Jing Ji Guan Cha Wang·2025-08-12 04:57Core Viewpoint - *ST Suwu is in a critical situation regarding the legal dispute over the exclusive agency rights for AestheFill, a product of REGEN Biotech, which has escalated to arbitration [2][3]. Group 1: Legal Dispute - DaTou Medical, a subsidiary of *ST Suwu, has filed for arbitration to confirm its exclusive agency rights for AestheFill and demands continued supply from REGEN [3]. - If DaTou's exclusive rights are not confirmed, it seeks compensation of approximately 1.6 billion yuan from REGEN, with the right to adjust this claim [3]. Group 2: Company Background and Financials - *ST Suwu acquired indirect control of DaTou for 166 million yuan and has invested over 400 million yuan in the clinical registration and market expansion of AestheFill [4]. - In 2024, AestheFill was approved for sale in China, contributing to *ST Suwu's revenue of 330 million yuan, a more than 40-fold increase from the previous year, accounting for 21% of total revenue [4]. Group 3: Regulatory Issues - In February 2025, *ST Suwu was investigated by the CSRC for information disclosure violations, leading to a fine of 10 million yuan and penalties for its chairman [5]. - Following the investigation, REGEN unilaterally terminated the exclusive agency agreement with DaTou, citing violations of the agreement and reputational damage due to *ST Suwu's regulatory issues [5]. Group 4: Market Reaction - As of August 12, *ST Suwu's stock price was 1.08 yuan per share, with a market capitalization of 768 million yuan, while Aimei Ke's stock was 188.45 yuan per share, with a market capitalization of 57 billion yuan [7].