捷成股份创始人徐子泉“还债记”：频繁卖股，仍有过半持股被质押

Core Viewpoint - The controlling shareholder of Jiecheng Co., Xu Ziquan, has once again engaged in a "sell shares to repay debts" strategy, transferring a portion of his shares to alleviate financial pressures and maintain the interests of the company and its shareholders [1][3][9]. Share Transfer Details - On October 14, Jiecheng Co. announced that Xu Ziquan and Su Xia had transferred a total of 13,320,000 shares (5% of the total share capital) to Hesheng Wealth, which now holds 5% of the company's shares [2][3]. - The share transfer price was set at 5.1 yuan per share, totaling approximately 67.93 million yuan (around 6.46 million) for Xu Ziquan [3][4]. Shareholding Changes - Before the transfer, Xu Ziquan held 506,562,300 shares (19.02%), which decreased to 379,962,300 shares (14.26%) post-transfer. Su Xia's shares were completely transferred, leaving him with no holdings [3][9]. - As of October 14, 2025, Xu Ziquan's holdings are 14.26%, with over 65% of these shares under pledge [9][10]. Debt and Financial Pressure - Xu Ziquan has a history of selling shares to repay debts, with significant amounts being raised through previous share transfers, indicating ongoing financial pressure [2][7]. - In December 2020, Xu Ziquan faced a court summons related to a debt dispute, leading to the judicial freeze of some of his shares [3][4]. Company Performance and Strategic Shifts - Jiecheng Co. has experienced fluctuating financial performance, with revenues exceeding 5 billion yuan in 2018 but facing losses in subsequent years due to industry challenges and strategic adjustments [12][14]. - The company has shifted its focus to new media copyright operations, aiming to build a profitable ecosystem around this core business [14]. Recent Financial Trends - In 2024, Jiecheng Co. reported increased revenue but no profit growth, indicating challenges in maintaining profitability despite revenue increases [14]. - The company has faced risks including policy changes, intensified market competition, and operational risks, which have impacted its financial stability [14].