2026年1月6日，证监会批复，上海长宁国有资产经营投资有限公司（下称"长宁国资"）出资5880万元，拿下淳厚基金管理有限公司（下称"淳厚基金"） 58.8%的股份，成为其主要股东、实际控制人。 登录新浪财经APP 搜索【信披】查看更多考评等级 文 | 独角金融 付影 淳厚基金完成了控制权易主，同时经公司董事会决议及监管备案，全面"换血"了管理层：陈红出任公司董事长，左季庆为新任总经理，并且新增3名董 事。 成立7年的淳厚基金，近年发展并不太平，从股东内斗，相互举报，6家股东及高管被上海证监局开出8张罚单，责令整改并暂停新产品注册，治理漏洞下 导致机构资金纷纷撤出，多只产品发生清盘，管理的基金规模降至199.12亿元，较高峰期缩水4成。 监管层出手解决身陷泥潭的淳厚基金，由国资主导后，意味着股权内斗尘埃落定，管理的基金规模也将得到提升。此前，作为"个人系"公募，淳厚基金由 6名股东组成，而公司原总经理、实控人邢媛将何去何从，其所持有的股份又是否出现变动？ 1、实控人易主，董事长、总经理"亮相" 长宁国资成立于2009年，注册资本5亿元，系长宁区国资委出资的国有独资公司，主要从事国有资产经营管理、资本运作、实业 ...

12月24日，联创电子发布提示性公告，披露公司控股股东、实际控制人拟发生变更相关事宜。公司控股股东江西鑫盛投资有限公司 （以下简称"江西鑫盛"）与南昌市北源智能产业投资合伙企业（有限合伙）（以下简称"北源智能"）签署《股份转让协议》，同时 公司与江西国资创业投资管理有限公司（以下简称"江西国资创投"）签署《附条件生效的股份认购协议》，交易完成后，公司实际 控制人将变更为江西省国有资产监督管理委员会（以下简称"江西省国资委"）。 根据公告，2025年12月24日，江西鑫盛与北源智能签订《股份转让协议》，约定北源智能以899,999,990.7元的总价款，分批收购江 西鑫盛持有的联创电子70,866,141股无限售流通股，占公司当前股份总数的6.71%，每股转让价格为12.70元。此次股份转让完成后， 公司控股股东将变更为北源智能，江西国资创投成为间接控股股东，实际控制人变更为江西省国资委。 为进一步巩固控制权，联创电子同步筹划向特定对象发行A股股票，江西国资创投拟以现金方式全额认购。根据双方签署的《附条 件生效的股份认购协议》，本次定向增发的定价基准日为公司第九届董事会第九次会议决议公告之日，发行价格为8.62 ...

上述协议转让完成后，公司控股股东变更为北源智能，江西国资创投为公司的间接控股股东，公司实际 控制人将变更为江西省国有资产监督管理委员会。 联创电子（002036）(002036.SZ)发布公告，2025年12月24日，江西鑫盛与南昌市北源智能产业投资合 伙企业(有限合伙)(以下简称"北源智能")签署了《江西鑫盛投资有限公司与南昌市北源智能产业投资合 伙企业(有限合伙)关于联创电子科技股份有限公司之股份转让协议》，约定北源智能分批支付9亿元收 购江西鑫盛持有的联创电子无限售流通股7086.61万股，占公司股份总数的6.71%。 2025年12月24日，公司与江西国资创投签订了《附条件生效的股份认购协议》，江西国资创投拟通过现 金方式认购上市公司向特定对象发行的不超过1.89亿股股票。本次发行完成后，在不考虑其他因素可能 导致股本数量变动的情况下，按照拟发行股数上限计算，江西国资创投将直接持有公司股份1.89亿股， 占发行后上市公司股份总数的15.19%。上述协议转让和股票发行完成后，江西国资创投直接和间接持 有公司股份占发行后上市公司股份总数的20.89%。 经公司向深圳证券交易所申请，公司股票自2025年12 ...

