Core Viewpoint - The recent temporary shareholders' meeting of *ST Jintai (300225) revealed internal conflicts regarding board control and concerns over potential delisting risks, leading to changes in board composition and management's commitment to improve communication with shareholders [1][5][7]. Group 1: Shareholder Meeting and Board Changes - The temporary shareholders' meeting was convened at the request of Hainan Dahe Enterprise Management Co., which previously aimed to dismiss and replace certain directors [1]. - On September 10, *ST Jintai announced the cancellation of the proposal by Hainan Dahe and the resignation of director Liu Ruiming [1]. - Liu Ruiming had voted against several proposals since his election on July 22, indicating ongoing disagreements within the board [3]. Group 2: Internal Conflicts and Communication - The independent directors noted that the internal conflicts regarding control were not as severe as perceived, with previous voting issues leading to the need for re-elections [2]. - The company acknowledged the importance of communication with shareholders, especially in light of Liu Ruiming's dissenting votes [3][4]. Group 3: Delisting Risks and Financial Concerns - Hainan Dahe withdrew its director nominations due to concerns over *ST Jintai's potential delisting risks, stemming from the late disclosure of the 2024 annual report and an audit report with "unable to express an opinion" [5]. - The Shanghai Securities Regulatory Bureau issued an inquiry regarding significant financial transactions and irregularities in equity investments [5]. - The company has implemented stronger internal controls since the new chairman took office, aiming to address financial risks and improve cash flow from suppliers [5][7]. Group 4: Future Outlook and Strategic Goals - The new management team is focused on elevating *ST Jintai to new heights, with ongoing discussions about strategic plans and increased R&D investments [7]. - Despite leadership changes, the company's core business remains stable, with high production levels and ongoing product development efforts [7].

Core Viewpoint - The recent extraordinary general meeting of *ST Jintai was marked by the cancellation of proposals by major shareholder Hainan Dahe, reflecting concerns over potential delisting risks and internal governance issues [1][7]. Group 1: Shareholder Meeting and Governance - The extraordinary general meeting was convened at the request of Hainan Dahe, which previously aimed to dismiss and re-elect certain directors [1]. - On September 10, Hainan Dahe notified the company of the cancellation of its proposals, coinciding with the resignation of director Liu Ruiming [1][7]. - The meeting was attended by several non-independent directors, while representatives from Hainan Dahe were absent, indicating a lack of consensus among shareholders [5]. Group 2: Board Composition and Internal Dynamics - Following the resignation of Liu Ruiming, two new board members were confirmed: non-independent director Ma Anle and independent director Guo Hainan, nominated by shareholders with a combined stake of 4.85% [5][6]. - The company’s non-independent directors are all nominated by shareholder Wu Guozheng, suggesting a potential stabilization of internal conflicts [6]. Group 3: Delisting Risks and Financial Management - Concerns over delisting risks were highlighted, particularly due to the company's failure to timely disclose its 2024 annual report, leading to an audit report with "unable to express an opinion" [7]. - The company is currently addressing significant financial risks, including the misappropriation of funds by related parties, with new management emphasizing improved internal controls since the appointment of Chairman Gao Daqing [7][8]. - The company asserts it has not yet met the criteria for delisting and is actively working to resolve existing issues [7].