Vanfund(SZ:000638) Xin Lang Cai Jing·2025-09-23 08:36Core Viewpoint - The second judicial auction of 90,860,000 shares (29.18% of total equity) held by the major shareholder Wanfangyuan of *ST Wanfang has failed, following a previous unsuccessful auction due to disposal rights issues [1] Group 1 - Wanfangyuan's total shareholding has been 100% pledged and frozen, with 135.41% under provisional freezing [1] - If Wanfangyuan loses its status as the major shareholder, the voting rights delegation agreement with Huide Industrial will become invalid, posing risks of changes in the controlling shareholder or the absence of a real controller [1] - The company is under investigation for suspected information disclosure violations and will closely monitor developments while reminding investors to be cautious [1]