LOOTOM(SZ:300555) 第一财经·2025-11-10 15:56Core Viewpoint - The article discusses the intense power struggle at ST Luton (300555.SZ) following a chaotic shareholders' meeting on November 7, where the former chairman was ousted and a new chairman was appointed amidst disputes over the legitimacy of the meeting and the control of the company [3][4][9]. Group 1: Shareholder Meeting Events - The shareholders' meeting on November 7 was initially postponed by former chairman Qiu Jingwei, leading to strong opposition from shareholders including Wu Shichun, resulting in a chaotic scene [3][6]. - After a heated debate, Wu Shichun and other shareholders successfully reconvened the meeting, which led to the dismissal of Qiu Jingwei and former deputy general manager Fu Xinyue, while Tan Wenshu was elected as a non-independent director [3][9]. - The meeting's agenda included 12 proposals, of which only 3 were approved, indicating a significant shift in the company's governance [9][10]. Group 2: Control Struggle Background - The conflict originated in March when Wu Shichun acquired a 7.44% stake in ST Luton through a judicial auction, becoming the largest shareholder [4][12]. - Disagreements arose over whether Wu's acquisition agreement was terminated, leading to multiple failed attempts to reorganize the board by Wu [4][12]. - The power struggle intensified after the board's refusal to approve Wu's proposals, culminating in legal actions initiated by the original management against Wu [14][15]. Group 3: Management Changes and Implications - Following the shareholders' meeting, an emergency board meeting was held where Tan Wenshu was elected as chairman, and several executives were dismissed due to regulatory issues faced by the company [10][11]. - The company faced scrutiny from the Jiangsu Securities Regulatory Bureau for non-compliance in financial management, which contributed to the management shake-up [10][11]. - The legitimacy of the shareholders' meeting and the decisions made were contested by the original management, who claimed the meeting was improperly convened [11][12]. Group 4: Future Outlook - The outcome of the recent shareholders' meeting and board changes may determine the future direction of ST Luton and its governance structure [18]. - The ongoing disputes and legal challenges suggest that the control struggle may not be resolved quickly, and further developments are anticipated [18].