Taihe(SH:605081) Mei Ri Jing Ji Xin Wen·2025-06-19 11:02Core Viewpoint - The article discusses the decline of Taihe Water (ST Taihe, SH605081) and its founder He Wenhui, highlighting the legal disputes and financial struggles faced by the company and its major shareholder [1][2]. Group 1: Shareholder Disputes - He Wenhui plans to pledge 6.0% of his shares in Taihe Water to the new controlling shareholder, Beijing Xinxin Xuancan Technology Center [1]. - He Wenhui's shares are under significant legal scrutiny, with 4.17% already frozen by the court due to a lawsuit from Shanghai Huachong Equity Investment Fund [1][2]. - The total compensation amount He Wenhui owes to Huachong Fund is nearly 80 million yuan, including cash compensation and penalties [1]. Group 2: Performance Guarantees - In March 2018, He Wenhui signed a performance guarantee agreement with Huachong Fund, promising a net profit of no less than 180 million yuan for 2018, which was a significant increase from the previous year's profit of 66 million yuan [3][4]. - The performance targets set in the agreement were ambitious, requiring cumulative profits of at least 800 million yuan over three years [3]. - Taihe Water's actual performance in 2018 fell short, achieving only 84.02 million yuan in net profit, leading to disputes over the compensation agreement [7]. Group 3: Legal Proceedings - The first court ruling deemed the performance compensation agreement invalid, while the second ruling overturned this decision, declaring the agreement valid [10][11]. - The legal disputes have highlighted the complexities of the agreements and the differing interpretations of their validity [11]. - He Wenhui has applied for a retrial following the second ruling, questioning the legal basis for the decisions made [11]. Group 4: Company Background and Current Status - Taihe Water was founded in 2010 by He Wenhui, who initially promoted an ecological restoration technology [3]. - The company has faced significant operational challenges post-IPO, with declining performance and stock price [12]. - The current ownership structure of Taihe Water is fragmented, with the new controlling shareholder holding only 12% of the shares [14].