GXSH(SZ:000716) Nan Fang Du Shi Bao·2025-08-27 11:24Core Viewpoint - The announcement reveals that the controlling shareholder of Heizhima, Guangxi Heiwulei Food Group, will have 3.2 million shares judicially disposed of, which represents 1.40% of their total holdings and 0.42% of the company's total share capital [2][5]. Group 1 - The judicial disposal is linked to a nine-year-old case involving a contract between China Railway Construction Group and Nanchang Rongzhou Investment Co., where Heiwulei Group guaranteed a debt of 100 million yuan [5]. - The court's decision to enforce against the shares instead of the debtor's assets is viewed as a violation of legal provisions, as the debtor should be the first to fulfill the debt obligations [5][6]. - The ongoing share transfer agreement between Heiwulei Group and Guangxi Lvfa Health Industry Group involves the sale of 20% of Heizhima's total shares at a price of 6.25 yuan per share, totaling 941 million yuan [6][7]. Group 2 - The share transfer agreement includes a voting rights waiver from Heiwulei Group and other shareholders, which will reduce their voting rights from 17.66% to 17.24% if the judicial disposal occurs [6][7]. - Heiwulei Group and Guangxi Lvfa have signed a profit guarantee agreement, committing to specific net profit targets for the years 2025, 2026, and 2027, with penalties for non-compliance [7][8]. - Heizhima has experienced significant revenue fluctuations, with reported revenues from 2020 to 2024 ranging from 24.65 billion yuan to 40.25 billion yuan, and a net profit that has varied widely, indicating potential challenges in meeting future performance targets [8].