JHS(SH:603922) Mei Ri Jing Ji Xin Wen·2026-01-05 05:53Core Viewpoint - The board of Jin Hong Shun is experiencing turmoil, with the second-largest shareholder, Gao De Investment, proposing the removal of Chairman Liu Xu due to his absence from board meetings and lack of on-site presence since late September 2025. However, the proposal was ultimately rejected by shareholders, with over 54 million shares voting against it [1][6]. Group 1: Board Turmoil - Gao De Investment proposed to remove Liu Xu from his non-independent director position and other roles due to his absence from two board meetings and lack of engagement in company operations since late September 2025 [1][5]. - Liu Xu's close associate, Wang Haibao, was removed from his position as Vice Chairman on December 10, 2025, prior to the proposal against Liu Xu [1][4]. - The proposal to remove Liu Xu was met with significant opposition, resulting in over 54 million shares voting against it, which is approximately equal to the shares held by Liu Xu's company, Hainan Zhongde Technology [1][6]. Group 2: Financial Issues - Hainan Zhongde, associated with Liu Xu, utilized Jin Hong Shun's wholly-owned subsidiary to borrow 125 million yuan, with 75 million yuan still outstanding [1][7]. - The loan agreement was signed without proper authorization, leading Jin Hong Shun to claim that the contract does not represent its true intentions [1][8]. - Jin Hong Shun has previously faced issues with non-operating fund occupation by related parties, with a reported 464 million yuan in non-operating fund occupation during 2024 [1][10]. Group 3: Shareholder and Financial Pressure - Hainan Zhongde has frequently pledged its shares in Jin Hong Shun for financing, with the pledge ratio increasing to 97.2069% by mid-2025 [1][11]. - As of October 2025, Hainan Zhongde's shares were under judicial freeze due to contractual disputes, with a total of 101.48% of its shares subject to various legal restrictions [1][11].