KNT(SZ:300225) Mei Ri Jing Ji Xin Wen·2025-08-10 12:39Core Viewpoint - The company ST Jintai (300225) is facing significant governance issues, particularly regarding its response to regulatory inquiries from the Shanghai Securities Regulatory Bureau, which has led to internal conflicts among board members and independent directors [1][3][4]. Group 1: Regulatory Inquiry and Governance Issues - The company has not yet provided a satisfactory response to the regulatory inquiry received over a month ago, leading to a high vote against the proposal for a temporary shareholders' meeting by the board [1][4]. - There are serious disagreements among board members regarding the response to the regulatory inquiry, with independent directors expressing concerns about the management's legal awareness and the adequacy of the response [3][6]. - The independent directors voted against the company's response due to contradictions between the two versions of the reply and inconsistencies with the company's 2024 annual report [3][6][8]. Group 2: Financial Concerns and Related Parties - The company has been under scrutiny for potential fund misappropriation involving related parties, with auditors highlighting risks of funds being funneled through trade companies back to non-supplier entities [4][5]. - Specific trade companies involved, such as Rui Nai Trading and Shanghai Yue Rui, have been flagged for having similar registration details and potential connections to previous company leadership, raising red flags about their legitimacy [4][5]. - Independent directors have raised doubts about the company's claims regarding the lack of related party relationships, citing discrepancies in the company's financial disclosures and the nature of the trade companies involved [6][7][8].