经参调查丨从纾困合作到对簿公堂 贵州百灵深陷“残酷联姻”

Core Viewpoint - The originally positive rescue "marriage" between Guizhou Bai Ling and Huachuang Securities has turned into a bitter legal dispute, highlighting the complexities and risks associated with capital rescue efforts in distressed companies [1][2]. Group 1: Background of the Incident - In 2019, Guizhou Bai Ling's major shareholder Jiang Wei accepted a rescue plan from Huachuang Securities amid high pledge ratios, leading to a conflict over the terms of the agreement [1][5]. - Huachuang Securities provided 1.4 billion yuan in funding through share transfers, acquiring an 11.54% stake in Guizhou Bai Ling, and also extended 361 million yuan in stock pledge loans [5][6]. Group 2: Legal Proceedings - After multiple failed negotiations, Huachuang Securities filed a lawsuit against Jiang Wei and his associates, claiming a total of 1.4 billion yuan in principal and related fees [2]. - Jiang Wei counter-sued, demanding Huachuang Securities to fulfill its obligations and compensate for stock price losses due to alleged malicious actions [2]. Group 3: Control and Governance Issues - Huachuang Securities initially waived voting rights associated with its shares but later sought to regain these rights, indicating a shift in its approach to governance [6][7]. - A workgroup from Huachuang Securities took control of key management positions within Guizhou Bai Ling, raising concerns about its intentions to gain actual control over the company [7][8]. Group 4: Financial Performance and Stock Movements - During the rescue period, Guizhou Bai Ling's stock price peaked at 11.97 yuan per share, significantly above Huachuang Securities' acquisition cost, yet the latter did not sell its shares [10]. - Allegations arose that Huachuang Securities obstructed Guizhou Bai Ling's efforts to attract strategic investors, which could have facilitated the company's recovery [13][14]. Group 5: Regulatory and Compliance Aspects - Regulatory bodies have stated that Huachuang Securities has not been found to actively seek control over Guizhou Bai Ling, despite the ongoing disputes [8][16]. - The actions of Huachuang Securities during the rescue period have been scrutinized for compliance with regulations that prohibit seeking control and require clear exit strategies [6][10].