XCEC(SH:600777) Zheng Quan Shi Bao Wang·2025-07-08 15:01Core Viewpoint - The company *ST New Tide (600777) is facing challenges regarding the convening of a temporary shareholders' meeting, with multiple proposals being rejected by the board and supervisory committee due to procedural non-compliance with legal regulations and the company's articles of association [1][2][3]. Group 1: Shareholder Meeting Proposals - The company received a proposal from shareholders to convene a temporary shareholders' meeting on July 24, 2025, to discuss the early re-election of the board and supervisory committee [1][4]. - The board and supervisory committee have previously rejected similar proposals on June 28 and July 4, citing that the proposal did not meet the legal and procedural requirements [2][3]. - The latest proposal includes legal opinions from three law firms affirming that the request to convene the meeting complies with Chinese law and the company's articles of association [5]. Group 2: Shareholder Structure Changes - The company has undergone a significant change in its shareholder structure, with Inner Mongolia Yitai Coal Co., Ltd. becoming a major shareholder, holding 50.10% of the company's shares [6]. - The new major shareholder supports the convening of the temporary shareholders' meeting, indicating a shift in governance dynamics [6]. Group 3: Financial Reporting Issues - The company has faced scrutiny for failing to disclose its 2024 annual report on time, leading to an investigation by the China Securities Regulatory Commission [6]. - The 2024 annual report was eventually released but received a non-standard audit opinion due to insufficient documentation regarding employee compensation and other financial details [7][8]. - The company has engaged with the auditing firm to provide necessary documentation and explanations to address the audit concerns [8].