Core Viewpoint - The ongoing legal and operational disputes between Fan Jibo, the current actual controller of Wanlin Logistics, and Huang Baozhong, the former controller, have significantly impacted the company's performance and reputation, highlighting the complexities of corporate governance and control transitions in the logistics industry [1][11][20]. Group 1: Background of the Dispute - The control transfer of Wanlin Logistics began in 2019 when Fan Jibo and Huang Baozhong, initially on good terms, agreed on a share transfer deal [5][6]. - Fan Jibo paid 200 million yuan as an advance for the control transfer, but later raised concerns about approximately 2.7 billion yuan in receivables on the company's books [5][8]. - After becoming the actual controller in May 2021, Fan Jibo discovered financial issues within the company, leading to escalating tensions with Huang Baozhong [7][11]. Group 2: Legal Proceedings and Financial Impact - Huang Baozhong filed a lawsuit in January 2022, resulting in the freezing of Fan Jibo's shares, which exacerbated Wanlin Logistics' financial difficulties [9][10]. - The company faced significant operational challenges, leading to a decline in revenue from 721 million yuan in 2020 to 295 million yuan in 2024, with fluctuating net profits [13]. - Fan Jibo's attempts to address these issues included using personal funds to stabilize the company and remove its ST (Special Treatment) status [10][14]. Group 3: Current Developments and Future Outlook - As of 2024, Wanlin Logistics has regained its operational stability, while Fan Jibo's other enterprise, "Yaya," has seen significant growth [14]. - Fan Jibo has initiated legal action against Huang Baozhong, seeking compensation for losses attributed to Huang's management during his tenure [15][16]. - The ongoing disputes and Fan Jibo's recent public appeals for dialogue indicate that the conflict between the two parties remains unresolved, with potential implications for investor confidence and corporate governance practices [20][21].