Core Viewpoint - *ST Meixun, under the control of Huang Guangyu, has been unable to survive the market downturn and is set to be delisted due to its market capitalization falling below 500 million yuan for 20 consecutive trading days [1][17] Company History and Background - *ST Meixun, originally Zhengzhou Baohuo Cultural Supplies Company, was listed in 1996 and was once a leading company in the retail sector [3][4] - The company underwent a significant restructuring in 2000 when it was taken over by Shandong Sanlian Group, which injected assets and debt relief [4][5] - After the restructuring, the company was renamed Sanlian Commerce and experienced initial success, but began to decline from 2004 onwards due to increased competition and internal financial issues [5][6] Key Events Leading to Decline - Huang Guangyu's acquisition of the company in 2008 marked a turning point, but it also brought unresolved issues from the previous management, leading to a series of legal and financial troubles [7][9] - The company faced multiple lawsuits and financial liabilities, which severely impacted its operations and reputation [9][10] - Following Huang's imprisonment in 2010, the company struggled without strong leadership, leading to further decline in its retail business [11][16] Business Transformation Attempts - In 2016, the company shifted its focus from retail to manufacturing by acquiring Zhejiang Dejing Electronic Technology Co., aiming to enter the mobile communications market [12][13] - Despite the acquisition, the company failed to meet performance expectations, leading to significant financial losses and a decline in market position [14][15] Recent Developments - The company has been in continuous financial distress, with cumulative losses exceeding 1.7 billion yuan since 2018, and has faced challenges in maintaining operations and investor confidence [15][16] - As of 2024, the company is on the brink of delisting, with its stock price plummeting and management changes failing to reverse its fortunes [18][19] - There are speculations regarding Huang Guangyu's reluctance to sell the company despite its deteriorating condition, indicating a potential personal attachment or strategic misjudgment [20]
被施了“魔咒”的600898：两大家电零售商兴衰