LOOTOM(SZ:300555) Di Yi Cai Jing·2025-11-11 00:09Core Viewpoint - The control struggle at ST Luton (300555.SZ) escalated during the shareholders' meeting on November 7, where the former chairman was removed after a heated debate among shareholders, leading to a significant shift in the company's management structure [1][2][5]. Group 1: Shareholder Meeting Events - The shareholders' meeting was initially announced to be postponed by former chairman Qiu Jingwei, citing a board decision, which was met with strong opposition from shareholders including Wu Shichun [1][3]. - After a chaotic exchange, shareholders led by Wu Shichun successfully reconvened the meeting, resulting in the dismissal of Qiu Jingwei and former deputy general manager Fu Xinyue [1][4][5]. - The meeting concluded with three out of twelve proposed resolutions being passed, including the election of Tan Wenshu as a non-independent director and the appointment of Tan as the new chairman [6][8]. Group 2: Background of Control Dispute - The conflict originated in March when Wu Shichun acquired a 7.44% stake in ST Luton through a judicial auction, becoming the largest shareholder [2][9]. - Disagreements arose over the legitimacy of Wu's acquisition agreements, leading to multiple failed attempts to reorganize the board by Wu [9][10]. - The original management accused Wu of violating regulations regarding shareholding and board control, claiming that his actions were not compliant with legal requirements [10][11]. Group 3: Management Changes and Implications - Following the shareholders' meeting, the newly formed board held an emergency meeting to elect Tan Wenshu as chairman and made significant changes to the management team, including the dismissal of three executives [6][7]. - The company faced scrutiny from the Jiangsu Securities Regulatory Bureau for non-compliance in financial management, which contributed to the management shake-up [7]. - The original management issued a statement contesting the legitimacy of the shareholders' meeting and the decisions made, claiming procedural violations [8][12].