Core Viewpoint - The control dispute at Chengdu Zhixin Technology Co., Ltd. (referred to as "Zhixin Technology"), known as the "first stock in satellite navigation," has intensified, highlighting ongoing conflicts between the actual controller and the management team, which poses risks to the company's recovery in 2025 [1][3]. Group 1: Background of the Control Dispute - The conflict between the management team and the actual controller has been public for over seven years, beginning in 2013 when He Yan, the actual controller, became embroiled in a criminal case that affected the company's operations [2]. - He Yan was arrested in 2014 for embezzlement and sentenced to five years in prison in 2016, leading to a significant deterioration in the company's business and governance [2][3]. - Since February 2018, the management team has sought legal action to dissolve the controlling entity, Guoteng Electronics, marking the public emergence of the struggle for control [2]. Group 2: Recent Developments - On December 30, 2024, the Chengdu Intermediate Court upheld a ruling rejecting the management team's request to dissolve Guoteng Electronics, and on January 15, 2025, Zhixin Technology announced a proposal to recognize He Yan as the actual controller [3]. - The management team publicly criticized He Yan, claiming he lacks the qualifications to be the actual controller due to his criminal history and interference with the company's operations [3][5]. Group 3: Financial Performance - Zhixin Technology experienced a decline in revenue and net profit in 2023 and 2024, with revenues of 852 million yuan and 797 million yuan, representing year-on-year decreases of 27.95% and 6.44%, respectively [4]. - In 2025, the company reported a recovery in performance, achieving revenues of 736 million yuan in the first three quarters, a year-on-year increase of 30.56%, and a net profit of approximately 93 million yuan, up 30.79% [4]. Group 4: Industry Position and Challenges - Zhixin Technology has developed over 300 types of chips in various fields, including Beidou applications and high-end chips, establishing a complete industrial ecosystem and achieving significant technological advancements [4]. - The ongoing control dispute is seen as a threat to the company's development potential, with concerns raised about governance and sustainability due to He Yan's past and current actions [5][9].

Core Viewpoint - The company, Sinovac Biotech, is facing a delisting crisis from NASDAQ due to its failure to submit the 2024 annual report on time, which has raised concerns about its future as a publicly traded entity [2][3]. Group 1: Delisting Crisis - Sinovac received a delisting notice from NASDAQ on November 12, 2025, after failing to submit its annual report by the deadline [2]. - The company has been suspended from trading since 2019 due to governance issues and is now facing a second delisting threat [2][3]. - Sinovac has hired a new auditing firm, UHY LLP, and plans to apply for a hearing to delay the delisting process, asserting that its core business remains unaffected [2][3]. Group 2: Governance Issues - The company has a history of governance problems, stemming from a power struggle between its founders, Yin Weidong and Pan Aihua, which has led to significant internal conflicts [3][4]. - The governance issues peaked in 2018, resulting in chaotic management practices, including attempts to dilute each other's shares [4][5]. Group 3: Financial Performance - Sinovac experienced a significant financial boost during the COVID-19 pandemic, reporting a net profit of $8.46 billion in 2021 [5]. - However, the company has faced declining revenues from its COVID-19 vaccine, leading to a reported net loss of $258 million in 2023 [7][8]. - The company has a substantial cash reserve of $10.3 billion, which has become a focal point in the ongoing power struggle among shareholders [6][7]. Group 4: Dividend Controversy - Sinovac announced a controversial dividend plan totaling $7.448 billion, which raised concerns given its current market capitalization of only $389 million [6][7]. - The dividend plan is seen as a way to compensate shareholders for the lack of liquidity due to the stock suspension [7]. Group 5: Ongoing Internal Conflicts - The company is currently experiencing intense boardroom battles, with a recent special shareholder meeting resulting in the removal of the existing board and the return of founder Yin Weidong [8][9]. - The legitimacy of the special meeting has been challenged by the current chairman, Li Jiaqiang, citing a court injunction [9].

Core Viewpoint - *ST Xinchao (600777.SH) is facing increasing delisting risks despite having 7.9 billion in undistributed profits, as it has not issued dividends for 15 years, raising concerns among investors [1][5]. Group 1: Shareholder Meeting and Control Changes - On July 24, *ST Xinchao held its third extraordinary general meeting of shareholders for 2025, which was self-convened by six shareholders holding a combined 14.99% stake, marking the first instance of a self-convened shareholder meeting by minority shareholders in A-share listed companies in 2025 [1]. - The meeting resulted in the election of Zhang Junyu from the Yitai Group as the chairman of the 13th board of directors, indicating a shift in control towards Yitai B shares, which successfully acquired a 51% stake in *ST Xinchao [3][2]. - Prior to the meeting, the current management warned that the convening of the extraordinary general meeting did not comply with legal regulations [3]. Group 2: Financial Performance and Risks - *ST Xinchao has reported revenues of 9.36 billion, 8.85 billion, and 8.36 billion for the years 2022 to 2024, with net profits of 3.13 billion, 2.60 billion, and 2.04 billion respectively, totaling 7.76 billion in profits over three years [6]. - As of the first quarter of 2025, the company achieved a revenue of 2.16 billion and a net profit of 590 million, with accumulated undistributed profits reaching 7.92 billion [6]. - The company has been under investigation by the China Securities Regulatory Commission since May 6 for failing to disclose periodic reports on time, leading to its stock being suspended and marked with delisting risk warnings [5]. Group 3: Dividend Policy and Future Commitments - *ST Xinchao has not issued dividends since 2009, despite its substantial undistributed profits, which has drawn criticism from minority shareholders [5][7]. - Zhang Jingquan, chairman of Yitai B shares, committed to maximizing company value and adhering to new regulations to enhance investor returns, highlighting Yitai's history of 29 dividend distributions totaling over 36 billion [7].