Core Viewpoint - The conflict between Fengsheng Holdings and its subsidiary China High-Speed Transmission has escalated, with China High-Speed Transmission accusing Fengsheng Holdings of misappropriating 6.64 billion yuan in funds, while Fengsheng Holdings denies these allegations and accuses China High-Speed Transmission's leadership of negligence and attempting to control core assets [2][3][9]. Summary by Sections Legal Actions - On March 31, China High-Speed Transmission announced it had filed a lawsuit in the Hong Kong High Court against Fengsheng Holdings and its controlling shareholder, Ji Changqun, over the alleged misappropriation of 6.64 billion yuan [2]. - The lawsuit involves several subsidiaries of China High-Speed Transmission, including Nanjing High-Precision Transmission Equipment Manufacturing Group, which have outstanding receivables totaling approximately 6.64 billion yuan as of October 31, 2024 [5][6]. Accusations and Counter-Accusations - China High-Speed Transmission claims that Fengsheng Holdings and Ji Changqun have been involved in fraudulent activities related to the subsidiaries and the misappropriation of funds [7]. - Fengsheng Holdings retaliated by accusing the current chairman of China High-Speed Transmission, Hu Jichun, and his father of evading responsibility and attempting to modify company bylaws to gain control over core assets [3][10]. Financial Implications - The 6.64 billion yuan in receivables represents approximately 47.7% of China High-Speed Transmission's net assets, highlighting the financial significance of the issue [9]. - Fengsheng Holdings questions the timing and management of the receivables, suggesting that the board of China High-Speed Transmission has failed in its risk management duties [9][10]. Investigations and Findings - An independent investigation was initiated by China High-Speed Transmission in November 2024, which led to the dismissal of a director due to a lack of cooperation with the investigation [6][8]. - Evidence collected during the investigation suggests that Fengsheng Holdings may have controlled the financial management of the subsidiaries, raising concerns about governance and accountability [7][8].
调查！66亿元应收款迷局：双方各执一词，中国高速传动控制权之争白热化