GZBL(SZ:002424) 经济观察报·2025-12-09 02:02Core Viewpoint - The article discusses the ongoing legal dispute between Guizhou Bailing's chairman Jiang Wei and Huachuang Securities, involving a lawsuit amounting to 2 billion yuan, alongside Jiang's personal challenges including a regulatory investigation by the China Securities Regulatory Commission (CSRC) [1][2][6]. Group 1: Legal Dispute - Jiang Wei is facing a lawsuit from Huachuang Securities with a claim amount of 2 billion yuan, which has been postponed due to Jiang's counterclaim [2][7]. - The CSRC has initiated an investigation into Jiang Wei for suspected insider trading and violations related to stock transfer regulations [6][16]. Group 2: Company Background - Guizhou Bailing, under Jiang Wei's leadership, has grown from a struggling pharmaceutical factory to a leading company in the herbal medicine sector, achieving an annual output value exceeding 4 billion yuan and a peak market capitalization of 50 billion yuan [3][4]. - Jiang Wei's family previously held a significant stake in Guizhou Bailing, with ownership reaching 71.89% in 2018, but has since decreased due to various financial pressures [11][14]. Group 3: Financial Challenges - Jiang Wei has engaged in substantial stock pledging, raising 2 billion yuan through various securities firms for investments in agriculture and tourism projects, leading to a high pledge ratio of 97.49% by early 2019 [10][11]. - Following a decline in Guizhou Bailing's stock price, Jiang Wei's pledged shares faced liquidation, resulting in significant financial distress and a reduction in his ownership stake [13][15]. Group 4: Huachuang Securities' Role - Huachuang Securities became the second-largest shareholder of Guizhou Bailing after entering into a "relief agreement" with Jiang Wei, which included multiple rounds of stock transfers to alleviate Jiang's financial burdens [12][13]. - The relationship between Jiang Wei and Huachuang Securities has soured, leading to the current legal conflict, with disputes over the nature of their financial arrangements [15][16].