Shang Hai Zheng Quan Bao·2026-01-22 04:15Core Viewpoint - Dongtong Tui (300379) has completed its last trading day on January 21, 2026, and announced its delisting. However, during the 15-day delisting adjustment period, there has been significant capital accumulation, raising questions about potential control disputes and coordinated actions among investors [1]. Group 1: Trading Activity - Guotai Haitong Securities Fuyang Xihu Avenue branch has been aggressively buying Dongtong Tui shares for 14 consecutive trading days, accumulating a total purchase amount of 86.12 million yuan, with only 875 yuan in sales [1][3]. - The estimated shareholding from this branch reached 51.28 million shares, accounting for 9.19% of the total share capital, surpassing the 5% disclosure threshold and the controlling shareholder Huang Yongjun's 7.66% stake [1][3]. - The buying activity has been characterized by a steady increase in daily purchase amounts, peaking at 9.49 million yuan on January 19, 2026 [3]. Group 2: Institutional Participation - Multiple institutional seats have appeared on the trading leaderboard, with significant net purchases, including 7.89 million yuan on January 21, 2026, and 1.49 million yuan on January 20, 2026 [4]. - The total net purchase amount from the leaderboard during the 15-day period reached 123 million yuan, indicating a fierce competition for shares [4]. Group 3: Potential Control Disputes - The capital accumulation around Dongtong Tui resembles previous cases, such as Guangyi Tui, where coordinated buying led to significant shareholding increases without proper disclosure [5]. - There are indications that the buying may involve multiple accounts to circumvent regulatory limits on daily purchases, suggesting potential collusion among investors [6][7]. - The weak control structure of Dongtong Tui, with the controlling shareholder's stake being only 7.66%, presents an opportunity for capital intervention and control disputes [9]. Group 4: Financial Health - Despite its delisting due to major violations, Dongtong Tui's financial situation appears relatively stable, with total assets of 3.435 billion yuan and liabilities of only 381 million yuan as of September 30, 2025 [9]. - The company reported a revenue of 419 million yuan in the first three quarters of 2025, with a gross margin of 72.86%, although it still recorded a net loss of 83.99 million yuan [9].