国资回归，剑南春即将重新洗牌？

Core Viewpoint - The return of state-owned assets to Jian Nan Chun after 22 years of privatization indicates a significant reshuffling in the company's ownership structure, raising questions about past asset losses during its privatization process [2][4][11] Group 1: Ownership Changes - The Mianzhu State-owned Assets Administration Center acquired a 14.51% stake in Jian Nan Chun Group by contributing 137 million yuan, becoming the second-largest shareholder [2][11] - The registered capital of Jian Nan Chun increased from 808 million yuan to approximately 946 million yuan, confirming the legal status of state-owned assets in the company [2] Group 2: Historical Context - Jian Nan Chun underwent a tumultuous privatization process starting in 2003, which has been scrutinized for potential state asset losses [4][5] - The privatization led to significant internal conflicts, including a notable incident in 2012 where the then-chairman Qiao Tianming was attacked due to employee disputes over privatization rights [4][5] Group 3: Legal and Financial Implications - Qiao Tianming was implicated in a corruption case, leading to his conviction in 2018 for embezzling state assets, which confirmed the loss of state assets during the privatization [4][5] - The company has faced ongoing legal disputes regarding the legitimacy of trademark transfers, which are central to the current state-owned asset involvement [9][11] Group 4: Current Management Dynamics - Following Qiao Tianming's legal troubles, internal power struggles emerged, with Yang Dongyun and Qiao Yuzhu competing for control until Qiao Yuzhu eventually took over management in 2022 [5][7] - Despite the state-owned entity's entry, Qiao Tianming remains the chairman, while Qiao Yuzhu holds actual operational control, indicating a complex management landscape [11]