四名董事齐投“弃权票” 振芯科技控制权之争再起

Core Viewpoint - After five years of consolidation, Zhenxin Technology (300101.SZ) has once again fallen into a governance deadlock between management shareholders and investor shareholders, with the recent re-identification of the actual controller of the company adding uncertainty to its future development [1][10]. Group 1: Governance Conflict - The recent re-identification of the actual controller is a continuation of the control struggle that began five years ago, with the initial harmony between shareholders deteriorating into two opposing camps [2][11]. - The initial shareholding structure included Chengdu Guoteng Electronics Group as the controlling shareholder, holding 51.23% of shares, with five natural person shareholders, including He Yan and Mo Xiaoyu [2][11]. - The conflict escalated after He Yan was involved in a criminal case, leading to her conviction and imprisonment, which prompted management shareholders to seek her removal as the actual controller [3][12]. Group 2: Legal and Structural Implications - Zhenxin Technology has been recognized as having no actual controller from January 15, 2020, to January 14, 2025, due to the inability of any shareholder to exert significant influence over the company [4][13]. - The legal opinion from Beijing Deheng Law Firm confirmed that no shareholder holds more than 50% of the voting rights, and the company has established a sound governance structure [4][13]. - The recent court ruling dismissed the request to dissolve Chengdu Guoteng Electronics Group, allowing it to continue as the controlling shareholder, which means He Yan's influence remains significant [15]. Group 3: Business Impact - Following the recognition of no actual controller, Zhenxin Technology's performance improved, with net profits showing significant growth after a period of decline [6][14]. - However, the underlying issues have not been resolved, and the recent governance conflict may negatively impact the company's future operations and strategic decisions [8][16]. - The management shareholders have demonstrated their value through performance and innovation in new business areas, but the relationship with He Yan remains uncertain, complicating future governance [15][16].