Mei Ri Jing Ji Xin Wen·2025-08-12 13:16Core Viewpoint - ST Jinggu (600265) is facing significant legal challenges due to its subsidiary, Tangxian Huiyin Wood Industry Co., Ltd. (Huiyin Wood), which is involved in multiple lawsuits related to private lending, totaling approximately 66.9 million yuan in claims, representing 70.34% of the company's audited net assets attributable to shareholders [1][2][3]. Legal Issues - Huiyin Wood is currently involved in six lawsuits, with a total claim amount of about 66.9 million yuan, primarily concerning private loans [2][3]. - The company has received court orders for asset preservation, including the seizure of property valued at 7.1986 million yuan [2]. - The original controlling shareholders of Huiyin Wood, Cui Huijun and Wang Lansun, have outstanding loans totaling approximately 30.8935 million yuan, which may increase as more creditors assert their rights [3]. Financial Performance - ST Jinggu's main product is artificial boards, with Huiyin Wood being a key subsidiary. The company acquired a 51% stake in Huiyin Wood in 2023 but later planned to acquire an additional 11% stake, which was ultimately terminated [4]. - Following the acquisition, the company recorded an additional goodwill of 91.9522 million yuan, but Huiyin Wood failed to meet its profit commitments for 2024, leading to a goodwill impairment of 83.3187 million yuan [4]. - Since 2018, ST Jinggu has reported negative net profits, with losses continuing to expand. In July 2023, the company announced plans to borrow 25 million yuan from its major shareholder, Chow Tai Fook Investment, at an interest rate of 3% [5].