XCEC(SH:600777) Sou Hu Cai Jing·2025-07-23 14:05Core Viewpoint - The article discusses the complex ownership and control issues surrounding New Tide Energy, highlighting the significant disparity between its reported assets and the actual control exercised by its shareholders, particularly focusing on the role of Liu Ke and the recent acquisition by Yitai Coal. Group 1: Company Ownership and Control - New Tide Energy, registered in Shandong and headquartered in Beijing, has total assets valued at 35.4 billion, with 99.9% of these assets located in the United States [2][13]. - Despite holding over 50% of the shares, Yitai Coal faces challenges in asserting control due to regulatory requirements regarding shareholder meetings [18][20]. - Liu Ke, through a mere 0.01% stake in a U.S. subsidiary, effectively controls the company, showcasing a significant loophole in corporate governance [13][15]. Group 2: Shareholder Dynamics - The company has experienced ongoing conflicts among major shareholders, leading to a fragmented ownership structure and multiple attempts to replace board members [9][11]. - A recent attempt by a group of minority shareholders to initiate a board change was rejected by the board, despite support from Yitai Coal, indicating a power struggle [17][31]. - The historical context of shareholder disputes has resulted in a "dual board" situation, complicating governance and decision-making processes [11][20]. Group 3: Financial Performance and Dividend Issues - New Tide Energy reported a revenue of 8.362 billion and a net profit of 2.036 billion in the previous year, indicating strong financial performance [22]. - Despite profitability, the company has not distributed dividends to shareholders for 15 years, raising concerns among investors [24][27]. - The company justifies the lack of dividends by citing the need to retain earnings for oil and gas development and addressing domestic liabilities, which are relatively low at 900 million [24][22].