【导读】王思聪公司名下股权被拍卖，起拍价为10.75万元 中国基金报记者 含章 王思聪名下资产被法拍！ 天眼查显示，近日，大连市中级人民法院发布拍卖公告，将于2026年1月24日10时至2026 年1月25日10时 （ 延时的除外 ） 在大连市中级人民法院京东网司法拍卖网络平台 进行拍卖 活动， 拍卖标的为北京普思投资有限公司名下麦戟文化传播有限公司8%股权。 公告显示，该部分股权价值评估值为-166.62万元，以评估费等必要费用作为该标的起拍 价，起拍价为10.75万元，保证金 为 1万元，增价幅度 为 0.1万元。 公开信息显示， 北京普思投资有限公司 （ 以下简称 普思投资 ） 成立于2009年12月，法定 代表人为王思聪，注册地 位 于北京，注册资本及实缴资本均为2000万元。该公司由王思聪 独资控股，对外投资涉及31家企业，涵盖私募基金、科技公司及房地产开发等领域。 麦戟文化传播有限公司 （ 以下简称 麦戟文化 ） 成立于2017年8月，注册资本 为 1111.11 万元。公司创立初期定位为沉浸式真人互动游戏内容制作商，融合话剧表演与密室逃脱元素 形成独特业务模式。2022年，麦戟文化引入北京普思投 ...

Core Viewpoint - The auction of significant shares of Nanhai Rural Commercial Bank by Nengxing Group highlights ongoing challenges in the bank's IPO process and financial performance, with shares being sold at a substantial discount to their net asset value, reflecting broader issues in the banking sector and real estate market [1][4][11]. Group 1: Auction Details - Nengxing Group is set to auction 58 million and 7 million shares of Nanhai Rural Commercial Bank on December 30, with a starting price of 282 million yuan, representing a 30% discount from the estimated value [1][6]. - The auctioned shares are priced at 6.19 yuan per share, down from an estimated 6.7 yuan per share in 2024, and significantly below the bank's net asset value of 7.04 yuan per share as of Q3 2025 [1][6]. - The shares are limited to bids from legally qualified institutions registered in Foshan, with specific financial criteria required for participation [3][8]. Group 2: Shareholder Changes - Nengxing Group, previously the second-largest shareholder with a 5.29% stake, has seen its ownership drop to 2.91% following the auction, moving from the second to the fifth largest shareholder [3][9]. - The first auction attempt in October 2024 failed due to lack of bids, while the second attempt in December 2024 resulted in a sale to two state-owned enterprises for 374 million yuan, approximately 60% of the assessed value [3][8]. Group 3: IPO Process Challenges - Nanhai Rural Commercial Bank's IPO journey has been stalled since 2018, facing repeated interruptions due to expired financial documents, with the latest status still marked as "suspended" [4][10]. - The bank's financial reporting issues reflect deeper management and audit coordination challenges, raising concerns about regulatory compliance and the stability of its shareholder structure [4][10]. - The ongoing auction of major shareholder stakes during this sensitive period may cast a shadow over the bank's IPO prospects, as regulatory requirements emphasize stable and clear ownership [4][10]. Group 4: Financial Performance - For 2024, Nanhai Rural Commercial Bank reported revenues of 6.429 billion yuan, a decline of 6.3%, while net profit increased by 2.99% to 2.453 billion yuan, indicating a situation of profit growth without revenue increase [5][11]. - In the first three quarters of 2025, the bank's revenue fell to 4.277 billion yuan, down 8.73%, and net profit decreased by 17.08% to 1.865 billion yuan, reflecting significant operational pressures [5][11]. - Capital adequacy ratios have also declined, with the core tier one capital ratio and tier one capital ratio both at 12.51%, and the overall capital adequacy ratio at 15.04%, indicating potential challenges for future business expansion [5][11].

