Vanfund(SZ:000638) Zheng Quan Zhi Xing·2025-07-30 16:13Core Viewpoint - The company is undergoing a significant change in its ownership structure due to the auction of shares held by its major shareholder, which may lead to a loss of control and potential risks associated with the change in the controlling shareholder [1][2][6]. Group 1: Auction Details - The auction of 90,860,000 shares held by the major shareholder, Wan Fang Yuan, will take place from September 2, 2025, to September 3, 2025, on the Taobao judicial auction platform [1][2]. - This auction represents 100% of Wan Fang Yuan's holdings in the company and 29.18% of the company's total share capital [1][2][5]. - The auction was previously scheduled but was postponed, indicating potential uncertainties in the auction process [2][6]. Group 2: Shareholding Changes - Following the auction, Wan Fang Yuan will no longer hold any shares in the company, resulting in the loss of its status as the largest shareholder [2][6]. - The voting rights associated with 80,444,000 shares (25.83% of total shares) have been irrevocably delegated to Huide Industrial, making it the controlling shareholder [1][6]. - The actual controller of the company will shift to the Bai Shan Jiang Yuan District Finance Bureau after the completion of the auction [1][6]. Group 3: Implications of Ownership Change - The change in major shareholder may lead to risks associated with the absence of a controlling shareholder or a change in the actual controller [2][6]. - The company has signed agreements to delegate voting rights, which will become void if Wan Fang Yuan loses its shares [6]. - The company is under investigation by the China Securities Regulatory Commission for alleged violations of information disclosure laws, which may further complicate its operational stability [6].