合伙人反目，瑞幸董事长黎辉再陷股权争议

Core Viewpoint - The ongoing dispute between Luckin Coffee's chairman, Li Hui, and former chairman of Taibang Biologic, Zhou Fan, centers around the ownership of shares following the privatization of Taibang Biologic, with allegations of misleading investors and harming shareholder interests [2][5][11]. Group 1: Shareholder Dispute - Zhou Fan accuses Li Hui of unilaterally canceling the original management team's co-investment shares and redistributing them after the privatization of Taibang Biologic [2][3]. - Zhou Fan holds approximately 534,010 shares of Taibang Biologic, representing about 13.77% of the company, valued at over $656 million (approximately 4.6 billion RMB) based on a $4.76 billion valuation during privatization [4][6]. - The conflict escalates as both parties assert differing claims regarding the ownership of Zhou Fan's shares, with Taibang Biologic's management stating that Zhou is merely exercising voting rights on behalf of the platform [5][12]. Group 2: Company Background and Investment Strategy - Taibang Biologic, previously a publicly listed company, specializes in blood products and has been undervalued in the market [16][20]. - The investment strategy of Dazhong Capital, which includes high equity stakes and active involvement in management, is exemplified by its handling of both Luckin Coffee and Taibang Biologic [10][19]. - Dazhong Capital's approach contrasts with typical private equity firms, as it often seeks to gain control during governance crises, as seen in the cases of both companies [19][20]. Group 3: Market Context and Implications - The public conflict between partners in a private equity firm is unusual and suggests that internal resolutions have failed, potentially impacting the stability and long-term commitment of the management team [11][12]. - The management team at Taibang Biologic is currently in a precarious position, with the new management having already made decisions regarding share distribution, raising legal and regulatory concerns [12][20]. - The situation reflects broader implications for investor confidence and governance practices within the private equity sector, particularly in the context of management buyouts and share distribution disputes [11][20].