Core Viewpoint - Black Sesame is undergoing a significant change in control, with the potential transfer of ownership to Guangxi Travel Health Industry Group, which may lead to a shift from private to state-controlled operations, impacting its financing and operational strategies [3][4][28]. Group 1: Ownership Change - Black Sesame's controlling shareholder, Guangxi Black Five Food Group, has signed a share transfer agreement to transfer approximately 151 million shares (20% of total shares) to Guangxi Travel Health at a price of 6.25 yuan per share, totaling 942 million yuan [4][28]. - The transfer is expected to complete by 2026, with Guangxi State-owned Assets Supervision and Administration Commission becoming the actual controller, transitioning the company to a mixed ownership structure of state control and market operation [4][28][33]. - Following the transfer, the original controlling shareholders will hold no voting rights, significantly altering the governance structure of Black Sesame [8][31]. Group 2: Financial Performance - For the first three quarters of 2025, Black Sesame reported revenue of approximately 1.469 billion yuan, a year-on-year decrease of 7.52%, and a net profit of approximately 6.82 million yuan, down 83.67% [10][35]. - The company has faced continuous losses, with a net profit loss of approximately 140 million yuan in 2022, and a significant decline in cash flow from operating activities [10][35][38]. - The company’s traditional sales channels are under pressure, with a reduction of 385 distributors in 2024, indicating challenges in maintaining sales performance [38][39]. Group 3: Strategic Recommendations - Analysts suggest that Black Sesame should diversify its product offerings, such as introducing ready-to-drink products and expanding into snack foods, to capture new market segments [22][48]. - The company is advised to focus on cost-cutting measures and improve operational efficiency, including reducing non-food business segments and leveraging low-interest loans from state-owned financial institutions [49][50]. - Digital marketing strategies are recommended to enhance brand visibility and customer engagement, potentially revitalizing the brand's market presence [50].

Core Viewpoint - Tianfeng Securities is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations related to information disclosure and illegal financing, linked to issues with its former major shareholder, the "Dangdai Group" [1][5][6] Group 1: Regulatory Investigation - The CSRC has decided to initiate a case against Tianfeng Securities due to suspected violations in its 2022 annual report regarding fund occupation by its former major shareholder [1][5] - The funds and interest occupied by the Dangdai Group were fully repaid by the end of 2022, with total payments of 1.475 billion yuan in 2020, 695 million yuan in 2021, and 1.903 billion yuan in 2022, along with interest totaling approximately 105.76 million yuan [5][6] Group 2: Historical Issues and Corporate Governance - Tianfeng Securities has been working to sever ties with the financially troubled Dangdai Group, aiming to eliminate historical burdens [6][8] - In 2023, Hubei Hongtai Group, a state-owned enterprise, became the controlling shareholder of Tianfeng Securities, holding 28.33% of the shares, marking a significant shift in corporate governance [6][8] Group 3: Financial Performance - In the first three quarters of 2023, Tianfeng Securities reported a net profit attributable to shareholders of 153 million yuan, a turnaround from a net loss of 536 million yuan in the same period last year [1][9] - The company achieved a revenue of 2.112 billion yuan, reflecting a year-on-year increase of 57.53%, primarily driven by increased net income from fees and commissions as well as investment gains [9] Group 4: Capital Raising and Debt Management - Tianfeng Securities has been active in addressing its debt issues, including a successful capital increase approved by the CSRC, raising up to 4 billion yuan for debt repayment and working capital [9] - The company plans to issue bonds or notes in the overseas market, with a total issuance amount not exceeding 960 million USD [9] Group 5: Industry Context and Personnel Changes - Recent investigations have also involved notable figures in the capital market with ties to Tianfeng Securities and the Dangdai Group, raising concerns within the industry [10]

