汽车涂料龙头“命悬一线”，资金流向成迷，掌控者深藏不露

Core Viewpoint - The largest shareholder of Jinlitai, Hainan Dahe, is seeking to gather voting rights to remove three directors and elect a new one, citing the company's risk of delisting and allegations of fund misappropriation by the board and management [1][2]. Group 1: Shareholder Actions - Hainan Dahe has publicly solicited voting rights from all shareholders to remove directors Luo Dian, Yu Xugang, and Tang Guangze, and to elect Liu Xiaolong as a new director [1][2]. - The company is described as being on the brink of delisting, with the current board accused of misappropriating significant funds [1]. Group 2: Financial and Operational Concerns - Jinlitai has faced scrutiny over its "strategic reserve" practices, which have been questioned as non-operational fund occupation, leading to regulatory investigations [3][4]. - The company reported that it received an audit report with no opinion from Zhongxinghua Accounting Firm, indicating serious internal issues [3][4]. Group 3: Allegations of Misconduct - There are allegations that the actual controller of Jinlitai, Pei Jian, has hidden connections with trade companies involved in significant fund transactions, although the company denies his status as the actual controller [1][2][12]. - The audit committee has raised concerns about the legitimacy of transactions with trade companies, suggesting that funds may have been misappropriated under the guise of strategic reserves [4][8]. Group 4: Internal Disputes - Disagreements among directors regarding the identification of the actual controller and the flow of funds have intensified, with some directors accusing Pei Jian of collusion with management to misappropriate company funds [1][12][14]. - The audit committee has expressed that the strategic reserve actions taken in 2024 do not align with normal procurement practices and should be classified as non-operational fund occupation [7][8]. Group 5: Regulatory Response - The Shanghai Securities Regulatory Bureau has mandated Jinlitai to investigate the nature of its large fund transactions with various trade companies and clarify the authenticity of certain investment transactions [4][8]. - The company has been under investigation by the China Securities Regulatory Commission, with no clear conclusions reached regarding the allegations [15][21].