NBSS(SH:600884) Sou Hu Cai Jing·2025-10-11 09:48Core Viewpoint - The control struggle of Sanyuan Co., Ltd. has reached a new conclusion, with the "ship king" Ren Yuanlin taking over the company amidst family disputes and a significant debt crisis [2][3]. Group 1: Control Struggle - The power balance of Sanyuan Co., Ltd. was disrupted by the sudden death of founder Zheng Yonggang in February 2023, leading to a family feud [2]. - Zheng Ju, the eldest son, was elected chairman in March 2023 but faced opposition from his stepmother Zhou Ting, who claimed to be the actual controller [2]. - After months of conflict, both Zheng Ju and Zhou Ting entered the board following a board reshuffle in May 2023, with Zheng Ju retaining the chairman position [2]. Group 2: Debt Crisis - By June 30, 2023, Sanyuan Co., Ltd. had interest-bearing liabilities totaling 15.592 billion, with 9.058 billion due within one year and only 2.822 billion in cash available, indicating significant short-term repayment pressure [2]. - In June 2023, the company publicly sought restructuring investors due to its high debt levels, despite strong performance in its lithium battery and polarizer businesses [2]. Group 3: New Ownership - On September 30, 2023, Ren Yuanlin's New Yangzi Trading, along with TCL Capital and other investors, acquired 23.36% of Sanyuan Co., Ltd. for 3.284 billion, making Ren the new actual controller post-restructuring [2][3]. - Ren Yuanlin, known as the "Chinese private ship king," has a diverse investment portfolio across metals, shipping, and chemicals, managing 57 enterprises [3]. Group 4: Market Reaction - The stock price of Sanyuan Co., Ltd. surged from 7.64 yuan per share in early June to 15.13 yuan per share by September 30, marking an increase of nearly 100% [3]. - Although the stock began to decline after the National Day holiday, it closed at 14 yuan per share on October 10, indicating a strong market response to the ownership change [3].