免责声明：本文内容与数据由观点根据公开信息整理，不构成投资建议，使用前请核实。 根据公开资料整理，MHL为集团第二大股东，持股近6%，对应3.6%投票权，但2023年签署的股东协议 使其绑定1.01亿份投票权，覆盖集团69.481%总投票权。 MHL隶属于香港企业家吴光正，其家族自2011年起投资Ferragamo，并三度续签股东协议。 观点网讯：1月3日，意大利奢侈品集团Salvatore Ferragamo公告，2026年6月29日现有协议到期后不再与 香港控股公司Majestic Honor Limited（MHL）续签股东协议，以收回对集团投票权的完全自主控制。 ...

Core Viewpoint - The article discusses the recent judicial auction of shares held by the controlling shareholder of Huayi Brothers, Wang Zhongjun, and its implications for the company's ownership structure and operations [4][6][7]. Summary by Sections Judicial Auction Details - On December 31, 2025, Huayi Brothers announced the completion of a judicial auction of 154 million shares held by Wang Zhongjun, representing 5.55% of the total share capital [4][6]. - The auction was conducted by the Beijing Third Intermediate People's Court from December 29 to December 30, 2025, on the JD Network Judicial Auction platform [6]. - The shares were sold at an average price between 1.90 and 1.91 yuan per share, with the highest bidder, Sun Kai, acquiring 84 million shares at 1.90 yuan, totaling approximately 159.6 million yuan [6]. Shareholding Changes - Following the auction, Wang Zhongjun and his co-acting party, Wang Zhonglei, hold a combined total of 383 million shares, accounting for 13.81% of the company [7]. - The auctioned shares represent 48.54% of Wang Zhongjun's holdings and 5.55% of Huayi Brothers' total shares [6][7]. - The company stated that the auction would not change the actual control or the largest shareholder status, and business operations would continue normally [7]. Risks and Governance - The company acknowledged a potential risk of unstable control due to the reduced shareholding of the largest shareholder, but emphasized that the second-largest shareholder does not hold a board position, minimizing impact on decision-making [7]. - As of the announcement date, there were no instances of non-operational fund occupation or illegal guarantees by the controlling shareholders that would harm the company's interests [8]. Management Changes - The article also mentions the resignation of key technical personnel, Zhou Zijian, from Huayi Brothers' subsidiary, New Shengtang Film Co., Ltd., due to personal reasons, but assures that this will not affect operations [8]. - New Shengtang plans to sign a new cooperation agreement with Zhou, granting them first-look rights on film projects he controls [8][9].

转自：智通财经 【零跑董事长朱江明：公司创始团队实控权不会改变】智通财经12月29日电，零跑汽车创始人、董事长 朱江明今日再次明确，公司要保证创始团队的控制权，这是不会改变的。"有了大股东的加入和支持， 以及战略和产品层面的合作，公司的稳定性会更强。"零跑副总裁李腾飞同时表示，无论是与Stellantis 还是与一汽的合作，投资协议内对股权的比例都有明确约定，以保证公司创始团队的实控地位。零跑汽 车今日公告，与一汽订立内资股认购协议，约定由一汽股权以每股人民币50.03元（相当于港元55.29 元）认购74,832,245股内资股，认购完成后，一汽股权将持有约5%的公司股份，成为重要股东之一。 （智通财经记者 刘阳） ...

当企业外部的资本防线得以构建，内部的家庭财富传承风险同样不容忽视。作为上海市公证协会副会长，张磊分享了婚姻家庭变动下的传承风险与公证保 障，他指出，法定继承虽保障平等，却可能导致企业股权分散、控制权旁落；遗嘱继承可实现定向传承，却可能因真实性争议引发家族内讼，令企业陷入 僵局；生前赠与则可能造成控制权过早失控。 企业在追求增长与扩张的道路上，融资往往是其关键的助推器，但那份承载希望的投资协议，很有可能藏着严苛的对赌，其中复杂的条款可能会悄悄稀释 企业创始人的控制权，而股权的传承更可能在婚姻家庭变动中陷入僵局。这些隐形的风险，正成为许多企业从成长到传承路上最真实的挑战。 针对这些错综复杂的风险，12月16日，一场聚焦"企业融资风险防控与权益保护"的企业家交流活动在小就是大商学院圆满举办。这场活动为企业掌舵人提 供从资本博弈到财富传承的系统化策略，构建一道稳固的企业与家庭的双重防线。 上海 领衔律师事务所 张峪 作为兼具资深律师与一线投资机构背景的复合型专家，张峪律师从融资环境认知、核心条款解析、控制权实战防御、谈判技巧博弈、案例复盘以及行动工 具清单这六大模块展开分享，为企业家构建一套从认知到实战的完整融资法律 ...

