Sou Hu Cai Jing·2025-08-20 11:16Core Viewpoint - The dispute between Huachuang Securities and Guizhou Bailing's major shareholder Jiang Wei has escalated into legal action, highlighting the risks and challenges associated with brokerage firms' rescue operations [3][23]. Group 1: Background of the Dispute - The conflict originated from a rescue plan and stock pledge issues, involving a total amount of 1.761 billion yuan [3]. - In 2019, Huachuang Securities provided 1.4 billion yuan to Jiang Wei through two asset management plans, acquiring 161 million shares of Guizhou Bailing, which accounted for 11.54% of the total share capital [4][6]. - Huachuang Securities also lent 361 million yuan to Jiang Wei, pledging 110 million shares of Guizhou Bailing as collateral [4][12]. Group 2: Current Situation - As the repayment deadlines approach, Jiang Wei and others have failed to fulfill their obligations to repurchase shares and repay debts [9][10]. - Huachuang Securities has initiated lawsuits to recover the principal of 1.4 billion yuan and 361 million yuan, along with associated costs [11]. - The collateral provided by Jiang Wei includes additional shares and properties valued at approximately 1.143 billion yuan, but the effectiveness of these guarantees is uncertain [12][13]. Group 3: Financial Performance of Guizhou Bailing - Guizhou Bailing has faced significant challenges, including a negative internal control audit report, leading to its designation as "ST Bailing" [17]. - The company reported a loss of 414.5 million yuan in 2023, with revenues of 4.263 billion yuan, marking a year-on-year decrease of 399.34% [21]. - In 2024, Guizhou Bailing's revenue was 3.825 billion yuan, with a net profit of 33.62 million yuan, but the core business profitability remains a concern [21]. Group 4: Impact on Huachuang Securities - The ongoing litigation has not yet significantly impacted Huachuang Securities' operations, which expects the lawsuit to encourage Jiang Wei to fulfill his obligations [21]. - Huachuang Securities reported revenues of 2.509 billion yuan, 3.084 billion yuan, and 2.849 billion yuan from 2022 to 2024, with net profits of 438 million yuan, 635 million yuan, and 407 million yuan respectively [22]. - The market value of the shares involved in the dispute is approximately 2.115 billion yuan, exceeding the 1.761 billion yuan principal amount in question, but the outcome remains uncertain due to stock price volatility [22].