WANLIN LOGISTICS(SH:603117) Zheng Quan Shi Bao·2025-11-11 17:57Core Viewpoint - The conflict between the current actual controller of Wanlin Logistics, Fan Jibo, and the former controller, Huang Baozhong, centers around allegations of undisclosed key asset conditions during the transfer of control, which has led to significant financial implications for the company and its investors [2][3]. Group 1: Background of the Dispute - Fan Jibo publicly called out Huang Baozhong for not taking responsibility for the operational results and losses incurred during his tenure as the historical leader of the company [2]. - The dispute has negatively impacted Wanlin Logistics' bank credit, affecting its future development [2]. - The core issue involves the acquisition of African businesses made eight years ago, which has come under scrutiny [2]. Group 2: Acquisition Details - In June 2017, Wanlin Logistics acquired a 55% stake in Yulin International for 293 million yuan, gaining control over forestry companies in Gabon, with rights to approximately 1.07 million hectares of forest [3]. - The performance of Yulin International was satisfactory during the three-year performance commitment period (2017-2019), but it began to incur significant losses from 2020 onwards [3][5]. - Upon taking control, Fan Jibo discovered severe liquidity issues within Wanlin Logistics, with 2.7 billion yuan in receivables and long collection cycles [3]. Group 3: Financial Strain and Actions Taken - Wanlin Logistics continued to prepay and advance operational funds to Yulin International despite not receiving dividends, leading to financial strain [4]. - In 2021 and 2022, Yulin International reported losses of 69.83 million yuan and 273 million yuan, respectively, prompting Wanlin Logistics to divest from the company [5]. - In June 2023, a subsidiary of Fan Jibo announced a 51.08 million yuan acquisition of the 55% stake in Yulin International, effectively removing it from the listed company structure [5]. Group 4: Legal and Operational Challenges - Huang Baozhong allegedly facilitated the creation of fictitious transactions and misappropriated funds during his tenure, which has complicated the resolution of outstanding debts [8]. - Following the divestment, Yulin International's operational status remains unclear, with ongoing challenges in asserting control over the Gabonese assets [10]. - Fan Jibo has indicated that Huang Baozhong's failure to fulfill his commitments has exacerbated the situation, leading to further operational disruptions for Wanlin Logistics [10].