YATAI(SZ:000691) Xin Lang Zheng Quan·2025-09-12 11:42Core Viewpoint - The board members of *ST Asia Pacific expressed concerns over the company's financial reporting and governance issues, highlighting a significant internal conflict during a critical restructuring phase [2][3]. Group 1: Board Disagreement - On August 26, 2025, board members Jia Mingqi and Zhao Yong voted against the approval of the 2025 semi-annual report, citing a lack of understanding of the company's operational and financial conditions [2]. - The company responded by stating that it had not received any prior inquiries or requests for information from the dissenting board members [2]. Group 2: Governance and Control Issues - Jia Mingqi's position as a representative of shareholders with significant stakes (16.94%) adds weight to the dissent, as these shareholders are involved in a control struggle with the restructuring applicant, Guangzhou Wanshun Technology Co., Ltd. [2]. - The ongoing control dispute is reflected in the board's disagreement, indicating deeper governance issues within the company [2]. Group 3: Restructuring Challenges - The restructuring process is under threat due to the board's dissent, which could attract regulatory scrutiny and delay the ongoing restructuring efforts [3]. - As of September 8, 2025, Beijing Xingjian Changkong Technology Co., Ltd. was selected as the restructuring investor, but formal agreements had not yet been signed, raising concerns about the feasibility of the restructuring plan [4]. Group 4: Financial Crisis and Risks - The company faces a financial crisis, with a net asset value of -64.81 million yuan as of 2024, triggering delisting risk [4]. - The company reported a net loss of 23.72 million yuan in the first half of 2025, a 67.13% decline year-on-year, indicating worsening financial health [4]. - The restructuring process is complicated by legal uncertainties and potential disputes over control, which could jeopardize the company's survival [4].