Shang Hai Zheng Quan Bao·2025-11-10 23:17Core Viewpoint - The ownership transfer of Shankai Intelligent has been terminated due to the failure to obtain necessary approvals from the relevant state-owned asset regulatory authorities, raising questions about the underlying reasons for the termination and the company's information disclosure practices [1][2][3]. Group 1: Ownership Transfer Details - Shankai Intelligent announced the termination of the ownership transfer agreement on November 7, citing the lack of approval from state-owned asset regulatory authorities as the reason [2][3]. - The agreement stipulated that the transfer would only take effect upon approval from the shareholders' meeting and the relevant regulatory bodies, which has not been fulfilled [2][3]. - The transfer was initially approved by the local state-owned asset supervision authority, but further approvals from higher-level authorities were required, leading to confusion regarding the approval process [3][4]. Group 2: Key Individuals and Events - Li Yajun, a key figure in the ownership transfer, was detained a month prior to the announcement, which has raised concerns about the legitimacy of the transaction [4][5]. - Li Yajun played a significant role in the transaction, holding a board position at Changjiang Aerospace and being involved with major shareholders [5][6]. - The sudden termination of the ownership transfer followed a report highlighting Li Yajun's situation, indicating a potential link between his legal troubles and the transaction's collapse [1][6]. Group 3: Market Reactions and Stock Performance - Following the announcement of the termination, Shankai Intelligent's stock price experienced a significant drop, with a peak decline of 6% and a closing drop of 1.08% [6]. - Prior to the suspension of trading, the stock had seen a notable increase of 38% over 13 trading days, raising suspicions among investors regarding the timing of the price movements [7][8]. - New shareholders emerged just before the stock price surge, but they disappeared from the top ten shareholders list in the subsequent quarterly report, indicating potential volatility in shareholder composition [8][9].