ALLWIN TELECOMMUNICATION CO.LTD(SZ:002231) Mei Ri Jing Ji Xin Wen·2025-12-10 15:41Core Viewpoint - *ST Aowei is facing delisting pressure due to financial difficulties and failed governance proposals, with significant opposition from shareholders regarding the amendment of the company's articles of association and the cancellation of the supervisory board [2][3][10]. Group 1: Company Governance and Shareholder Actions - The proposal to amend the articles of association and cancel the supervisory board was rejected by the second-largest shareholder and most minority shareholders [2][3]. - In the recent shareholder meeting, 54.43% of the votes were in favor of the proposal, while 45.51% opposed it, with minority shareholders contributing significantly to the opposition [4]. - The second-largest shareholder, Shanghai Donghexin New Materials Group, cast 18.09 million shares in opposition, which is a substantial portion of the total dissenting votes [6][7]. Group 2: Financial Performance and Delisting Risks - For the first three quarters, *ST Aowei reported revenue of approximately 34 million yuan and a loss of 188 million yuan [2][10]. - The company is at risk of delisting if it reports negative values for total profit, net profit, and revenue below 300 million yuan by 2025 [2][10]. - Legal experts indicate that the company's financial status, audit opinions, and compliance with disclosure and internal control regulations are critical factors in determining its delisting risk [10]. Group 3: Shareholder Relations and Financial Mismanagement - The second-largest shareholder has previously engaged in non-operational fund occupation of *ST Aowei, with an outstanding balance of approximately 208 million yuan as of the end of 2024 [7][9]. - The company has faced regulatory measures against the second-largest shareholder due to financial mismanagement, including being listed as a dishonest executor in a financing case [8]. - The company aims to improve governance and clarify the importance of the proposed amendments to shareholders, despite the recent rejection of the proposal [9].