Sino-Microelectronics(SH:600360) Di Yi Cai Jing·2025-07-13 11:33Core Viewpoint - The transfer of all shares of ST Huamei by its controlling shareholder Shanghai Pengsheng to Yadong Investment for the repayment of 1.49 billion yuan in funds has sparked significant controversy and market attention [1][2]. Group 1: Share Transfer and Financial Implications - Shanghai Pengsheng plans to transfer 214 million shares of ST Huamei, representing 22.32% of the total share capital, to Yadong Investment for 1.556 billion yuan, which will be used to repay the 1.49 billion yuan fund occupation and interest [3][4]. - The actual controller of ST Huamei will change to the Jilin Provincial State-owned Assets Supervision and Administration Commission following this transfer [4]. - The transfer price was later adjusted to 1.62 billion yuan after negotiations [12]. Group 2: Legal and Regulatory Issues - Wang Yufeng's family has submitted an objection letter to the Shanghai Stock Exchange regarding the share transfer, citing unresolved disputes and potential asset transfer to evade debts [4][5]. - The Shanghai Stock Exchange has acknowledged receipt of the objection and will process it according to relevant regulations [4]. - Regulatory scrutiny began over a year ago, with the China Securities Regulatory Commission investigating non-operating fund occupation by Shanghai Pengsheng, which amounted to 1.49 billion yuan as of October 2024 [11][12]. Group 3: Stakeholder Reactions - Market participants and creditors of Shanghai Pengsheng have raised concerns about the legitimacy of the share transfer and its implications for debt recovery [2][5]. - Shanghai Jiuzhou Hongda has also expressed concerns regarding debt disputes with Shanghai Pengsheng, claiming that the asset transfer could lead to significant financial losses for creditors [10].