DFGC(SZ:000679) Zheng Quan Ri Bao Wang·2025-08-01 13:44Core Viewpoint - The long-standing share transfer dispute between the new and old controlling shareholders of Dalian Friendship is expected to come to an end following a recent settlement agreement between the parties involved [1][3]. Group 1: Background of the Dispute - The dispute traces back to June 2016 when Dalian Friendship's former controlling shareholder, Friendship Group, signed an intention agreement to transfer 100 million shares to a company formed by Wuhan Kaisheng Trading Development Co., Wuhan Hengsheng Jiaye Trading Co., and Wuhan Credit Investment Group [2]. - The formal agreement was signed on June 28, 2016, at a price of 13 yuan per share, resulting in a total transaction value of approximately 2.6 billion yuan (around 400 million USD) [2]. - Following the transfer, Friendship Group's shareholding dropped to 1.87%, while Wuxin Holdings became the new controlling shareholder with a 28.06% stake [2]. Group 2: Legal Proceedings - In December 2019, Friendship Group filed a lawsuit claiming that Wuxin Holdings and its partners only paid 1.664 billion yuan (approximately 250 million USD) of the agreed transaction price, leading to a breach of contract [3]. - The case went through multiple legal proceedings, including a retrial ordered by the Supreme People's Court in April 2022, which resulted in the case being sent back for retrial [3]. - The recent announcement on August 1, 2023, indicated that a settlement had been reached, with Friendship Group applying to withdraw the lawsuit [1][3]. Group 3: Implications of the Settlement - The resolution of the dispute is expected to positively impact Dalian Friendship's governance structure and operational development, as it removes uncertainties associated with the long-standing litigation [3][6]. - The settlement may facilitate the continuation of the share transfer process to Wuhan Development Investment Co., which had previously intended to become the controlling shareholder [4][6]. - The potential lifting of the judicial freeze on Wuxin Holdings' shares could pave the way for the transfer of shares to proceed, although the final court ruling is still pending [6]. Group 4: Future Prospects - The settlement is anticipated to create favorable conditions for strategic adjustments within Dalian Friendship, as it stabilizes the company's governance structure [6]. - The introduction of state-owned shareholders like Wuhan Development Investment could provide financial support and opportunities for resource integration for Dalian Friendship [6].