MENDALE(SZ:002397) Mei Ri Jing Ji Xin Wen·2025-08-14 02:40Core Viewpoint - The control change at Dream洁股份 is significant, as it transitions to a state without a controlling shareholder or actual controller, following the expiration of a three-year agreement that previously defined its ownership structure [1][2][3]. Group 1: Control Change Details - The control change stems from a 2022 agreement where the original controller, Jiang Tianwu, transferred shares to Jin Sen New Energy, which then became the largest shareholder with 19.77% voting rights [2]. - As of August 11, 2025, the agreement was terminated, resulting in Jiang Tianwu regaining control with 13.53% voting rights, while Jin Sen New Energy's voting rights decreased from 15.61% to 10.30% [2][3]. - The company is now classified as having "no controlling shareholder and no actual controller," with the largest shareholder holding only 13.53% of the voting rights, insufficient to influence board decisions [3]. Group 2: Governance and Board Dynamics - Jin Sen New Energy has been a controversial player, having voted against multiple proposals, including the 2024 annual report, raising concerns about the current management's spending [4]. - The board currently consists of eight members, with no single shareholder able to control a majority, leading to a balanced but potentially unstable governance structure [3]. Group 3: Financial and Legal Challenges - Jin Sen New Energy faces legal issues, including a warning from the Hunan Securities Regulatory Bureau for false disclosures, resulting in the freezing of its shares and inability to exercise voting rights [5]. - The actual controller of Jin Sen New Energy is under investigation for serious financial misconduct, further complicating the company's governance situation [5]. Group 4: Potential New Investor - The entry of Wu Shichun, a prominent venture capitalist, could alter the shareholder landscape, as he is in the process of acquiring a significant stake from the second-largest shareholder [6]. - If the transaction proceeds, the top three shareholders will hold approximately equal stakes, potentially stabilizing the company's governance structure [6]. - However, uncertainties remain regarding Wu Shichun's intentions and the implications of the ongoing legal issues surrounding Jin Sen New Energy [6].