LOOTOM(SZ:300555) Xin Lang Cai Jing·2025-11-10 09:33Core Viewpoint - The control struggle over ST Luton (300555.SZ) appears to be intensifying, with conflicting statements regarding the legality of a recent shareholders' meeting, reflecting a deepening divide between old and new shareholders [1][3][4]. Shareholder Meeting Legitimacy Dispute - The company issued a clarification announcement asserting that the resolutions from the shareholders' meeting held on November 7 are legal and valid, following a notification on October 22 [2]. - During the meeting, the former chairman unexpectedly left, prompting shareholders to elect an independent director to continue the meeting, which was later deemed compliant with legal regulations [2]. - Contrarily, the company's official WeChat account published a statement condemning the meeting as illegal, highlighting the internal conflict and governance issues [3]. Control Struggle Escalation - The control battle has evolved from a series of changes in the shareholding structure, with the current focus on the reorganization of the board and the rightful control of the company [5]. - The actual controller remains Lin Zhu, despite significant changes in shareholding due to judicial auctions, which saw investor Wu Shichun become the largest shareholder [5][6]. - Wu Shichun's attempts to reorganize the board faced strong resistance from the previous board, leading to public disputes and governance challenges [6]. Governance Challenges and Operational Issues - ST Luton is facing severe operational and governance challenges, with financial data indicating continuous losses, including a 26.68% decline in revenue year-on-year for the first three quarters of 2025 [7]. - The company reported a cash outflow of 11.71 million and a high proportion of accounts receivable, indicating potential issues in cash recovery and operational efficiency [7]. - Historical issues of fund occupation by the former controlling shareholder remain unresolved, contributing to the company's financial difficulties [7][8]. Management Changes and Internal Disputes - Following the shareholders' meeting, a new management team was appointed, with Wu Shichun's nominee, Tan Wenshu, becoming the new chairman [9]. - The appointment of Yu Tao as the new general manager has raised concerns regarding his qualifications and past performance within the company [9].