Core Viewpoint - Tianfeng Securities is under investigation by the China Securities Regulatory Commission (CSRC) for alleged violations related to information disclosure and illegal financing, which may be linked to past issues involving fund misappropriation by a former major shareholder [1][2]. Group 1: Investigation and Regulatory Actions - On November 28, Tianfeng Securities announced it received a notice from the CSRC regarding the initiation of an investigation due to suspected violations of information disclosure and illegal financing [1]. - The investigation is speculated to be connected to fund misappropriation issues disclosed in the company's 2022 annual report, involving the former major shareholder, Contemporary Technology Industry Group [1][3]. - In 2023, Tianfeng Securities faced multiple regulatory penalties for compliance issues, including warnings from the Shanghai Securities Regulatory Bureau and other regional regulators [2]. Group 2: Historical Fund Misappropriation Issues - In May 2023, Tianfeng Securities acknowledged receiving a regulatory letter from the Shanghai Stock Exchange regarding non-operational fund misappropriation, revealing that the former major shareholder had misappropriated funds through third parties [3]. - The total amount misappropriated included 1.475 billion yuan in 2020, 695 million yuan in 2021, and a beginning balance of 1.918 billion yuan at the start of 2022, with all funds and interest returned by the end of 2022 [3][4]. - The company stated that it had internal control deficiencies related to fund management and identified the need for improved oversight of related party transactions [4]. Group 3: Changes in Ownership and Management - In 2023, Hubei Hongtai Group officially became the controlling shareholder of Tianfeng Securities, marking a significant shift in the company's ownership structure [6]. - Following the change in control, the management team from the former major shareholder resigned, indicating a new phase for Tianfeng Securities [7]. - By the third quarter of 2025, Tianfeng Securities reported a revenue of 2.112 billion yuan, a year-on-year increase of 57.53%, and a net profit of 153 million yuan [7][8]. Group 4: Future Prospects and Support - Hubei Hongtai Group has provided substantial support for Tianfeng Securities' development, including a 4 billion yuan capital increase fully subscribed by the group [8]. - The combined shareholding of Hubei Hongtai Group and Wuhan State Capital Investment Operation Group reached 35.64%, positioning them as the largest shareholders [8]. - Market analysts suggest that the ongoing investigation may help clear historical issues, paving the way for future growth [8].

Core Viewpoint - Gongjin Co., Ltd. will change its controlling shareholder to Tangshan Industrial Holding Group Co., Ltd. and its actual controller to the State-owned Assets Supervision and Administration Commission of Tangshan City, with trading resuming on November 3 [2][4]. Shareholder Changes - The major shareholders, including Tang Fonan and others, signed a share transfer agreement with Tangshan Industrial Holding, transferring approximately 11.18% of shares at a price of 10.75 yuan per share, totaling 947 million yuan [4][6]. - After the first share transfer, Tangshan Industrial Holding will hold about 11.18% of Gongjin's shares and 26.10% of voting rights [10][11]. Future Control Enhancements - A second share transfer agreement is planned, where Tang Fonan and Wang Davi will transfer additional shares to Tangshan Industrial Holding by June 30, 2026, potentially increasing its stake to 18.81% and voting rights to 29.99% [14][15]. - Tangshan Industrial Holding aims to further strengthen its control over Gongjin through various means, including subscribing to non-public offerings and increasing shareholdings [17]. Financial Performance - Gongjin's revenue for 2022, 2023, and 2024 was 10.97 billion yuan, 8.53 billion yuan, and 8.38 billion yuan, respectively, with net profits of 227 million yuan, 64.7 million yuan, and a loss of 79.9 million yuan [19][20]. - In the first three quarters of 2025, Gongjin's revenue increased by 8.15% to 6.54 billion yuan, and net profit surged by 529.94% to 86.29 million yuan [21][22]. Company Overview - Gongjin Co., Ltd. was listed on the Shanghai Stock Exchange in February 2015, primarily engaged in network communication, mobile communication, and automotive electronics [19]. - Tangshan Industrial Holding, established in June 2014, focuses on enterprise incubation services and investment in various sectors, including chemical products and photovoltaic businesses [24][27].

Core Viewpoint - Bohai Life Insurance is undergoing significant changes, including a new chairman, relocation of its headquarters to Tianjin Airport Economic Zone, and a capital injection from Tianjin state-owned assets, which may signal a turnaround for the company after six consecutive years of losses exceeding 9 billion yuan [1][2]. Group 1: Company Restructuring - Bohai Life Insurance has completed the first phase of a capital increase of 1 billion yuan from Tianjin state-owned assets, achieving state control [2]. - The company is preparing for a second round of capital increase, which is expected to improve its net assets and solvency ratio, enhancing its risk resistance and governance [2]. - The relocation of the headquarters to Tianjin Airport Economic Zone is aimed at leveraging the area's advantages in service industries and advanced manufacturing [3]. Group 2: Financial Performance - Since its establishment in December 2014, Bohai Life Insurance has faced significant financial challenges, with total losses exceeding 9 billion yuan over the past six years [2]. - The company initially reported profits in its early years but began incurring losses starting in 2018, with losses of 7.68 million yuan in that year and subsequent losses of 13.95 million yuan, 27.44 million yuan, 0.5 million yuan, 12.02 million yuan, and 31.05 million yuan in the following years [2]. Group 3: Management Changes - The board of directors has undergone significant changes, with over one-third of its members replaced, including the resignation of the former chairman and the appointment of a new chairman, Kou Jianghua [4][5]. - The company is actively recruiting two vice presidents to enhance its management team, focusing on insurance business channels and strategic planning [5]. - Kou Jianghua is currently serving as the interim head of the company while the selection process for a permanent general manager is underway [6]. Group 4: Strategic Initiatives - Bohai Life Insurance is implementing a multi-faceted approach to improve profitability, focusing on debt management, investment strategies, and internal management [6]. - The company aims to stabilize cash flow and business scale while deepening business transformation and accelerating risk resolution [6]. - Efforts are being made to optimize asset allocation, strengthen investment capabilities, and enhance investment returns [6].

