan [3].

Core Viewpoint - The recent election of Ding Yanhui as the chairman of Aibison's board was marked by his own dissenting vote, citing dissatisfaction with the chairman's compensation structure [1][4]. Group 1: Board Election and Dissent - Aibison's board meeting on November 28 approved multiple resolutions, including the election of Ding Yanhui as the chairman [1]. - Ding Yanhui cast a dissenting vote against his own election, expressing dissatisfaction with the compensation for the chairman position [1][4]. Group 2: Compensation Details - According to the 2024 annual report, Ding Yanhui received a total pre-tax compensation of 4.3556 million yuan, which includes 1.7399 million yuan from the employee stock ownership plan [2]. Group 3: Company Governance and Reform - Aibison's management indicated that the dissent was due to broader concerns regarding the company's incentive mechanisms, governance structure, and profit distribution [4]. - The chairman aims to implement reforms to optimize the company's governance structure and address the inadequacies in the incentive compensation system [4].

Core Viewpoint - The chairman of Absen, Ding Yanhui, expressed dissatisfaction with the company's governance structure and compensation mechanisms, indicating a need for reform, which he initiated by voting against his own re-election as chairman [1][3][6]. Group 1: Governance and Compensation Issues - Ding Yanhui's opposition to his re-election was framed as a protest against the company's compensation structure, which he described as "unscientific, unreasonable, and incomplete" [3][6]. - The company reported a significant increase in Ding's pre-tax compensation to 4.3556 million yuan in 2024, which raised public skepticism about his motives for opposing his own salary [3][5]. - Ding emphasized the need for a comprehensive review of the company's overall compensation system, suggesting that discussions about his salary could lead to broader reforms [6][7]. Group 2: Company Performance and Shareholding Structure - Absen's main business involves providing a full range of LED display products and professional audiovisual solutions, with 2024 revenues reported at 3.663 billion yuan, a decline of 8.58% year-on-year, and a net profit of 117 million yuan, down 62.98% [5]. - The company's performance showed improvement in the first three quarters of the year, with revenues of 2.872 billion yuan and a net profit of 185 million yuan, reflecting year-on-year growth of 5.66% and 57.33%, respectively [5]. - The shareholding structure is concentrated among three founders, with Ding holding 33.78%, which complicates governance and decision-making processes [8][9]. Group 3: Reform Initiatives and Challenges - Ding acknowledged that internal reforms face significant resistance due to the current shareholding structure, which limits decision-making efficiency [8][10]. - He proposed that if the other major shareholders were to reduce their stakes, it could facilitate necessary reforms and improve the company's governance [10][11]. - Ding indicated that if reforms could not be implemented, he might resign from his position as chairman, highlighting the urgency of addressing these governance issues [11][12].