ENJOYOR(SZ:300020) Zhong Guo Zheng Quan Bao·2026-01-04 06:10Core Viewpoint - The regulatory letter from the Shenzhen Stock Exchange reveals a power struggle over the control of ST Yinjian, involving undisclosed agreements between its major shareholder, Yinjian Technology Group, and other parties [1][8]. Group 1: Control and Financial Issues - Yinjian Group and its actual controller, Wang Hui, signed multiple agreements, including a "Voting Rights Entrustment and Joint Action Agreement," which were not disclosed properly in the company's board resolutions [1][8]. - Wang Hui borrowed nearly 200 million yuan to repay non-operational fund usage to maintain ST Yinjian's listing status, with funds sourced from Yao Chengling and Shanghai Yuanzhuo [2][3]. - From 2023 to mid-2024, non-operational fund usage amounted to 663 million yuan and 435 million yuan, respectively, with end balances of 28.83 million yuan and 19.7 million yuan [3]. Group 2: Agreements and Financial Transactions - As of June 2025, Yao Chengling provided 198 million yuan to Wang Hui and Yinjian Group, with 153 million yuan used to repay funds owed to ST Yinjian [4]. - Shanghai Yuanzhuo provided 92 million yuan, with 70 million yuan allocated for repaying Yinjian Group's debts to Yao Chengling [4][6]. - A "Cooperation Memorandum" was signed, stipulating that Shanghai Yuanzhuo would provide additional funding to Yinjian Group to settle debts with Yao Chengling [5][6]. Group 3: Board Dynamics and Governance Issues - The board of ST Yinjian faced criticism for irregularities in the meeting process, particularly regarding the removal of directors nominated by Shanghai Yuanzhuo [8][9]. - The board's decision-making process was questioned, as two directors were excluded from a critical meeting, leading to allegations of governance failures [9][11]. - Despite the existence of the "Voting Rights Entrustment Agreement," Yinjian Group denied any delegation of voting rights, contradicting the agreements in place [11][12]. Group 4: Future Prospects and Performance - ST Yinjian's financial performance has been declining, with revenues of 548 million yuan in 2024 and a net loss of 941 million yuan, indicating a deteriorating financial health [14]. - The company aims to leverage strategic partnerships in artificial intelligence and other emerging sectors to improve its business outlook, although uncertainties remain due to governance issues [13][14]. - Shareholders have expressed concerns over internal conflicts and governance, emphasizing the need for stability to enhance stock performance [15].