Core Viewpoint - The acquisition of a controlling stake in Ningbo Zhongbai (600857.SH) by Hangzhou Jindi marks a significant shift in ownership, potentially ending the "Xu Xiang era" that has dominated the company for nearly a decade [1][14][16] Group 1: Acquisition Details - Hangzhou Jindi secured 28.96% of Ningbo Zhongbai's shares, becoming the largest shareholder after purchasing 35.41 million shares from Tibet Zetian for 527 million yuan [1][5] - Prior to this, Hangzhou Jindi had acquired 13.18% of shares through the secondary market, bringing its total holdings to 28.96% [1][5] - The auction of shares was a result of legal proceedings against Xu Xiang, who was previously the main shareholder, leading to the liquidation of his family's assets [2][14] Group 2: Financial Implications - Hangzhou Jindi's total expenditure for acquiring shares in Ningbo Zhongbai is estimated between 934 million yuan and 965 million yuan, with an average cost per share of approximately 14.3 to 14.85 yuan [5][6] - The current market price of Ningbo Zhongbai shares is around 15.35 yuan, indicating that Hangzhou Jindi's acquisition cost is slightly below the market value [5] Group 3: Company Background and Future Prospects - Ningbo Zhongbai is a well-established retail leader in the Ningbo region, with significant assets including the "Ningbo Erbai" brand [12][13] - The company has faced challenges, including a 46.03% decline in revenue due to a drop in gold wholesale business, but has seen a 674.25% increase in net profit due to improved retail margins [12][13] - The integration of Ningbo Zhongbai into the "Jindi system" could enhance its market position and operational efficiency, potentially leading to improved financial performance and asset value [13][16]

Core Viewpoint - Chengdu Road and Bridge (002628) is facing a judicial auction of 52.997 million shares held by its significant shareholder, Sichuan Hongyi Jiahua Industrial Co., Ltd., which represents 7% of the company's total share capital and 34.05% of the shares held by the controlling shareholder and its concerted parties [1][3]. Group 1: Auction Details - The auction will be conducted by the Chengdu Intermediate People's Court from November 24 to November 25, 2025, on the Taobao judicial auction platform, with a starting price of approximately 183 million yuan [1]. - The shares involved in the auction are unrestricted circulating shares, and as of the announcement, no one has registered to participate, although 296 individuals have shown interest [1]. Group 2: Historical Context - This is not the first time Hongyi Jiahua has faced a judicial auction; previously, on December 6, 2022, it auctioned 37.8597 million shares, which were ultimately acquired by the controlling shareholder, Dongjun Taida, for 138 million yuan [3]. - Following the previous auction, a voting rights entrustment agreement was signed on March 13, 2023, where Hongyi Jiahua entrusted all voting rights of its 117.8 million shares (15.55% of total shares) to Dongjun Taida, allowing Dongjun Taida to effectively control 20.55% of the voting rights despite holding only 5% of the shares [3]. Group 3: Impact on Company Structure - If the current auction is successful, the combined shareholding of Dongjun Taida and Hongyi Jiahua will decrease to 13.56%, but the company has stated that this auction will not lead to a change in control or affect the stability of its governance structure [4]. - Chengdu Road and Bridge has confirmed that it maintains complete independence in assets, business, finance, and organization from its controlling shareholders, indicating that the auction will not significantly impact its daily operations or ongoing viability [4].

Core Insights - The shareholding structure of Ningbo Zhongbai (600857.SH), controlled by the Xu Xiang family, is undergoing significant changes due to a recent judicial auction of shares held by the third-largest shareholder, Zhu Renbao, which were acquired by Hangzhou Jindi Commercial Management Co., Ltd. for a total of 270 million yuan [1][2] Shareholding Changes - Zhu Renbao's 18.884 million shares were auctioned on the Taobao judicial auction platform, with the auction taking place from October 20 to October 21, 2025, starting at a price based on 90% of the average closing price over the previous 20 trading days [1] - Following the auction, Ningbo Zhongbai's stock price plummeted, hitting the daily limit down to 15.42 yuan per share within 10 minutes [2] - The largest shareholder of Ningbo Zhongbai is Tibet Zetian Investment Development Co., Ltd., holding 15.78% of the shares, which is associated with the Xu Xiang family [2] Potential Control Changes - The shares held by Tibet Zetian are also subject to judicial auction, with 35.4053 million shares registered for auction as per a court ruling received on December 25, 2024 [2] - If Tibet Zetian's shares enter the auction process, the new buyer could significantly influence the control of Ningbo Zhongbai, as Hangzhou Jindi's recent acquisition gives it an 8.42% stake, bringing it closer to the first two shareholders [2] Company Background - Hangzhou Jindi Commercial Management Co., Ltd. is part of Jindi United Holding Group Co., Ltd., which has diversified operations including overseas oil and gas fields, petrochemical trading, domestic natural gas, real estate development, and industrial investment [2]

