资本市场中， 上 市公司控制权收购备受关注 。从早期的壳资源交易到如今的产业整合，交易复杂度攀 升， 对专业能力的要求也更高 。 以 资产收购和股权收购 为例，二者看似都是收购，内里却大不同。交易结构、风险承担、税务处 理……每处细节都藏着玄机，稍不留意就踩坑，我们来看看 二者的对比 —— | 类别 | 非股权资产收购 | 股权资产收购 | | --- | --- | --- | | 交易对象 | 标的公司的资产 | 标的公司的股权 | | 交易主体 | 收购方VS标的公司 | 收购方VS标的公司股东 | | 内部决策 | 取决于公司章程规定 | 通知其他股东 | | 外部审批 | 一般不需要审批 | 涉及外资、国资的需要审批 | | 工商变更登记 | 不涉及 | 需要 | | 产权过户登记 | 需要 | 不需要 | | 债券债务变更 | 涉及 | 不涉及 | | 标的公司自身的潜在 | 不承担 | 承担 | | 风险 | | | | 税收差异 | 增值税、所得税、契税和印花税等,如果 | 股权转让所得税 | | | 涉及土地的交易,还有土地增值税。 | | | 标的公司经营资质 | 不享有 | 享有 | | ...

Core Viewpoint - The ongoing legal battle between Epic Games and Apple has reached a significant milestone with the return of Fortnite to the App Store after being removed for 1,741 days due to a dispute over payment channels and platform control [6][12][15]. Group 1: Background of the Dispute - In 2020, Epic introduced an independent payment system in Fortnite to avoid Apple's 30% in-app purchase fee, leading to the game's removal from the App Store and the initiation of a lawsuit [2]. - The conflict evolved into a broader debate over payment freedom and platform monopoly, with Epic launching a campaign against what it termed "platform tyranny" [3]. Group 2: Legal Developments - A key turning point occurred in May 2025 when a federal judge ordered Apple to allow Fortnite's return to the App Store and to cease blocking developers from accessing third-party payment methods [10]. - The court's ruling indicated that Apple had the capability to resolve the issue without further hearings, and failure to comply would require Apple's compliance officer to attend a hearing [11]. Group 3: Current Status and Future Implications - Following the court's pressure, Fortnite was officially reinstated on the App Store, marking a temporary victory for Epic [12]. - Despite this, Apple has not accepted all court rulings and is appealing, asserting its right to control the review process and revenue-sharing policies, indicating that the legal battle is far from over [14]. - The conflict has transcended the issue of a single game's payment system, representing a larger struggle for developer freedom against platform control [15].

Core Viewpoint - The article discusses the evolving landscape of mergers and acquisitions (M&A), highlighting how capital operators are increasingly using structured designs and narrative packaging to obscure the true nature of control and ownership in these transactions [1][6][9]. Group 1: M&A Dynamics - Capital operators are transforming M&A into a spectacle where the focus shifts from the companies involved to the capital alliances behind them [1]. - In a recent pharmaceutical M&A case, the funding came from an offshore private equity special purpose vehicle (SPV), complicating the identification of the ultimate beneficiaries [2]. - The trend shows that institutional investors are targeting control rights by initially taking minority stakes and gradually gaining board influence through multiple rounds of financing [5]. Group 2: Storytelling in M&A - The traditional model of high-priced asset acquisition is becoming less viable, leading to an increased emphasis on compelling narratives, particularly around themes like transformation and technology [6]. - Many M&A transactions are framed around exciting future visions, but often lack clarity in financial models and project timelines, revealing a disconnect between narrative and reality [6][7]. - These "story-driven M&As" serve dual purposes: managing market capitalization and facilitating the entry of new capital, while investors are becoming more discerning about the narratives presented [6][7]. Group 3: Control and Governance - The ultimate motivation behind many M&A activities is control rather than mere market value or transformation, with control being the primary objective for major shareholders [7]. - Companies often disguise their intentions under the guise of resource integration while preparing for subsequent capital takeovers [7]. - Post-transaction, it is common to see a decline in market value despite a change in control, indicating that the true winners are those who gain control [7]. Group 4: Regulatory Response - Regulatory bodies are becoming more vigilant, enhancing disclosure requirements related to control and ownership structures in M&A transactions [8]. - A notable case involved a media company that failed to disclose a change in control during a capital increase, highlighting the need for transparency in governance [8]. - The Goheal Group is advocating for clearer visualization of control structures in M&A to assist companies and investors in understanding the underlying dynamics [8]. Group 5: Future Considerations - The article prompts readers to consider the deeper implications of M&A transactions, focusing on who controls resources, strategy, voting rights, and budgets [9]. - Understanding these elements is crucial for discerning whether an M&A deal is primarily about market value manipulation or a struggle for control [9].

