Core Viewpoint - Recent actions by Feilu Co., Ltd. have drawn significant attention in the capital market, particularly regarding its capital operations and control changes involving major shareholders [1][2]. Group 1: Capital Operations - Feilu Co., Ltd. is advancing a private placement plan to raise 323 million yuan while the original controlling shareholder, Zhang Weiguo, is transferring shares and delegating voting rights, resulting in a control change [1]. - Zhang Weiguo has executed a "combination punch" strategy involving "share transfer + voting rights delegation + private placement," cashing out 139 million yuan [1]. - The company has received approval for its private placement plan, which aims to issue 32 to 40 million shares at a price of 8.08 yuan per share, raising a total of 323 million yuan [2]. Group 2: Shareholder Dynamics - The new controlling entity, Xiaoguang Intelligent, is acquiring shares at a significantly lower price compared to the transfer price from Zhang Weiguo, raising concerns about the fairness of the pricing [3]. - Xiaoguang Intelligent, established shortly before the transaction, is perceived as a "shell" company, with its actual controller, Yang Yixiao, having a background in investments [2]. Group 3: Financial Performance - Feilu Co., Ltd. has been experiencing deteriorating financial performance, reporting a net loss of 140 million yuan in 2024, a 776% decline year-on-year [3]. - As of June 2025, the company's debt-to-asset ratio reached 77.39%, with cash reserves of 107 million yuan insufficient to cover short-term debts of 359 million yuan and long-term debts of 234 million yuan [3]. - The private placement price of 8.08 yuan per share is 56.4% lower than the share transfer price of 12.6694 yuan, highlighting a significant price discrepancy that raises questions about pricing fairness [3].