YATAI(SZ:000691) Zheng Quan Zhi Xing·2025-09-03 16:18Core Viewpoint - The announcement highlights a significant arbitration case involving Gansu Asia-Pacific Industrial Development Co., Ltd. and its potential impact on the company's governance structure and control rights due to a dispute with its creditors [1][13]. Arbitration Case Overview - The arbitration involves two applicants: Lanzhou Asia-Pacific Mining Group Co., Ltd. and Lanzhou Taihua Investment Holding Co., Ltd., against two respondents: Guangzhou Wanshun Technology Co., Ltd. and Gansu Asia-Pacific Industrial Development Co., Ltd. [1]. - The arbitration requests include the counting of votes based on the applicants' opinions during the pre-restructuring and restructuring processes, and the cessation of certain rights held by Guangzhou Wanshun [1][2]. Cooperation Agreement Details - The cooperation agreement outlines four main areas of collaboration: loans, voting rights delegation, board member elections, and directed share issuance, with directed share issuance being the core focus [3][5]. - Guangzhou Wanshun is obligated to provide a loan of up to 200 million yuan to Gansu Asia-Pacific, which was signed on June 21, 2023 [4][8]. Breach of Agreement - The applicants have fulfilled their obligations under the cooperation agreement, while the respondents have failed to complete the directed share issuance, leading to the initiation of bankruptcy restructuring by Guangzhou Wanshun [8][9]. - The failure to complete the directed share issuance has resulted in increased risks for the applicants regarding their guarantee responsibilities [11]. Legal Implications - The applicants claim the right to terminate the cooperation agreement and the associated voting rights delegation agreement due to the fundamental breach of contract by Guangzhou Wanshun [12]. - The arbitration aims to protect the applicants' legal rights and interests, as the actions taken by Guangzhou Wanshun are seen as exceeding the agreed-upon scope of the cooperation agreement [10][12]. Impact on Company - The arbitration case may significantly affect the company's governance structure, operational decision-making stability, and the progress of pre-restructuring or restructuring processes [1][13]. - If the arbitration requests are partially or fully supported, it could lead to a change in the company's control [1][13].