Yowant Technology(SZ:002291) Chang Jiang Shang Bao·2025-08-08 06:59Core Viewpoint - The company, Saturday (002291.SZ), has received a regulatory letter from the Guangdong Securities Regulatory Bureau highlighting issues related to internal control, insider information management, and high goodwill impairment risks [1] Group 1: Regulatory Concerns - The regulatory letter pointed out that Saturday has not dispatched management personnel to its significant subsidiary, Yao Wang Network, which has only achieved 14.81% of its performance commitment in the first half of 2020, raising concerns about goodwill asset impairment [1][5] - The Guangdong Securities Regulatory Bureau has issued warning letters to key executives, including the chairman and general manager, Yu Hongtao, and the vice general manager and financial director, Li Gang [1] - The company has been criticized for failing to manage its investments effectively, particularly in its subsidiary Beijing Olifan Star Management Consulting Center, which has been continuously losing money since its establishment in 2016 [3][4] Group 2: Financial Performance and Reporting Issues - As of September 30, 2020, Saturday's goodwill assets amounted to 1.67 billion yuan, representing 51.53% of the company's net assets, with 1.302 billion yuan of this goodwill arising from the acquisition of Yao Wang Network [5] - The company has faced challenges in accurately reporting financial data for 2018 and 2019, leading to regulatory scrutiny and the issuance of warning letters to its executives [8] - The company has also been involved in undisclosed related party transactions, including significant sales to a related entity, which were not reported in the annual reports for 2018 and 2019 [6] Group 3: Shareholder Actions - On the same day the regulatory letter was issued, Saturday announced that its controlling shareholder, Yunnan Zhaolong Enterprise Management Co., Ltd., and its concerted parties plan to reduce their holdings by 2% [1][9] - The actual controller of the company, Zhang Zemin, and his spouse have reportedly cashed out 860 million yuan through share reductions over the past year [2][9]