“白衣骑士”变身“野蛮人” 贵州百灵“引狼入室”？

Core Viewpoint - The transformation of a "white knight" into a "barbarian" in the capital market is rare, exemplified by the recent legal dispute between Huachuang Securities and Guizhou Bailing, which began as a rescue cooperation but ended in court [2] Group 1: Background of Guizhou Bailing - Guizhou Bailing, established in 1999, became the "first stock of Miao medicine" in 2010, experiencing significant growth in both scale and performance, which elevated its controlling shareholder, Jiang Wei, to the status of a billionaire in Guizhou [3] - Jiang Wei actively invested in local ecological agriculture, cultural tourism, and government-recommended projects despite knowing these investments were unlikely to be profitable in the short term [4] Group 2: Financial Struggles and Rescue Agreement - Due to a downturn in the domestic capital market, Jiang Wei faced increasing pressure from stock pledges, having paid approximately 1.2 billion yuan in interest from 2011 to 2018 [5] - In December 2018, Guizhou Bailing signed a strategic cooperation agreement with Huachuang Securities, which provided 1.4 billion yuan in funding in exchange for an 11.54% equity stake and additional stock pledge loans [6] Group 3: Escalation of Dispute - Initially, Huachuang Securities promised not to seek control over Guizhou Bailing, but by early 2021, it had effectively taken over key financial roles within the company [8][10] - After the rescue plans' deadlines in 2022 and 2024, Huachuang Securities did not reduce its stock holdings as agreed, despite Guizhou Bailing's stock price reaching 11.97 yuan per share, significantly above Huachuang's cost [12] Group 4: Allegations of Malpractice - Huachuang Securities allegedly obstructed Guizhou Bailing from attracting strategic investors and engaged in actions that led to the failure of several cooperative projects [13] - From May 2020, Huachuang Securities conducted short-selling activities that coincided with significant stock price declines, raising suspicions of a strategy to acquire control at a lower cost [14][15] Group 5: Implications for the Capital Market - The dispute between Guizhou Bailing and Huachuang Securities serves as a typical case of conflict arising from rescue cooperation, highlighting the need for clearer regulations and enhanced supervision in the capital market to protect investor confidence [16]