CDLQ(SZ:002628) Sou Hu Cai Jing·2025-10-24 10:46Core Viewpoint - Chengdu Road and Bridge (002628) announced that its controlling shareholder, Sichuan Dongjun Taida Industrial Co., Ltd., will have 52.997 million shares publicly auctioned on Taobao's judicial auction platform, representing 34.05% of the shares held by the controlling shareholder and its concerted parties, and 7% of the company's total share capital [1][2]. Group 1: Auction Details - The auction is led by the Intermediate People's Court of Chengdu, scheduled from November 24, 10:00 to November 25, 10:00, with the shares being unrestricted circulating shares [2]. - The starting price for the auction is approximately 183 million yuan, calculated as 70% of the average closing price over the last 20 trading days multiplied by the total number of shares [2]. Group 2: Shareholding Structure - As of October 23, Hongyi Jiahua holds 118 million shares of Chengdu Road and Bridge, all of which are judicially frozen, accounting for 100% of its holdings and 15.56% of the company's total share capital [5]. - After the auction, if successful, the combined shareholding of Dongjun Taida and Hongyi Jiahua will decrease to 13.56%, but this will not change the company's control or governance structure [6]. Group 3: Historical Context - Chengdu Road and Bridge has experienced multiple changes in its actual controller, with significant events including the change of control in 2018 when Liu Zhihong acquired the company for nearly 2.2 billion yuan [7]. - In December 2022, 37.8597 million shares were auctioned, with Dongjun Taida winning the bid at 138 million yuan, leading to a transfer of voting rights to Dongjun Taida [8]. Group 4: Financial Performance - Chengdu Road and Bridge has faced declining performance, with a reported revenue of 810 million yuan in 2024, down 30.53% year-on-year, and a net loss of 92.1721 million yuan, a staggering drop of 2151.47% [15]. - In the first half of 2025, the company continued to struggle, achieving a revenue of 334 million yuan and a net loss of 22.6406 million yuan [15]. Group 5: Market Reaction - As of October 24, Chengdu Road and Bridge's stock price fell by 2.37%, closing at 4.95 yuan per share, with a total market capitalization of 3.748 billion yuan [16].