CDLQ(SZ:002628) Sou Hu Cai Jing·2025-11-19 20:26Core Viewpoint - The ongoing power struggle over Chengdu Road and Bridge (002628) is highlighted by the impending judicial auction of shares held by its former controlling shareholder, which could significantly alter the company's control dynamics [1][9]. Group 1: Control Changes Over the Years - The control of Chengdu Road and Bridge has changed hands multiple times over the past decade, starting with founder Zheng Yuli's departure in 2015 due to legal issues, which opened the door for external capital to intervene [3][4]. - In 2016, businessman Li Qin became the largest shareholder with a 20.06% stake, but he failed to maintain effective control due to financial pressures [4]. - In 2017, Liu Zhihong's Hongyi Jiahua acquired a 21.64% stake, becoming the new controlling shareholder after a significant investment of approximately 21 billion yuan [5]. Group 2: Legal and Financial Challenges - Hongyi Jiahua faced legal disputes over share transfer agreements, leading to the judicial freezing of 1.56 billion shares, which represented 20.55% of the total shares [6]. - In December 2022, a portion of Hongyi Jiahua's shares was auctioned off, resulting in a reduced stake of 15.56% [6][11]. - A debt repayment agreement was established, requiring Hongyi Jiahua to pay 417 million yuan by October 2025, but the company struggled to resolve its financial issues [7][8]. Group 3: Upcoming Judicial Auction - A judicial auction of 52.997 million shares, representing 7% of the total shares, is scheduled for November 24, 2025, with a starting price of approximately 183 million yuan [9][10]. - The auction could reduce the controlling shareholder's stake to 13.56%, raising concerns about the stability of control [11]. Group 4: Disputes Over Auction Process - Hongyi Jiahua's management has expressed strong opposition to the split auction, arguing it undermines shareholder rights and could lead to undervaluation of the shares [12][14]. - Allegations have emerged regarding the misuse of a lost company seal to authorize legal representation in the auction process, raising questions about the legitimacy of the auction [15][16]. - Legal actions have been initiated to contest the auction and reclaim the lost seal, indicating ongoing internal conflicts within Hongyi Jiahua [17][18].