Core Viewpoint - Dalian Shengya (600593.SH), the only listed company operating an oceanarium in A-shares, is undergoing a significant transformation as it plans to change its control structure after 23 years of dramatic development [1] Shareholding Structure and Control Battle - Since its listing in 2002, Dalian Shengya has experienced multiple changes in its shareholding structure, with Dalian Xinghai Bay Investment Management Co., Ltd. becoming the largest shareholder in 2009, holding 24.03% of shares [2] - The control battle intensified in 2018 when private equity fund Pankin Fund and individual shareholder Yang Ziping began increasing their stakes, leading to a power struggle that escalated in 2019 and 2020 [2][3] - By 2024, the shareholding structure had formed a three-way standoff among Xinghai Bay Investment, Pankin Fund, and Yang Ziping, resulting in governance deadlock [3] Recent Developments - On July 21, 2024, Dalian Shengya announced a suspension of trading to plan a private placement, which could lead to a change in control, potentially involving local state-owned assets and industrial capital [3] - The market responded positively to the news, with a nearly 20% increase in stock price over the month, indicating expectations for a control change [3] Business Operations and Financial Performance - Dalian Shengya's core business is scenic area operations, contributing approximately 80% of its revenue, with major attractions in Dalian and Harbin [5] - The company faced significant losses during the pandemic, accumulating over 300 million yuan in losses from 2020 to 2022, but rebounded in 2023 with a revenue increase of 197.75% and a return to profitability [6] - However, in 2024, the company reported a revenue of 505 million yuan, a year-on-year increase of 7.93%, but a net loss of 70.18 million yuan due to project suspensions and rising costs [6] Governance Issues and Future Outlook - Ongoing governance conflicts have contributed to operational instability, with management decisions hindered by board disagreements, leading to fragmented strategic execution [6][7] - The company anticipates continued challenges in 2025, with projected net losses and a significant decline in non-recurring profits due to decreased visitor numbers and investment losses [6][7] - Analysts suggest that while the traditional heavy asset model has unique value, Dalian Shengya needs to upgrade and balance its asset structure to enhance competitiveness [7]