Core Viewpoint - The company "有棵树" is facing a potential change in control as its chairman, 肖四清, is set to have a significant portion of his shares auctioned off, which could impact the governance structure of the company [2][5]. Group 1: Share Auction Details - 肖四清 will have 10,114,250 shares auctioned, which represents approximately 33% of his total holdings and 1.09% of the company's total shares [3][4]. - As of June 26, 肖四清 holds 30,463,300 shares, with his and his concerted party's total ownership at 3.29% of the company [3][4]. Group 2: Company Background and Financial Performance - The company, previously known as 天泽信息, underwent a significant transformation under 肖四清's leadership, focusing on cross-border e-commerce, but has seen a decline in revenue from 5.027 billion to 387 million from 2020 to 2024 [6]. - The company has accumulated a net loss of 4.519 billion over five years, leading to a risk of delisting [6]. Group 3: Control and Governance Issues - Following a restructuring process, the company is currently under the control of 肖四清, but the auction of his shares adds uncertainty to the control dynamics [5][7]. - The recent proposal by 王维 and his concerted parties to hold a shareholder meeting was rejected by the current board led by 肖四清, indicating ongoing governance conflicts [7].

Core Viewpoint - The chairman of Youkeshu, Xiao Siqing, is facing a judicial auction of part of his shares, raising concerns about the stability of control over the company amidst ongoing power struggles [2][3][10]. Group 1: Share Auction Details - Xiao Siqing's 10,114,250 shares, representing 1.09% of the total share capital, will be auctioned on July 25 by the Changsha Intermediate People's Court [3][7]. - This auction involves approximately 33.20% of his total holdings, which amounts to 3,046,330 shares [7][9]. - The auction is currently in the announcement phase, with uncertainties regarding the outcome, including the possibility of failure to sell [9]. Group 2: Company Control and Historical Context - Despite the auction, Xiao Siqing remains the actual controller of Youkeshu, although his ownership has significantly decreased, with a combined holding of only 3.29% alongside his action partner [7][12]. - The company has undergone significant changes since its rebranding from Tianze Information to Youkeshu, including a focus on cross-border e-commerce and a decline in revenue from 5.027 billion to 387 million from 2020 to 2024 [11][12]. - Following a restructuring process initiated in September 2024, the company saw a shift in major shareholders, with Wang Wei and his associates becoming the largest shareholders, further complicating the control dynamics [12][13]. Group 3: Financial Performance and Risks - Youkeshu's financial performance has been poor, with a cumulative net profit loss of 4.519 billion over five years, leading to a risk warning from the exchange [11][13]. - As of the first quarter of 2025, the company's revenue was below 25 million, with a risk of being reclassified if annual revenue falls below 100 million and continues to incur losses [13].