DFSS(SH:603377) Shang Hai Zheng Quan Bao·2025-11-27 19:23Core Viewpoint - The company, Oriental Fashion Driving School Co., Ltd., is undergoing a judicial auction of shares held by its controlling shareholder due to debt disputes, while also facing uncertainties regarding its restructuring process and potential delisting risks [2][9][12]. Group 1: Judicial Auction Details - The shares to be auctioned are 2,000,000 unrestricted circulating shares held by the controlling shareholder, Oriental Fashion Investment Co., Ltd., representing approximately 0.28% of the company's total share capital of 714,909,792 shares [2][3]. - The auction is scheduled to take place from December 28, 2025, to December 29, 2025, on the JD.com judicial auction platform, with a starting price of RMB 7,218,000 and a deposit of RMB 721,800 [3][4]. - The auction is a result of a court's decision due to debt disputes, and the outcome remains uncertain, with the buyer restricted from selling the shares for six months post-acquisition [2][3][7]. Group 2: Restructuring and Financial Status - The company is currently in a pre-restructuring phase, having received a court decision to initiate this process, but has not yet entered formal restructuring, leading to uncertainties regarding its future [2][9][12]. - The company has faced negative opinions from auditors regarding its internal controls, which has resulted in its stock being subject to risk warnings due to continuous losses over the past three fiscal years [9][10][11]. - The company's net profits for the last three fiscal years were reported as -69.57 million, -373.02 million, and -902.56 million, indicating ongoing financial distress [10]. Group 3: Shareholder and Control Structure - As of the announcement date, Oriental Fashion Investment holds 49,650,000 shares, accounting for 6.94% of the total share capital, while the actual controller, Mr. Xu Xiong, holds 250,000 shares, or 0.03% [5][6]. - If the auction is successful, the combined shareholding of Oriental Fashion Investment and its concerted parties will decrease to approximately 6.14% of the total share capital [6].