登录新浪财经APP 搜索【信披】查看更多考评等级 近日，贵州百灵（维权）实控人姜伟与纾困方华创证券之间的诉讼纠纷持续发酵，引发市场广泛关注。 这场始于2019年的"纾困合作"，在几年间从"资本佳话"演变为对簿公堂，不仅暴露了双方在股权、财务 与控制权上的多重矛盾，也为当前A股市场中频繁出现的股权变更与纾困模式敲响了警钟。 治理结构风险：纾困方"越位"与实控人"失控" 根据双方协议，华创证券最初以财务投资者身份进入，承诺不谋求控制权。然而在实际纾困过程中，华 创证券逐步委派人员进入贵州百灵董事会及管理层，甚至一度掌控公司公章、财务章及关键子公司运营 权。姜伟方指控华创证券"以帮扶之名行控制之实"，严重干扰公司正常经营决策。 与此同时，实控人姜伟的股权质押率长期居高不下，至今其持有的公司股份已100%被质押，且面临多 笔债务违约风险。公司治理实质上陷入"双头博弈"状态：一边是纾困方深度介入日常经营，另一边是实 控人财务承压、话语权旁落，导致企业战略执行与内部管理效率大幅降低。 财务与经营风险：业绩亏损、戴帽ST与融资受阻 贵州百灵自身经营层面亦不容乐观。公司2023年归母净利润亏损4.15亿元，且因财务报告被出具 ...

Core Viewpoint - *ST Huamei has successfully resolved the non-operating fund occupation issue with Shanghai Pengsheng and its affiliates, receiving a total of 15.67 billion yuan, which allows the company to avoid stock suspension and potential delisting risks [1][4]. Group 1: Company Actions and Financial Transactions - On August 15, *ST Huamei announced that it received a confirmation of share transfer from Shanghai Pengsheng, which involved the lifting of judicial markings on 1.6981 million shares [1]. - As of the announcement date, Aydong Investment has paid 1.556 billion yuan to *ST Huamei's designated account to repay the occupied funds and interest owed by Shanghai Pengsheng and its affiliates [1]. - The share transfer agreement involved Shanghai Pengsheng transferring 214 million shares (22.32% of total shares) to Aydong Investment, with the proceeds prioritized for repaying the occupied funds totaling 1.556 billion yuan [3]. Group 2: Regulatory Compliance and Risks - On February 12, *ST Huamei received a directive from the Jilin Securities Regulatory Bureau to recover 1.491 billion yuan of non-operating funds occupied by Shanghai Pengsheng and its affiliates within six months [2]. - Due to the negative internal control audit opinion for the fiscal year 2024 and the ongoing fund occupation issue, *ST Huamei's stock was subjected to risk warnings and potential delisting if compliance was not achieved by August 12, 2025 [2]. - Following the successful recovery of all occupied funds and interest, the company is in the process of obtaining a special verification opinion from its accounting firm to apply for stock resumption [4].

Group 1 - The core viewpoint of the news is that *ST Songfa has successfully completed a major asset restructuring project, transitioning from traditional ceramic manufacturing to high-end marine equipment manufacturing [1] - Guangzhou Asset Management, a subsidiary of Guangzhou Yuexiu Capital Holdings Group, has become the eighth largest shareholder of *ST Songfa through this restructuring [1] - The restructuring involves divesting ceramic manufacturing capacity and injecting 100% equity of Hengli Heavy Industry, which focuses on large shipbuilding and marine engineering equipment [1] Group 2 - Guangzhou Asset Management is committed to a transformation strategy focused on investment banking, aiming to support listed companies in distress and enhance industrial value [2] - The company has previously invested in several distress projects, including Guangdong Rongtai and Rendong Holdings, to stabilize regional finance [2] - Guangzhou Asset Management will continue to focus on its core responsibilities, including the acquisition and disposal of non-performing assets, to support high-quality development in Guangdong Province [2]

Group 1 - *ST Songfa has completed a major asset restructuring project, with Guangzhou Asset Management Co., Ltd. becoming the eighth largest shareholder after subscribing to the capital increase [1] - The company, originally focused on daily ceramic manufacturing, has faced challenges due to intensified competition and declining market demand, leading to multiple unsuccessful transformation attempts [1] - To mitigate delisting risks and achieve industrial transition, *ST Songfa has divested its ceramic manufacturing capacity and injected 100% equity of Hengli Heavy Industry Group Co., Ltd. from Hengli Group [1] - Hengli Heavy Industry is recognized as a benchmark in the private sector for marine equipment manufacturing, which aligns with national strategic emerging industries [1] - The restructuring aims to shift *ST Songfa from traditional ceramics to high-end marine equipment manufacturing, with raised funds allocated for intelligent manufacturing and R&D projects [1] Group 2 - Guangzhou Asset has been actively promoting its investment banking transformation strategy, focusing on alleviating financial distress for listed companies and enhancing industrial value [2] - The company has previously invested in several distressed projects, including Guangdong Rongtai and Rendong Holdings, contributing to regional financial stability [2] - Moving forward, Guangzhou Asset will continue to focus on its core responsibilities, including the acquisition and disposal of non-performing assets, while supporting high-quality development in Guangdong Province [2]