Core Viewpoint - Jinlong Co., Ltd. has conducted its fifth equity auction of the year, with the latest auction concluding on October 13, resulting in a total transaction price of 376 million yuan for 30 million shares, reflecting a premium of 19.75% over the starting price [2][9]. Auction Details - The auction took place from October 12 to 13, with 30 million shares divided into 10 lots of 3 million shares each, attracting both corporate and individual bidders [4]. - The bidding process was highly competitive, with a total of 726 bids placed, and individual lots receiving up to 94 bids [4]. - The final transaction price ranged from 12.28 yuan to 13.11 yuan per share, with the highest bid for a single lot reaching approximately 39.33 million yuan [4]. Major Buyers - Chengdu Jinyao No. 1 Enterprise Management Partnership emerged as the largest buyer, acquiring 21 million shares for 262 million yuan, while individual bidders also secured smaller lots [6]. - Jinyao No. 1 has connections to Luzhou Laojiao, indicating potential strategic interests in Jinlong Co., Ltd. [6]. Shareholder Structure - Following the auction, Jinyao No. 1 will become the fifth largest shareholder of Jinlong Co., Ltd. [8]. - Despite the auction, the controlling shareholder, Dongguan New Century Science and Education Development Co., Ltd., retains 146 million shares, representing 16.29% of the total share capital, while the actual controller, Yang Zhimao, holds 36 million shares (4.02%) [9]. Auction Trends - The frequency of equity auctions has increased, with the first auction of the year experiencing low interest, resulting in unsold shares [9]. - A turnaround occurred in August when previously unsold shares were successfully auctioned after being split into smaller lots, achieving a premium rate of 15.3% [9]. - The latest auction continued this trend of splitting shares, achieving an even higher premium of 19.75%, indicating a growing market recognition of the equity [9]. Company Performance - Jinlong Co., Ltd. has faced challenges in its operational performance, leading to multiple equity auctions and asset disposals [10]. - The company previously announced the sale of a 20% stake in Dongguan Securities for 2.272 billion yuan, significantly increasing the controlling stake of the Dongguan state-owned assets [11]. - Plans to sell a 67.78% stake in Zhongshan Securities were halted to avoid leaving the company with only cash or non-operational assets [11].

Core Viewpoint - The announcement reveals that the controlling shareholder of Jinlong Co., Ltd. is undergoing a judicial auction of 30 million shares, which may impact the company's shareholder structure but not its management control [1][4]. Group 1: Shareholder Auction Details - Jinlong Co., Ltd. disclosed that 30 million shares held by its controlling shareholder, Dongguan New Century Science and Education Development Co., Ltd., were auctioned on JD.com from October 12 to October 13 [1]. - The shares were divided into 10 lots, each consisting of 3 million shares, with a starting price of 31.3845 million yuan per lot, set at a 30% discount from the average closing price over the previous 20 trading days [3]. - Chengdu Jinyao No. 1 Enterprise Management Partnership won 21 million shares for a total of 262 million yuan, potentially making it the fifth-largest shareholder of Jinlong Co., Ltd. [3]. Group 2: Impact on Shareholding Structure - Following the auction, if all shares are transferred, New Century will still hold 146 million shares, representing 16.29% of the total share capital, maintaining its status as the controlling shareholder [4]. - The actual controller of Chengdu Jinyao No. 1 is the Luzhou State-owned Assets Supervision and Administration Commission, holding a 39.72% stake with 100% voting rights [4]. Group 3: Previous Auctions and Financial Issues - This auction marks the fifth instance of Jinlong Co., Ltd.'s shares being auctioned this year, with previous auctions occurring in February, April, July, and August [6]. - New Century's shares are being auctioned due to disputes with a financial institution in Chongqing, with a total of 43.5 million shares involved in ongoing legal issues [6][7]. - Jinlong Co., Ltd. has faced significant financial challenges, reporting losses for four consecutive years, with total losses of 1.31 billion yuan, 3.92 billion yuan, 3.84 billion yuan, and 890 million yuan from 2021 to 2024 [8]. Group 4: Recent Financial Performance - In the first half of this year, Jinlong Co., Ltd. reported a total revenue of 417 million yuan, a 16.35% increase year-on-year, and a net profit attributable to shareholders of 125 million yuan, a 344.38% increase compared to the same period last year [9][10]. - The company achieved a significant increase in investment income, reaching 535 million yuan, which is a 120.30% rise year-on-year [9].

