Core Viewpoint - The planned change of control for ST Jinbi has failed after nearly a month of planning, highlighting the fragility of capital operations for distressed listed companies and casting a shadow over ST Jinbi's self-rescue efforts [1] Group 1: Transaction Details - On June 11, ST Jinbi announced a plan for a change of control, where controlling shareholders Lin Haoliang and Lin Ruowen intended to transfer 13.3% of shares to Yuan Yi Cheng Wu Technology Co., Ltd. at a price of 7.34 yuan per share, totaling 346 million yuan, significantly higher than the company's stock price at the time [2] - The agreement included a provision for the subsequent transfer of an additional 14.7% of shares, which would bring Yuan Yi Cheng Wu's total holding to 28% [2] Group 2: Risks and Challenges - The termination of the transaction was primarily due to uncertainties arising from family property liquidation disputes involving the actual controller of the acquiring party, which could affect the transaction's execution [3] - The family dispute raises two major risks: doubts about the ability to pay the transfer price of 346 million yuan and potential instability in the voting rights arrangement, which could lead to a loss of control over the listed company [3] Group 3: Market Implications - The case of ST Jinbi serves as a warning that relying solely on capital operations for "shell selling" is no longer viable under new delisting regulations; companies need to focus on strengthening their core business and improving profitability instead of hoping for quick control transfers [4] - As of July 14, ST Jinbi's stock price was reported at 5.63 yuan per share, with a total market value of 2 billion yuan, raising questions about whether this failed change of control could prompt the company to refocus on its core operations [4]
*ST金比易主之路戛然而止：家族纠纷成“绊脚石”，保壳自救再添变数
Xin Lang Zheng Quan·2025-07-15 06:47