WANLIN LOGISTICS(SH:603117) 证券时报·2025-11-12 04:36Core Viewpoint - The article discusses the ongoing dispute between the current actual controller of Wanlin Logistics, Fan Jibo, and the former actual controller, Huang Baozhong, regarding undisclosed asset conditions during the transfer of control, which has led to significant financial and operational challenges for the company [3][4][11]. Summary by Sections Background of the Dispute - Fan Jibo publicly called out Huang Baozhong for not taking responsibility for the company's operational results and losses since the transfer of control [3]. - The dispute has negatively impacted Wanlin Logistics' bank credit, affecting its future development [4]. Acquisition of Yulin International - In June 2017, Wanlin Logistics acquired 55% of Yulin International for 293 million yuan, gaining control over forestry companies in Gabon [5]. - Yulin International performed well during the three-year performance commitment period but began to incur significant losses starting in 2020 [5]. Financial Struggles and Mismanagement - After taking control, Fan Jibo discovered severe liquidity issues, with 2.7 billion yuan in receivables and long collection cycles [5]. - Wanlin Logistics had been prepaying and advancing funds to Yulin International without receiving dividends, leading to further financial strain [6]. Legal and Operational Challenges - Huang Baozhong's actions, including freezing shares and reporting to regulators, have complicated the resolution of disputes and hindered the company's operations [11]. - The company has faced difficulties in restoring credit after being delisted, primarily due to ongoing disputes and unverified reports [11]. Current Status of Yulin International - Following the acquisition of Yulin International's shares by Gongqingcheng Bochun Investment Co., Ltd., issues regarding the operational control and asset management of the Gabon companies remain unresolved [10]. - Huang Baozhong's previous commitments to assist in resolving these issues have not been fulfilled, further complicating the situation for Wanlin Logistics [11].