Core Viewpoint - The state-owned asset management company in Meishan is expected to acquire actual control of a listed company, Jingyi Co., Ltd., for approximately 1.086 billion yuan through a judicial auction of shares held by the controlling shareholder [1][5]. Group 1: Acquisition Details - The controlling shareholder, Nantong Sanjian Holdings Co., Ltd., is selling 75,184,700 shares, representing 29.99996% of the total share capital, which will result in a change of control if the auction is completed [1][5]. - The winning bidder, Sichuan Xingdong Investment Group Co., Ltd., won the shares at a final price of 1,085,514,969.60 yuan, which is nearly 40% higher than the starting price of 780 million yuan, translating to approximately 14.44 yuan per share [2][5]. Group 2: Company Background - Sichuan Xingdong is a state-owned enterprise with a registered capital of 3 billion yuan and total assets of 83.9 billion yuan, focusing on various sectors including investment operations, cultural technology services, new energy, health, park development, and urban infrastructure [2]. - The shares being auctioned are the only shares held by Nantong Sanjian, which are currently under pledge and judicial freeze [5]. Group 3: Financial Performance of Jingyi Co., Ltd. - In the first half of 2025, Jingyi Co., Ltd. reported a revenue of 2.381 billion yuan, a year-on-year increase of 38.80%, while the net profit attributable to shareholders decreased by 42.95% to 10.86 million yuan [10][11]. - The company’s total assets increased by 19.26% to approximately 2.491 billion yuan, while the net assets attributable to shareholders remained relatively stable with a slight increase of 0.08% [11]. Group 4: Management Issues - The former chairman of Jingyi Co., Ltd., Huang Yuhui, has been involved in multiple economic disputes and has been listed as a dishonest person by the courts, leading to his resignation [4][9]. - Following regulatory intervention, Huang Yuhui resigned from all positions within the company, and the financial director, Gu Chong, has taken over as chairman [9].

Core Viewpoint - The stock auction process of *ST Yuancheng (603388.SH) has experienced significant fluctuations this year, with a notable decline in interest and participation following regulatory investigations into financial misconduct and insider trading involving the company's actual controller, Zhu Changren [1][3]. Group 1: Auction Process and Stock Performance - In the first half of the year, *ST Yuancheng's stock was highly sought after, with multiple auctions attracting numerous bidders and resulting in competitive bidding [2][3]. - For example, an auction on April 11 saw 6.8 million shares starting at 20.99 million yuan and ultimately selling for over 25 million yuan, translating to a per-share price of 3.68 yuan, which was above the previous closing price of 3.58 yuan [2]. - However, after the investigation was announced in July, the auction process shifted dramatically, with the first instance of stock going unsold occurring on July 9, when 7.8 million shares failed to attract any bids [3]. Group 2: Price Adjustments and Market Reaction - Following the investigation, the starting price for subsequent auctions was reduced by 20%, but the adjusted prices still exceeded the actual market value of the shares, indicating a lack of rational bidding behavior [1][3]. - The stock price of *ST Yuancheng peaked at 4.06 yuan per share earlier in the year but has since plummeted, with the most recent auction on September 10 resulting in another failure to sell 975,520 shares [1][4]. - The company has also reported significant stock price volatility, with a cumulative decline exceeding 12% over three consecutive trading days, raising concerns about potential delisting due to major legal violations and financial instability [4].

Core Viewpoint - The recent judicial auction of shares held by Zheng Suzhen, the mother of former private equity mogul Xu Xiang, in Daheng Technology has attracted market attention, with the shares being sold to a group of mysterious buyers at a total price of 1.712 billion yuan [1][2]. Group 1: Share Transfer Details - Zheng Suzhen's 130 million shares, representing 29.75% of Daheng Technology, were auctioned at an average price of 13.17 yuan per share, totaling 1.712 billion yuan [1]. - The main buyer, Li Rongrong, acquired shares amounting to 36.168 million yuan, which is 6.29% of the company's total share capital [2]. - Other buyers included China New Era Co., Ltd. and several individuals, each acquiring varying amounts of shares at the same price per share [2]. Group 2: Buyer Background - Li Rongrong, born in 1975, is reportedly a mid-level employee at Ningbo Jinhai Logistics Co., Ltd., which is a subsidiary of Ningbo Customs [5]. - There are claims that Li Rongrong is not the actual operator of the share acquisition, but rather a figurehead for relatives who pooled funds for the purchase [5][6]. - The company has stated that the payment for the shares has been completed, but the shares have not yet been transferred to Li Rongrong's name [5]. Group 3: Market Reaction - Following the announcement of the share auction, Daheng Technology's stock price initially dropped over 9% on August 5, but rebounded to hit the daily limit on August 6 [8]. - The company has projected a net loss of 4.06 million yuan for the first half of 2025, indicating challenges in profitability due to increased market competition and changes in supply and demand [10].