Core Viewpoint - The article discusses the ongoing power struggle between new and old shareholders of ST Luton, highlighting the complexities and controversies surrounding venture capital firms entering publicly listed companies through judicial auctions and board restructuring efforts [1][2][6]. Group 1: Background of the Conflict - Wu Shichun, a prominent investor, acquired a 7.44% stake in ST Luton for 150 million yuan, becoming the largest shareholder and proposing a board restructuring that was unanimously rejected by the existing board [1]. - The conflict has raised questions about the legitimacy of the original controlling shareholder's board nominations and the implications of Wu's acquisition strategy [2][3]. Group 2: Legal and Regulatory Considerations - The dispute centers on whether the original controlling shareholder's board nominations remain valid despite their loss of direct shareholding, with legal experts noting that current company law does not explicitly tie board nomination rights to shareholding status [2][4]. - Concerns have been raised regarding potential violations of information disclosure obligations by ST Luton's board, as they failed to notify shareholders of a temporary shareholders' meeting [5]. Group 3: Market Perception and Terminology - The strategy employed by Wu has sparked debate over whether it constitutes "barbarian" tactics, with legal experts clarifying that Wu's method of acquisition through judicial auction is distinct from traditional hostile takeovers [3][4]. - The term "white knight" has also been questioned, as the motivations behind venture capital firms acquiring public companies may not always align with altruistic intentions [6][7]. Group 4: Implications for the Industry - The article suggests that the entry of venture capital firms into public companies could either facilitate industry consolidation or serve short-term profit motives, with the true impact requiring further market observation [6][7]. - Experts propose establishing compliance standards for venture capital firms entering public markets, emphasizing the need for transparency in control transitions and the protection of minority investors [7].