Core Viewpoint - *ST Huamei (600360) is undergoing a significant change in its shareholding structure, with Shanghai Pengsheng Technology Industrial Co., Ltd. transferring 214 million shares (22.32% of total shares) to Jilin Yadong State Capital Investment Co., Ltd. to address financial issues and promote the development of the semiconductor industry in Jilin Province [1][2] Group 1 - The share transfer agreement aims to use the proceeds to repay a total of 1.556 billion yuan owed by Shanghai Pengsheng and its affiliates to *ST Huamei [1] - After the transaction, Shanghai Pengsheng will no longer hold shares in *ST Huamei, and the controlling shareholder will change to Jilin Yadong Investment, with the actual controller being the Jilin Provincial State-owned Assets Supervision and Administration Commission [1] - The stock of *ST Huamei will resume trading on June 26 [1] Group 2 - Previously, *ST Huamei received a directive from the Jilin Securities Regulatory Bureau to recover 1.491 billion yuan of non-operating funds occupied by Shanghai Pengsheng and its affiliates within six months [2] - Shanghai Pengsheng has pledged all its shares in *ST Huamei to Jilin Maijike Semiconductor Co., Ltd. as collateral for repaying the occupied funds [2] - The total amount to be repaid by Shanghai Pengsheng, including interest, is 1.567 billion yuan, with part of it to be settled through dividend payments [2]

Group 1 - The major asset restructuring project of Guangdong Songfa Ceramics Co., Ltd. (*ST Songfa) has been successfully completed, with Guangzhou Yuexiu Capital Holdings Group Co., Ltd. becoming the eighth largest shareholder of *ST Songfa [1] - *ST Songfa, established in 2002 and listed on the Shanghai Stock Exchange in 2015, has faced challenges due to intensified industry competition and declining market demand, leading to multiple unsuccessful transformation attempts [1] - To mitigate delisting risks and achieve industrial transformation, *ST Songfa has divested its ceramic manufacturing capacity and injected 100% equity of Hengli Heavy Industry Group Co., Ltd., a leader in marine equipment manufacturing [1] Group 2 - Guangzhou Asset Management Co., Ltd., a subsidiary of Guangzhou Yuexiu Capital, has been actively involved in investment projects aimed at alleviating financial distress for listed companies in Guangdong, including investments in Guangdong Rongtai and Rendong Holdings [2] - The future strategy of Guangzhou Asset includes focusing on the acquisition and disposal of non-performing assets while deepening its investment banking transformation to support high-quality development in Guangdong Province [2]

Core Viewpoint - *ST Huamei's controlling shareholder will change to Jilin Provincial State-owned Assets Supervision and Administration Commission, and the stock will resume trading on June 26, 2025 [2][3][4] Group 1: Shareholder Change - Shanghai Pengsheng Technology Industry Co., Ltd. plans to transfer all its shares in *ST Huamei, totaling 214 million shares (22.32% of total share capital), to Jilin Yadong State-owned Capital Investment Co., Ltd. [7][8] - The transfer proceeds will primarily be used to repay the occupied funds and interest amounting to 1.556 billion yuan [7][9] Group 2: Financial and Regulatory Issues - *ST Huamei has faced internal control issues due to fund occupation and false disclosures, resulting in a fine of 10 million yuan from the Jilin Regulatory Bureau of the China Securities Regulatory Commission [12] - If *ST Huamei fails to recover 1.491 billion yuan of occupied funds by August 12, 2025, the Shanghai Stock Exchange will impose trading suspension and potential delisting warnings [12][13] Group 3: Company Overview - *ST Huamei is a national high-tech enterprise engaged in the design, research and development of power semiconductor devices, chip processing, packaging testing, and product marketing [13] - The company has a product range that includes IPM and PM modules, wide bandgap semiconductors, IGBT, MOS, FRD, SBD, SCR, and BJT, widely used in strategic emerging fields such as clean energy and automotive electronics [13] Group 4: Market Performance - As of June 18, *ST Huamei's stock price was 7.86 yuan per share, with a total market capitalization of 7.5 billion yuan [14]