近日，区间涨幅超过400%的牛股ST加加（002650），更改回购股份用途用于注销并已注销完成。此 前，ST加加所回购的股份曾一度深套超60%，不过2024年6月份后股价的大涨，公司回购股份注销前不 仅解套，浮盈也一度近90%。 这家曾被誉为"酱油第一股"的企业正经历控制权真空期。随着公司前两大股东持股比例的被动上升，无 疑引发市场对公司控制权会花落谁家的猜想。 全文请见：ST加加股价最高暴涨4倍，更改回购股份用途并注销，公司控制权会花落谁家？ 值得注意的是，ST加加当前处于无控股股东、无实际控制人状态。而随着公司注销回购的股份，公司 的第一大股东中国东方资产管理股份有限公司和第二大股东湖南卓越投资有限公司持股比例均被动增 加。 ...

Core Viewpoint - The company, Wintech Technology, has issued a statement urging its Dutch subsidiary, Nexperia, to address control issues to ensure the stability of the global semiconductor supply chain [1][2]. Group 1 - Wintech Technology has expressed concern over unilateral actions by Nexperia and related parties, which pose a potential threat to the stability of the global semiconductor industry [1]. - The company reiterated its constructive stance, emphasizing a willingness to engage in dialogue to restore its legitimate control over Nexperia and resolve the current dispute [1]. - Despite Wintech's efforts to communicate, Nexperia has not provided any substantial response to the proposals made by Wintech [1]. Group 2 - This is the second statement issued by Wintech Technology within three days, following the announcement by the Dutch Minister of Economic Affairs to suspend an administrative order regarding Nexperia [2]. - Wintech highlighted that while the administrative order was suspended, the emergency measures imposed by the Amsterdam Court of Appeal remain in effect, continuing to infringe upon the rights of Chinese shareholders and personnel [2]. - The company called for the Dutch Ministry of Economic Affairs to recognize the essence of the situation and to permanently withdraw the administrative order, ensuring the restoration of Chinese shareholders' legitimate control rights [2].

Core Viewpoint - The article discusses the recent developments regarding the control and asset freeze of Anshi Semiconductor, a subsidiary of Wentai Technology, highlighting the potential threats to the global semiconductor supply chain and the ongoing legal and administrative challenges faced by the company [3][4][5]. Group 1: Company Developments - Wentai Technology issued a statement urging Anshi Netherlands to respond constructively to resolve control issues and ensure the stability of the global supply chain [3]. - The Dutch Minister of Economic Affairs announced the suspension of an administrative order that previously restricted Anshi Semiconductor and its subsidiaries from making any adjustments to their assets and operations for a year [4]. - Despite the suspension of the administrative order, the emergency measures imposed by the Amsterdam court remain in effect, limiting Wentai Technology's control over Anshi Semiconductor [5]. Group 2: Financial Implications - Anshi Semiconductor reported an annual revenue of approximately 14.7 billion yuan [6]. - Wentai Technology indicated that if control over Anshi is not restored by the end of 2025, the company may face risks of revenue, profit, and cash flow adjustments [6]. - The Dutch government's actions against Anshi Semiconductor have been criticized as excessive intervention based on geopolitical biases, citing "national security" concerns [6].

