实控人所持1.7亿股启动二次拍卖 春兴精工或将易主

Core Viewpoint - The company Spring兴精工 is facing significant challenges, including a second auction of shares held by its controlling shareholder, which may lead to a change in control if the auction is successful [1][2]. Group 1: Share Auction Details - The controlling shareholder, Sun Jiexiao, will have 154 million shares and 15.53 million shares auctioned from September 23 to September 24, 2025, on the JD.com judicial auction platform [1]. - The starting prices for the shares are set at 518 million yuan and 52.23 million yuan, which are approximately 80% of their respective market values of 648 million yuan and 65.29 million yuan [1]. - The previous auction of 170 million shares in July 2025 failed due to no bids being placed [2]. Group 2: Shareholding Structure and Potential Changes - If the upcoming auction is successful, Sun Jiexiao's shareholding will decrease to 134 million shares, representing 11.86% of the total share capital, while the combined holdings with his associate Yuan Jing will drop to 165 million shares, or 14.61% of the total [2]. - Sun Jiexiao and Yuan Jing currently hold a combined total of 335 million shares, accounting for 29.66% of the company's total share capital [2]. Group 3: Legal and Financial Issues - Sun Jiexiao has faced legal troubles, including a 2016 investigation for insider trading, resulting in a ten-year market ban and a fine of 250,000 yuan [3]. - The company has been in financial distress, reporting a revenue of 977 million yuan in the first half of 2025, a 3% decrease year-on-year, and a net loss of 129 million yuan, which is a 1.42% increase in losses compared to the previous year [3]. - The company's debt situation is concerning, with a debt-to-asset ratio of 101.36% and current liabilities making up 89.41% of total liabilities [3]. Group 4: Business Overview - Spring兴精工's main business segments include mobile communication and automotive components, with products such as communication RF devices and precision aluminum alloy structural parts for vehicles [4].