Core Viewpoint - The prolonged divorce litigation involving Zongheng Co., known as the "first drone stock," has highlighted the vulnerabilities in the company's control structure, culminating in a court ruling that requires the actual controller, Ren Bin, to transfer 999.6 million shares to his ex-wife, valued at approximately 537 million yuan based on the closing price of 53.76 yuan per share [1]. Group 1: Litigation Dynamics - The final ruling reduced the number of shares to be transferred from 12.3 million to 9.996 million, reflecting an 18.7% decrease during the appeal process [2]. - Despite the reduction in direct shareholding from 23.41% to 12%, Ren Bin maintains effective control over 44.76% of the company through agreements with other shareholders and indirect control mechanisms [2]. Group 2: Market Impact and Governance Risks - Following the court ruling, Zongheng Co.'s stock price fell by 4.2%, indicating market concerns over potential share reductions by the new third-largest shareholder, Kwang Mingfang [3]. - The lack of commitment documents from Kwang Mingfang raises concerns about possible conflicts in strategic decision-making with Ren Bin, which could lead to internal disputes among shareholders [3]. - Ren Bin's reduced direct shareholding heightens reliance on external agreements for control, posing risks similar to those seen in other A-share companies with dual-board structures [3].