Vanfund(SZ:000638) Sou Hu Cai Jing·2025-07-22 08:34Core Viewpoint - The judicial auction of 90.86 million shares held by the major shareholder Wanfangyuan of *ST Wanfang has been withdrawn, adding uncertainty to the anticipated change in control of the company [1][3]. Group 1: Background and Impact of the Judicial Auction Withdrawal - Wanfangyuan was subject to forced execution by the Changchun Intermediate Court due to a loan dispute with Jilin Jiutai Rural Commercial Bank, leading to a court ruling for the auction of its entire stake in *ST Wanfang, which represents 29.18% of the company's total share capital [3]. - The auction was scheduled for July 22-23 on the Taobao judicial auction platform but was retracted due to procedural issues, specifically the failure of the Beijing Third Intermediate Court judge to transfer the relevant equity disposal rights [3]. - As of the announcement date, the withdrawal of the auction has not significantly impacted the company's daily operations, which remain normal [3]. Group 2: Future Auction Risks and Company Response - Despite the withdrawal, *ST Wanfang has cautioned that there remains a risk of the shares being auctioned again in the future, indicating that the loan dispute with Jiutai Rural Commercial Bank has not been fundamentally resolved [4]. - The company's board and management have committed to maintaining normal production and operations, ensuring that business activities proceed in an orderly manner [4]. - *ST Wanfang's main business includes agriculture and military industries, with agricultural products primarily consisting of raw grains or feed corn and rice, while the military segment provides precision processing and special welding services for various metal components used in aerospace, shipbuilding, and armament industries [4].