YJFC(SH:600265) 梧桐树下V·2026-03-24 03:42Core Viewpoint - The company, Yunnan Jinggu Forestry Co., Ltd., is facing significant legal and financial challenges due to the alleged contract fraud by the former controlling shareholders of its recently acquired subsidiary, Tangxian Huiyin Wood Industry Co., Ltd. [1][4] Group 1: Acquisition and Financial Impact - In February 2023, the company completed the acquisition of a 51% stake in Huiyin Wood for a total payment of 270.3 million yuan, with the former shareholders receiving 110.2 million yuan each [2] - Following the acquisition, the subsidiary faced legal issues, leading to the freezing of its bank accounts and major assets, ultimately resulting in its suspension of operations [2] - To mitigate risks, the company sold its 51% stake in Huiyin Wood for 133.37 million yuan in December 2025, which is approximately 49.34% of the original acquisition cost [2] Group 2: Legal and Ethical Concerns - The former shareholders, Cui Huijun and Wang Lanchun, failed to disclose their involvement in private lending and made false commitments regarding the financial health of Huiyin Wood, which constitutes a deliberate concealment of critical information [3] - The company has reported the alleged fraudulent activities to the local police, indicating a serious breach of trust and potential legal repercussions for the former shareholders [4] Group 3: Financial Performance - The company has experienced negative net profits over the past few years, with figures of -18.39 million yuan in 2020, -28.20 million yuan in 2021, and -22.27 million yuan in 2022 [4] - The projected net profits from Huiyin Wood for 2023, 2024, and 2025 were promised to be 43.53 million yuan, 57.67 million yuan, and 64.04 million yuan respectively, totaling 165.24 million yuan, which now appears unattainable due to the fraud [5]