Core Viewpoint - The shares of Jingyi Co., Ltd. (002295.SZ), held by Nantong Sanjian Holdings Co., Ltd., are set for judicial auction with a starting price of 725 million yuan, raising concerns about potential changes in the company's controlling shareholder and actual controller [2][4]. Group 1: Auction Details - Nantong Sanjian's 75,184,700 shares in Jingyi Co., representing approximately 29.9996% of the total share capital, are being auctioned, with the auction date scheduled for October 9 [2]. - The initial auction price of 725 million yuan is only 60% of the 1.2 billion yuan paid by Nantong Sanjian in 2018 for these shares [2][4]. - The final auction price will be determined based on the average closing price of the stock over the 20 trading days prior to the auction, multiplied by the number of shares, and then discounted by 10% [3]. Group 2: Company Performance - Jingyi Co., Ltd. is a leading player in China's copper processing industry, with a reported revenue of 3.754 billion yuan in 2024, reflecting a year-on-year growth of 38.43%, and a net profit of 27.7063 million yuan, up 15.57% [4]. - The stock price of Jingyi Co. surged from 5.7 yuan per share in January to a peak of 12.49 yuan in July, marking a 120% increase, driven by demand from the new energy sector [4]. Group 3: Nantong Sanjian's Financial Issues - Nantong Sanjian has faced significant financial difficulties, being included in the list of dishonest entities in July 2024 due to multiple overdue debts and failure to disclose timely information [5]. - The company is involved in several legal cases with a total amount of approximately 1.4 billion yuan, leading to the freezing of its shares in Jingyi Co. [5].

Core Viewpoint - The recent legal issues surrounding Huang Qisen, the chairman and general manager of Taihe Group, have led to significant operational challenges for the company, including asset freezes and administrative penalties for failing to disclose major lawsuits and omissions in annual reports [1][2]. Group 1: Company Operations and Management - Taihe Group's board has been informed that Huang Qisen is under investigation by the Liaoning Provincial New Min City Supervisory Committee, which has resulted in his detention [1]. - Despite the legal challenges, Taihe Group claims that its organizational structure and management system are functioning normally, and all business activities are continuing as usual [1]. - The company has faced asset freezes and seizures, which are expected to impact its operations [1]. Group 2: Financial Penalties and Legal Issues - The Fujian Securities Regulatory Bureau has imposed a fine of 6 million yuan on Taihe Group for failing to disclose significant lawsuits and for major omissions in its annual report [1]. - Huang Qisen and seven other executives have collectively been fined 11.4 million yuan due to these violations [1]. Group 3: Historical Context and Financial Performance - Huang Qisen founded Taihe Group in 1996, focusing on high-end products, including Taihe Courtyards [3]. - Between 2013 and 2017, Taihe Group achieved a remarkable sales growth from 10 billion to 100 billion yuan in just five years [3]. - Huang Qisen became the richest person in Fujian in 2015, with a net worth exceeding 20 billion yuan, and was ranked 1001st on the 2020 Hurun Global Rich List [3]. Group 4: Recent Challenges and Market Position - Taihe Group has been facing a financial crisis since 2020, marked by defaults and unsuccessful self-rescue efforts, including asset sales and strategic investments [4]. - In August 2023, Taihe Group triggered mandatory delisting clauses and was removed from the Shenzhen Stock Exchange, marking a significant decline for the once-prominent real estate company [5].