Sunasia(SH:600593) Zheng Quan Ri Bao Wang·2025-07-29 11:44Core Viewpoint - The control change and capital increase plan of Dalian Shengya Tourism Holdings Co., Ltd. is expected to resolve long-standing control disputes and improve the company's governance structure [1][4][5]. Group 1: Company Background - Dalian Shengya is the first tourism listed company in Northeast China, operating popular tourist attractions in Dalian and Harbin [2]. - The company previously launched an ambitious development strategy called the "Big White Whale Plan" to create a comprehensive cultural industry chain, but the results fell short of expectations [2][4]. - The current largest shareholder, Dalian Xinghaiwan Financial Business District Investment Management Co., Ltd., holds a 24.03% stake, with the Dalian State-owned Assets Supervision and Administration Commission recognized as the actual controller [2][3]. Group 2: Shareholder Structure and Control Issues - The second, third, and fourth largest shareholders are Pankin Equity Investment Fund Management (Shanghai) Co., Ltd., individual Yang Ziping, and Pankin Winning No. 6 Private Securities Investment Fund, with a combined stake of 19.46% [3]. - As of the end of Q1 this year, all shares held by the top four shareholders are under judicial freeze, raising concerns about potential changes in the company's equity structure and governance [3][4]. - The fragmented shareholder structure has led to difficulties in decision-making, with significant disagreements among major shareholders causing proposals to fail [3]. Group 3: Financial Performance and Future Prospects - Dalian Shengya has faced continuous losses due to various factors, including litigation costs and project delays, with an expected net loss of between 12.72 million and 19.08 million yuan for the first half of this year [4]. - The planned capital increase aims to raise 95.634 million yuan, which will be used to repay debts and improve liquidity, alleviating financial pressures on the company [6][7]. - The new controlling shareholder, Shanghai Tongcheng, is expected to provide additional financial support, including a loan of up to 250 million yuan to facilitate the company's operations [6][7]. Group 4: Strategic Collaboration and Future Development - Dalian Shengya plans to sign a strategic cooperation agreement with Yang Ziping and Suzhou Longyue Tiancheng Venture Capital Group to enhance its core business and improve profitability [6][7]. - The collaboration aims to transform Dalian Shengya from a regional operator to a cultural tourism ecosystem platform, leveraging the strengths of the new shareholders [7]. - The transaction is subject to approval from relevant authorities, including the State-owned Assets Supervision and Administration Commission and the Shanghai Stock Exchange [7].