Core Viewpoint - The company emphasizes the necessity to restore its complete rights as a shareholder and legal control over Anshi Semiconductor, asserting that the recent suspension of the administrative order by the Dutch Ministry of Economic Affairs is only a preliminary step towards resolving the issue, not a complete solution [1][5][7]. Group 1: Company Response to Dutch Ministry's Actions - The company acknowledges the Dutch Minister's statement as a recognition of the current issues, viewing it as a step towards a proper resolution, while also highlighting the illegality of previous actions taken by the Dutch government [5][6]. - Despite the suspension of the administrative order, the company notes that the corporate court's emergency measures remain in effect, continuing to limit the rights of Chinese shareholders and personnel [2][5]. Group 2: Demand for Comprehensive Resolution - The company insists that the Dutch Ministry must fully and thoroughly address the issues surrounding Anshi Semiconductor, including the permanent withdrawal of the administrative order and the cessation of its involvement in the corporate court proceedings [6][7]. - The company firmly states that any genuine resolution must be based on restoring its complete rights as a shareholder and legal control over Anshi, rejecting any attempts to legitimize the outcomes of illegal processes [7][8].

Core Viewpoint - The focus of Wall Street is shifting towards Tesla as the company prepares for its annual shareholder meeting on November 6, where a significant compensation plan for Elon Musk will be discussed [1][2]. Compensation Plan - If approved, Musk's compensation plan could become one of the largest in corporate history, with Tesla's stock rising 36.49% since the proposal was made on September 5 [2]. - The new plan aims to tie Musk's compensation to specific milestones, including achieving a market cap of $8.5 trillion, selling 12 million cars annually, and delivering 1 million humanoid robots and 1 million autonomous taxis, with adjusted profits increasing from $16.6 billion in 2024 to $400 billion, a more than 23-fold increase [4]. Shareholder Dynamics - There are two opposing camps among shareholders regarding the compensation plan, with supporters arguing it aligns Musk's interests with those of Tesla, while critics express concerns about concentrated power and potential resource diversion to Musk's other ventures [5][8]. - Major institutional investors, including CalPERS and influential voting advisory firms ISS and Glass Lewis, have urged shareholders to vote against the plan, citing concerns over total compensation, dilution effects, and lack of measures to mitigate key person risk [8]. Market Reactions - Morgan Stanley has warned that the vote is a gamble for the company's future, especially following a 40% drop in Tesla's third-quarter operating profit, which fell short of market expectations [10]. - If the plan is rejected, it could be interpreted as a vote of no confidence in Musk's leadership, potentially leading to a stock sell-off of over 10% and long-term risks for the company [12]. Leadership Implications - Musk's leadership is deemed crucial for Tesla's success, and failure to pass the compensation plan may lead him to reconsider his role, with potential implications for the company's direction, especially in the critical area of autonomous driving [6][12].

Core Viewpoint - Elon Musk, the CEO of Tesla, has threatened to resign if he does not receive a high salary, raising questions about his motivations despite his immense wealth [1][3]. Group 1: Musk's Salary Threat - Musk's ultimatum comes in response to a new compensation plan valued at one trillion dollars aimed at retaining him for at least another decade [3]. - The previous compensation plan from 2018 saw Musk meet all performance targets but he has yet to receive any payment [3][4]. - The new salary structure includes extremely challenging performance targets, such as increasing Tesla's market value nearly eightfold to approximately $8.5 trillion and achieving a profit of $400 billion by 2024 [4]. Group 2: Musk's Relationship with Money - The public is questioning why Musk, who has achieved financial freedom, is so focused on salary [7]. - Typically, founders in the tech industry, like Steve Jobs and Jeff Bezos, take minimal salaries, relying instead on stock ownership for wealth accumulation [7][8]. - Musk's situation is unique as he holds only about 12% of Tesla's shares, which is significantly lower than traditional founders, limiting his control over the company [10][11]. Group 3: Control and Equity - Musk's push for a high compensation package is seen as a strategy to regain control over Tesla, as he uses stock options to increase his ownership stake [13][14]. - The ability to exercise stock options would enhance his influence within the company, allowing him to steer Tesla's strategic direction amidst competitive pressures [13][14]. - Ultimately, Musk's focus on salary may be less about money and more about securing control over Tesla to pursue his vision for the company and its role in sustainable energy [16].