经观汽车 又一起"公章事件"在汽车服务行业上演，这次的主角是天猫养车。" 5月19日，一份加盖"江苏康众汽配有限公司""杭州天猫车站科技有限公司""杭州艾特汽车服务有限公 司"公章的声明在社交媒体流传，宣布清退罗方晔（易谨）、黄建梁（无封）、吴汪洋（西水）三人， 称三人与公司不存在劳动关系，且"未经授权擅自担任总裁、CPO等职务"，决定即日起终止其在天猫 养车及关联企业的全部职务权限与管理权。 鉴于蔡永志(李逸)长期以来和公司在个 人利益方面有争议,且本次事件严重影响公 司正常经营管理,我们将依据相关程序暂停 蔡永志(李逸) 所有工作职务。 案。 声明内容措辞严厉，并以"未授权擅自发言、越权管理"为由，要求员工"不得接受三人安排"，将公司代 表权明确交由现任法定代表人秦杰执行。 然而，仅隔一天，5月20日，另一封"致天猫养车全员信"的声明再次通过网络发布，否认上述清退行为 的合法性，指称前述公告发布者"擅自使用遗失营业执照、私刻公章"，涉嫌违法，声明已向公安机关报 致天猫养车全员信: 5月19日,商宝国、蔡永志（李逸）等人 擅自宣布罗方晔(易谨)/黄建梁(无封)/吴 汪洋（酉水）免职的公告无效,依据新康众 集 ...

马斯克表示，他希望获得足够的控制权，以避免被激进投资者排挤。 ...

特斯拉CEO埃隆·马斯克：希望获得足够的控制权，以避免被激进投资者排挤。 ...

Group 1 - Elon Musk plans to continue leading Tesla for at least the next five years, emphasizing that his control is not financially motivated but rather about the company's future [2] - Following Musk's statements, Tesla's stock price rose, reaching $354.57, a 3.6% increase, reflecting investor confidence in his leadership [2] - Musk acknowledged challenges in Tesla's sales, particularly in Europe, but claimed the company has turned the situation around and expects no significant sales shortages [3][4] Group 2 - Musk announced a significant reduction in his political spending, stating he believes he has done enough and currently sees no reason to continue such expenditures [5] - This shift in political engagement may impact the Republican Party, which had relied on Musk's financial support for future elections [5] - Musk defended Tesla against criticisms regarding its brand image, arguing that while the company may have lost some left-leaning consumers, it has gained support from right-leaning consumers [6][7] Group 3 - Musk hinted at the potential for Starlink, his satellite internet service, to go public, which could attract investor interest amid Tesla's competitive pressures [7]

马斯克：更关心对特斯拉(TSLA.O)的控制权，而非个人薪酬。 ...

证券代码：002898 证券简称：*ST 赛隆 公告编号：2025-026 赛隆药业集团股份有限公司 关于控股股东、实际控制人签署《股份转让协议》 暨公司控制权拟发生变更的提示性公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一 致。 特别风险提示： "标的公司"） 控股股东、实际控制人蔡南桂先生、唐霖女士于 2025 年 5 月 18 日与海南雅亿共 赢科技合伙企业（有限合伙）（以下简称"海南雅亿"） 签署了《关于赛隆药 业集团股份有限公司之股份转让协议》（以下简称《股份转让协议》），蔡南桂 先生、唐霖女士拟向海南雅亿转让其持有的公司 14.16%股份（对应的股票数量 为 24,912,205 股，以下简称"标的股份"）。同时，蔡南桂先生、唐霖女士承 诺自本次交易交割日起至其不再持有上市公司股份之日止，无条件且不可撤销地 承诺放弃行使其所持标的公司剩余股份所对应的除收益权和股票处置权之外的 全部股东权利。标的股份作价为人民币 8 元/股，交易金额共计人民币 更。公司的控股股东将变为海南雅亿，由 ...

Core Viewpoint - The company, Hanchuan Intelligent (688022.SH), faces significant risks due to undisclosed share pledges and defaults by its controlling shareholder, leading to regulatory warnings and potential instability in control [1][5][6]. Group 1: Share Pledge and Default Risks - The controlling shareholder, Cai Changwei, pledged 52.43% of his shares in Hanchuan Investment to Huaneng Guicheng Trust, which represents 14.64% of the company's total shares [1]. - Hanchuan Investment pledged 13.1343 million shares, accounting for 7.47% of the total shares, with provisions for immediate registration of share pledges in case of debt defaults [2]. - The company reported a significant risk of control instability due to overdue debts and potential enforcement actions by Huaneng Guicheng Trust [2][5]. Group 2: Legal Disputes and Share Freezes - A lawsuit was initiated by Jiang Haidong against the controlling shareholder for a total of 44.9721 million yuan due to a differential compensation agreement, resulting in the freezing of shares [3][4]. - The controlling shareholder failed to disclose the signing of the agreement and the share freeze until February 2025, indicating a lack of timely communication [4]. Group 3: Financial Performance and Market Impact - Hanchuan Intelligent reported a significant decline in revenue, with a 64.61% drop to 474 million yuan in 2024, and a net loss of 1.103 billion yuan [6][7]. - The company's stock price has plummeted by 80% since March 2023, with a closing price of 13.71 yuan as of May 16, reflecting a more than 60% decline from its previous high [7].