Core Viewpoint - Qianhai Insurance is facing significant challenges, including a 20% equity auction, management turnover, and ongoing solvency issues, raising concerns about its future viability [1][8]. Equity Auction - The 20% equity stake held by Jushenghua in Qianhai Insurance will be auctioned starting July 21, with a starting price of 30.8 million yuan, which is 70% of its assessed value of 44 million yuan [3]. - The attractiveness of Qianhai Insurance's equity is limited due to poor performance and continuous solvency issues, with a risk rating of C for several quarters [3][4]. - The auction is part of a civil dispute involving Zhongrong Life Insurance and Jushenghua, with multiple shareholders facing equity freezes [3][4]. Management Changes - Qianhai Insurance's general manager, Li Gongni, resigned after just over a year in the role, leading to Chairman Huo Jianmei taking on dual responsibilities [5][6]. - Li Gongni's tenure was marked by regulatory penalties for financial misreporting, which could affect future management appointments [7]. - Frequent management changes can weaken team cohesion and disrupt strategic planning, impacting long-term business development [6][8]. Solvency Issues - Qianhai Insurance has struggled with solvency, failing to meet regulatory requirements for 12 consecutive quarters, with a risk rating consistently at C [8][9]. - The company was established in 2016 with a registered capital of 1 billion yuan, but has faced leadership challenges and regulatory scrutiny [8]. - To improve its capital strength, Qianhai Insurance may need to optimize its business structure, focus on core operations, and consider attracting new strategic investors [8][9].