GZBL(SZ:002424) Xin Lang Cai Jing·2025-12-03 13:15Core Viewpoint - The dispute between Guizhou BaiLing and Huachuang Securities, which began as a cooperation to alleviate financial difficulties, has escalated into a legal battle over control and financial obligations, with both parties presenting conflicting claims regarding the management and control of the company [1][3][40]. Group 1: Background of the Dispute - In 2019, Guizhou BaiLing's controlling shareholder Jiang Wei introduced Huachuang Securities as a rescue partner due to high debt and stock pledge rates, leading to a financial arrangement involving 1.4 billion yuan and stock pledges [4][40]. - Huachuang Securities provided 1.4 billion yuan through two asset management plans and acquired 161 million shares, representing 11.54% of Guizhou BaiLing's total shares [5][40]. - The two parties agreed to a strategic partnership, with Huachuang Securities stating it would not seek control over Guizhou BaiLing [7][42]. Group 2: Legal Proceedings and Claims - Huachuang Securities filed a lawsuit against Jiang Wei and others, claiming repayment of the 1.4 billion yuan principal and 361 million yuan from stock pledges, along with interest and penalties [1][3][45]. - Jiang Wei has accused Huachuang Securities of attempting to gain control over Guizhou BaiLing under the guise of financial assistance, leading to regulatory investigations [3][38]. - The legal dispute has reached the courts, with Huachuang Securities asserting its claims while Jiang Wei counters with allegations of misconduct by Huachuang Securities [1][3][48]. Group 3: Financial Implications - As of December 3, Guizhou BaiLing's stock price was 5.57 yuan per share, with a total market capitalization of 7.785 billion yuan, while the shares involved in the dispute were valued at approximately 1.944 billion yuan, exceeding the 1.761 billion yuan in claims [12][46]. - The financial arrangements included additional collateral, such as properties and receivables, to secure the investments made by Huachuang Securities [11][45]. - The ongoing litigation poses significant financial risks for Huachuang Securities, as the outcome will impact its asset quality and risk management practices [35].