XCEC(SH:600777) Mei Ri Jing Ji Xin Wen·2025-09-20 06:48Core Viewpoint - The annual shareholder meeting of New潮能源 (ST New潮, 600777.SH) was held on September 19, 2023, amidst significant investor concern regarding the company's delayed annual report and ongoing issues related to control and litigation, raising questions about its future and potential delisting risks [2][3][11]. Group 1: Company Issues - New潮能源 is facing a penalty from the Shandong Securities Regulatory Bureau for delaying its annual report, which includes a warning and a fine of 3 million yuan, along with fines totaling 2 million yuan for two former executives [2]. - The company is currently entangled in a power struggle between new and old management, complicating the transition of control following the acquisition of a 50.10% stake by 伊泰B股 (900948.SH) [11]. - New潮能源's stock has been placed under delisting risk warnings due to an "unable to express opinion" audit report from its auditor, which could lead to termination of listing if the situation does not improve by the 2025 annual report [2][11]. Group 2: Shareholder Meeting Insights - The annual shareholder meeting lasted approximately 18 minutes, with management leaving shortly after, leading to dissatisfaction among shareholders who felt there was insufficient opportunity for questions [3][10]. - Key concerns among shareholders included whether the current board has control over overseas assets and the status of ongoing litigation in the U.S. [11][12]. - The management's response to inquiries about the U.S. litigation was limited, emphasizing the company's position as the sole ultimate shareholder of its U.S. subsidiary [13]. Group 3: Future Outlook - There are uncertainties regarding the company's ability to "remove the star" (delisting risk) due to ongoing issues with its audit and litigation, which could impact investor confidence [14][15]. - Despite being under delisting risk, New潮能源's stock has seen a significant increase of over 70% year-to-date, with nine consecutive trading days of gains following its resumption of trading [16]. - Concerns remain about the ability of 伊泰 to effectively manage New潮能源, with investors expressing doubts about the stability of the company's control and the risks involved [16].