CDLQ(SZ:002628) Zheng Quan Shi Bao·2025-11-18 22:22Core Viewpoint - The ongoing power struggle over Chengdu Road and Bridge (成都路桥) highlights the complexities of governance in listed private enterprises, with significant implications for its control and ownership structure [1][2][3] Group 1: Control Changes - Chengdu Road and Bridge has experienced multiple changes in control over the past decade, starting from the founder Zheng Yuli's departure in 2015, leading to external capital involvement and subsequent ownership shifts [2][3] - In 2018, Hongyi Jiahua, led by Liu Zhihong, acquired a controlling stake in Chengdu Road and Bridge, spending approximately 2.1 billion yuan to purchase 21.64% of the shares [2][3] Group 2: Legal and Financial Issues - Hongyi Jiahua's shares were frozen due to contractual disputes, leading to a court-ordered auction of 37.86 million shares in December 2022, reducing its stake to 15.56% [3][4] - A new agreement in March 2023 allowed East Jun Taida to exercise voting rights over Hongyi Jiahua's remaining shares, effectively transferring control to East Jun Taida [3][4] Group 3: Upcoming Judicial Auction - A judicial auction of 52.997 million shares (7% of total shares) is scheduled for November 24, 2025, with a starting price of approximately 183 million yuan [6][8] - The auction could potentially reduce Hongyi Jiahua's stake to 8.56%, raising concerns about the stability of control within the company [6][8] Group 4: Disputes Over Auction Process - Hongyi Jiahua's management has expressed strong opposition to the split auction process, arguing it undermines shareholder rights and could lead to undervaluation of the shares [7][9] - Allegations have emerged regarding the misuse of a lost company seal to authorize legal representation in the auction process, complicating the situation further [10][12]