WANLIN LOGISTICS(SH:603117) Zheng Quan Shi Bao Wang·2025-11-12 03:06Core Viewpoint - The actual controller of Wanlin Logistics, Fan Jibo, publicly criticized former controller Huang Baozhong for failing to take responsibility for past operational losses and for not fulfilling previous commitments regarding the company's financial issues [1][9]. Group 1: Background of the Dispute - Fan Jibo became the actual controller of Wanlin Logistics in 2021 and discovered that Huang Baozhong had concealed critical asset information during the transfer of control, leading to a significant discrepancy between the transaction value and the company's actual asset status [1][2]. - The dispute has negatively impacted Wanlin Logistics' bank credit, affecting its future development [1][2]. Group 2: Acquisition and Financial Issues - In June 2017, during Huang Baozhong's control, Wanlin Logistics acquired 55% of Yulin International for 293 million yuan, gaining access to forestry rights in Gabon [2]. - After the performance guarantee period (2017-2019), Yulin International's financial performance deteriorated, leading to significant losses starting in 2020 [2][3]. - By 2021 and 2022, Yulin International reported losses of 69.83 million yuan and 273 million yuan, respectively, prompting Wanlin Logistics to seek to divest from the underperforming asset [3][4]. Group 3: Actions Taken by Wanlin Logistics - On June 30, 2023, Fan Jibo's company, Gongqingcheng Bochun Investment, acquired the 55% stake in Yulin International from Wanlin Logistics for 51.08 million yuan, effectively removing it from the listed company's structure [4]. - Gongqingcheng Bochun later provided 94.48 million yuan to resolve Yulin International's operational funding issues, allowing Wanlin Logistics to successfully "remove its hat" (a term indicating the resolution of a financial issue) [4]. Group 4: Legal and Operational Complications - Legal disputes have arisen regarding the financial transactions between Wanlin Logistics and its subsidiaries, with allegations of Huang Baozhong facilitating unauthorized financial operations [5][6][7]. - Huang Baozhong's actions have led to ongoing complications in recovering funds and resolving outstanding debts, with claims that he has obstructed the company's efforts to address these issues [7][9]. Group 5: Current Status and Future Outlook - Following the divestment, Yulin International's operational status remains uncertain, with ongoing challenges in asserting control over the Gabonese assets [8]. - Fan Jibo has indicated that Huang Baozhong's cooperation is essential for resolving the legacy issues from the African business, as previous commitments to assist have not been fulfilled [9].