CYG(SH:600525) 2 1 Shi Ji Jing Ji Bao Dao·2025-10-10 02:13Core Viewpoint - The recent announcement of major shareholder Gree Jin Investment's plan to reduce its stake in ST Changyuan has intensified scrutiny on the company, which is already embroiled in governance disputes and facing significant operational challenges [1][4]. Shareholder Dynamics - Gree Jin Investment and its concerted parties hold a combined 14.38% stake in ST Changyuan, making them the largest shareholder, while the second-largest shareholder, former chairman Wu Qiquan, holds 8.02% [4]. - The potential for Wu Qiquan and Shandong Zhibo to unite their shares could lead to a combined holding of 15.86%, surpassing Gree Jin Investment [4]. Governance Issues - ST Changyuan has been operating without a controlling shareholder, leading to significant management issues and a lack of consensus on major decisions [5]. - Gree Jin Investment has made multiple attempts to push for governance reforms, but their efforts have repeatedly failed in board votes, highlighting the ongoing governance chaos [5][7]. Board Elections and Management Control - Wu Qiquan's resignation as chairman was followed by his proposal to appoint a closely associated individual, Qiao Wenjian, as the new chairman, which was approved despite Gree Jin Investment's opposition [6][7]. - The election of Qiao Wenjian and the appointment of Qiang Wei as president further solidified the existing management's control, indicating a deepening governance stalemate [7]. Internal Control and Financial Issues - The sudden resignation of Wu Qiquan is speculated to be linked to potential conflicts of interest regarding a proposed related-party transaction [8]. - ST Changyuan's internal control issues have been highlighted by past financial misconduct, including significant fund misappropriation and inflated revenue reporting [10][12]. - The company has faced multiple lawsuits related to securities fraud, with substantial financial implications, including a recent judgment requiring compensation of 3.45 billion yuan [16]. Financial Performance - ST Changyuan's financial performance has deteriorated, with a reported revenue of 3.47 billion yuan in the first half of 2025, a 0.9% decline year-on-year, and a net loss of 344 million yuan, worsening from a loss of 46.99 million yuan in the previous year [18]. - The company's stock price has plummeted from a peak of 28.47 yuan per share to approximately 3.48 yuan, reflecting its troubled status and increasing risk of delisting [18].