WINNOVATION(SZ:000620) Zhong Guo Jing Ying Bao·2026-02-11 03:28Core Viewpoint - Xinhua Group's auction of 200 million shares in Three Gorges Life Insurance ended in failure, with no bids placed despite significant interest from observers [1] Group 1: Auction Details - The auction for Xinhua Group's 200 million shares had an opening price of 202 million yuan, with 87 participants showing interest and 4,577 people viewing the auction [1] - The shares were unpledged, indicating no existing liabilities against them [1] Group 2: Company Background - Xinhua Group was a founding shareholder of Three Gorges Life, contributing 200 million yuan for a 20% stake at its establishment in 2017, but its ownership has since diluted to 6.59% due to multiple rounds of capital increases [1] - The company underwent bankruptcy restructuring after facing liquidity issues in 2020, with the restructuring plan expected to be completed by June 2025 [1] Group 3: Financial Performance - In 2025, Three Gorges Life reported insurance business revenue of 633 million yuan and a net loss of 197 million yuan, although the loss was narrower compared to the previous year [1] - The company is implementing a "2025 System Renewal" initiative aimed at improving internal processes and accountability [1]