经济观察报·2025-12-20 08:35Core Viewpoint - The ongoing legal dispute involving Guizhou BaiLing, a leading traditional Chinese medicine company, may determine its ownership and control, stemming from a complex financial rescue plan and stock pledge initiated in late 2018 and early 2019, which has lasted for seven years [1][5]. Group 1: Financial Penalties and Fraud Allegations - Guizhou BaiLing and its chairman Jiang Wei, along with ten other responsible parties, were fined for financial fraud, with the company fined 10 million yuan and Jiang Wei fined 5 million yuan, along with a 10-year market ban [2]. - The Guizhou Securities Regulatory Bureau revealed that the annual reports from 2019 to 2021 and 2023 contained false records, with a total of 655 million yuan in profits inflated due to underreported sales expenses from 2019 to 2021, and a 459 million yuan profit reduction in 2023 due to overstated sales expenses [3]. Group 2: Control Dispute and Legal Proceedings - The major shareholder Jiang Wei and his associates are embroiled in a lawsuit initiated by Huachuang Securities, demanding the return of 1.761 billion yuan in loans, which includes 1.4 billion yuan in rescue funds and 361 million yuan in stock pledge financing [4]. - The court case, originally scheduled for December 3, 2025, has been postponed due to Jiang Wei's counterclaim, with no new court date announced [4]. Group 3: Stock Pledge and Financial Struggles - Huachuang Securities provided 1.4 billion yuan in funding through two asset management plans and an additional 361 million yuan in stock pledge loans, acquiring 161 million shares of Guizhou BaiLing, representing 11.54% of its total shares [7]. - The lawsuit claims that Jiang Wei's failure to fulfill his obligations could lead to a forced transfer of his pledged shares, potentially resulting in a change of control for Guizhou BaiLing [9]. Group 4: Background of the Rescue Plan - The rescue plan, initiated in December 2018, aimed to help Jiang Wei reduce stock pledge rates and ensure the stable operation of Guizhou BaiLing, with Huachuang Securities committing to provide no less than 1.8 billion yuan in rescue funds [12]. - The first phase of the rescue plan was completed in March 2019, with Huachuang Securities acquiring 74.54 million shares for 650 million yuan, and the second phase was completed in September 2019 for 750 million yuan [13]. Group 5: Impact of Stock Price Decline - Guizhou BaiLing's stock price has significantly declined from an initial 9 yuan per share to 5.63 yuan, resulting in a market capitalization drop from over 50 billion yuan to 7.9 billion yuan [33].