Cambricon(SH:688256) 财联社·2025-11-01 02:29Core Viewpoint - The article discusses a high-stakes lawsuit involving Cambrian (688256.SH) and its former CTO Liang Jun, who is seeking compensation of approximately 4.287 billion yuan for stock incentive losses, stemming from a dispute over stock repurchase agreements and labor relations [1][2][3]. Summary by Sections Lawsuit Details - Liang Jun has filed a labor dispute lawsuit against Cambrian, requesting the court to confirm the existence of an employment relationship from October 18, 2017, to February 10, 2022, and to compensate him for stock incentive losses amounting to 4.287 billion yuan [2][3]. - The compensation claim is based on Liang's indirect holding of 11,523,184 shares, with the compensation calculated using the highest stock price of 372 yuan per share as of October 10, 2024 [3]. Background of the Dispute - The lawsuit is part of an ongoing legal battle, with Cambrian having previously filed a lawsuit against Liang in 2023 regarding stock repurchase procedures, which is currently awaiting a court decision [4]. - The core of the dispute revolves around the same stock, but the parties have vastly different valuations. Cambrian argues that Liang's departure triggered repurchase conditions outlined in the stock incentive plan, while Liang claims the stock should be considered part of his labor compensation [5][8]. Legal Framework and Previous Rulings - Cambrian's repurchase price is based on Liang's initial investment of approximately 52,600 yuan plus annual interest of 5% [6][7]. - Liang's previous lawsuits regarding the validity of partnership agreements related to his stock holdings were dismissed by the court, affirming the validity of the stock incentive plan and partnership agreements [10][11]. Current Market Context - The dispute centers on 11,523,184 shares of Cambrian, which saw a significant price increase from 66 yuan per share at the time of Liang's departure in March 2022 to 372 yuan per share in October 2024, reflecting a cumulative increase of over 387% due to the AI boom [12]. - As of October 31, 2025, Cambrian's stock price reached 1,375 yuan per share, indicating a current market value of approximately 15.844 billion yuan for the disputed shares [12]. Future Developments - The lawsuit filed by Liang for 4.287 billion yuan is pending court proceedings, while Cambrian's repurchase case is also awaiting a ruling [13][16].