DOUBLESTAR(SZ:000599) Jing Ji Guan Cha Wang·2026-01-07 03:37Core Viewpoint - The internal family conflict within the Double Star Celebrity Group has escalated publicly, with founder Wang Hai officially severing ties with his son Wang Jun and daughter-in-law Xu Ying, accusing them of various misconducts related to corporate governance and control [1][2]. Group 1: Family Conflict and Corporate Governance - Wang Hai's statement details accusations against Wang Jun and Xu Ying, including organized attempts to seize company seals, forging signatures, and misappropriating funds [1]. - The conflict has roots in the company's privatization in 2009 and subsequent changes in shareholding structure, leading to a significant shift in control from Wang Hai to Xu Ying and Wang Jun [2]. - The family dispute has highlighted issues within the company's governance model, including outdated systems and management complexities, raising concerns about its ability to adapt to modern corporate governance practices [1][2][3]. Group 2: Shareholding Changes and Legal Proceedings - In 2022, a critical shareholding change occurred, with Xu Ying increasing her stake to 69.48%, effectively becoming the largest shareholder and diminishing Wang Hai's control [2]. - The conflict escalated to legal proceedings in August 2025, with Wang Hai filing a lawsuit to confirm his shareholder status against Xu Ying and Wang Jun, marking a shift from public accusations to judicial intervention [3][4]. Group 3: Company Challenges and Market Position - The company faces not only internal disputes but also external pressures related to brand marketing and product innovation, struggling to keep pace with evolving consumer demands in the sportswear market [5][6]. - Double Star's product pricing is primarily targeted at lower-tier markets, with a significant decline in brand influence and sales volume compared to its historical performance [6]. - The company has not established a strong online presence, lacking certified flagship stores on major e-commerce platforms, which may hinder its market competitiveness [6]. Group 4: Historical Context and Brand Legacy - Double Star has a rich history dating back to 1921, originally as a state-owned enterprise, and was once a leader in the shoe industry before transitioning to tire manufacturing in 2008 [6]. - The ongoing family dispute threatens to destabilize this century-old brand, which has already faced challenges related to brand aging and market relevance [6].