Core Insights - Bohai Life Insurance has relocated its headquarters to the Tianjin Airport Economic Zone, aiming to leverage local policies and regional advantages to integrate into the Beijing-Tianjin-Hebei coordinated development strategy [1] - The company has completed its equity restructuring, with Tianjin state-owned assets investing 1 billion yuan as the first phase of capital increase by the end of 2024, marking its transition to a state-controlled entity [1] - The company is undergoing significant personnel changes, including the appointment of a new chairman, Kou Jianghua, who has extensive experience in financial regulation and market operations [1][2] Group 1 - Bohai Life Insurance plans to actively explore specialized business areas through strategic, business, and resource synergies following its relocation [1] - The company is preparing for a second round of capital increase after the transition to state control, indicating a focus on stable development and long-term strategy support [1] - The company has initiated a public recruitment process for senior management positions, currently in the candidate selection phase [2] Group 2 - The new chairman, Kou Jianghua, has a master's degree in economics and approximately 18 years of experience in financial regulation, which is expected to enhance the company's governance and operational capabilities [1] - The departure of the former chairman, Lü Yingbo, due to retirement age, signifies a shift in leadership as the company adapts to its new state-controlled status [1]

Core Viewpoint - The company Kuangda Technology (002516.SZ) is undergoing a significant ownership change, with its controlling shareholder, Shen Jialiang, transferring 28% of the company's shares to Zhuzhou Qichuang, which is expected to enhance the company's long-term development and operational efficiency [1][5][6]. Company Overview - Kuangda Technology specializes in the research, production, and sales of automotive interior materials and components, as well as the investment and operation of photovoltaic power plants [3][9]. - The company has also entered the radio frequency front-end filter sector through its investment in a joint venture, Chip Investment Microelectronics [3][9]. Share Transfer Details - Shen Jialiang signed a share transfer agreement on September 5, 2025, to transfer 412 million shares at a price of 5.39 yuan per share, totaling 2.22 billion yuan [4][5]. - Following the transfer, Shen and his associates will hold approximately 327 million shares, representing 22.21% of the total shares, and will relinquish all voting rights associated with these shares [5][6]. Financial Performance - In the first half of 2025, Kuangda Technology reported revenues of 1.066 billion yuan, a year-on-year increase of 7.09%, and a net profit of 76.77 million yuan, also up 7.01% [1][8]. - The company's financial health is strong, with cash and trading financial assets amounting to 235 million yuan and 617 million yuan, respectively, and no short-term or long-term debt, resulting in an asset-liability ratio of only 18.23% [2][8]. Historical Performance - From 2021 to 2024, Kuangda Technology's revenue showed a steady increase, with figures of 1.724 billion yuan, 1.784 billion yuan, 1.803 billion yuan, and 2.098 billion yuan, reflecting growth rates of 15.68%, 3.51%, 1.09%, and 16.35% respectively [7]. - The automotive interior business generated 1.926 billion yuan in revenue in 2024, marking a 20.88% increase, while the photovoltaic segment saw a decline in revenue and profitability [7][8]. Industry Context - The automotive interior materials sector is experiencing complex and changing dynamics, with Kuangda Technology positioned to meet diverse market demands through its comprehensive production capabilities and product offerings [9]. - The company is also expanding its technological capabilities in the radio frequency front-end filter market, having acquired a Japanese company and established partnerships with domestic firms [9].