Core Viewpoint - The company, Haiwang Bio, has announced the termination of its control change and private placement plan, marking the end of a capital cooperation that was initiated in early 2024 [2][8]. Group 1: Background of Control Change and Private Placement - The control change and private placement plan began on January 13, 2024, when Haiwang Bio and its controlling shareholder, Haiwang Group, signed a cooperation agreement with Sifang Group to transfer part of the shares [5]. - On July 28, 2024, a share transfer agreement was signed, where Sifang Group was to acquire 315.7 million unrestricted shares from Haiwang Group, representing 12% of Haiwang Bio's total shares [5][6]. - To ensure the smooth transfer of control, a voting rights waiver agreement was signed, where Haiwang Group would relinquish voting rights for 900.7 million shares, effectively transferring control to Sifang Group [5][6]. Group 2: Termination of Agreements - On June 6, 2025, the capital cooperation was abruptly terminated, with Haiwang Bio, Haiwang Group, and Sifang Group signing a termination agreement [8]. - The termination was described as a "no-fault termination," indicating that it was a result of amicable negotiations, with no party liable for breach of contract [8]. - Haiwang Group is required to return a deposit of 10 million yuan to Sifang Group within five days of the termination agreement's effectiveness [8]. Group 3: Impact of Termination - Following the termination, Haiwang Bio stated that there would be no change in its controlling shareholder or actual controller, and business operations would continue as normal [11]. - The company expressed regret for any inconvenience caused to investors and emphasized its commitment to focusing on core business areas, particularly in medical devices [11]. - Haiwang Bio indicated that it would continue to seek potential partnerships with state-owned enterprises for future equity cooperation opportunities [11]. Group 4: Financial Performance - In the first quarter of 2025, Haiwang Bio reported a revenue of 7.38 billion yuan, a year-on-year decrease of 8.8%, and a net profit attributable to shareholders of 23.72 million yuan, down 44.4% year-on-year [12]. - As of June 6, 2025, the company's stock price closed at 2.56 yuan per share, with a total market capitalization of 6.736 billion yuan [13].

Core Viewpoint - The founder and general manager of Red Star Macalline, Che Jianxing, is under investigation by the Yunnan Provincial Supervisory Committee, which has led to the company appointing Li Yupeng to act in his stead, ensuring normal business operations continue [1][2]. Group 1: Company Leadership Changes - Che Jianxing had already stepped back from frontline roles before the investigation, officially resigning as the legal representative and chairman in August 2023, while still serving as a director and general manager [2]. - Following the acquisition of a 29.95% stake by Xiamen Jianfa Co., Ltd., Che Jianxing's family members and key executives resigned from their positions, leading to a shift in control to state-owned entities [2]. - Li Yupeng has taken over the responsibilities of both chairman and general manager during Che Jianxing's investigation, marking a transition from a family-run business to a state-controlled enterprise [2]. Group 2: Company Operations and Strategy - Red Star Macalline has been active in Yunnan since 2011, opening multiple stores, but has slowed its expansion in the region due to adjustments in the real estate market [3][4]. - The company plans to implement a new retail strategy with the opening of a large "one store, two MALLs" shopping center in Zhenxiong, Yunnan, aiming to improve store turnover rates [4]. Group 3: Recent Challenges - The company has faced multiple issues, including the sentencing of its former executive for embezzlement and penalties from the Ministry of Finance for accounting errors related to inflated investment properties [6]. - Che Jianxing has been implicated in these financial discrepancies, which occurred during his tenure as chairman and general manager [6]. - The broader trend of increased scrutiny and investigations into key figures in publicly listed companies reflects a tightening regulatory environment [6].