Core Viewpoint - The ongoing dispute between China High-Speed Transmission (00658.HK) and its major shareholder, Fengsheng Holdings (00607.HK), has taken a dramatic turn with the postponement of a special shareholders' meeting originally scheduled for April 24, 2023, now delayed until June 30, 2028, raising concerns about governance and shareholder rights [1][6][8]. Group 1: Background of the Dispute - Fengsheng Holdings acquired over 70% of China High-Speed Transmission's shares in 2016 at a premium of 46.6% to the market price, leading to a power struggle between the two parties [3]. - The conflict escalated in March 2023 when Fengsheng Holdings proposed to remove the current chairman and his father from their positions [3][4]. - The core asset in question is Nanjing High-Speed Gear Manufacturing Co., which has undergone changes in its governance structure that may affect Fengsheng Holdings' control [4][5]. Group 2: Reasons for Postponement - The board of China High-Speed Transmission cited several reasons for the postponement of the special shareholders' meeting, including opposition from other shareholders, a petition from 6,857 employees, and concerns from suppliers and customers [5][7]. - The board also indicated that ongoing legal actions and an independent investigation into 6.64 billion RMB in overdue receivables necessitated additional time before proceeding with the meeting [6][7]. Group 3: Legal and Regulatory Considerations - The postponement of the special shareholders' meeting until 2028 is unprecedented and raises questions about compliance with Hong Kong company law and regulations [2][9]. - Legal experts have noted that if the board's decision to delay is perceived as an attempt to maintain control, it could lead to claims of unfair prejudice against shareholders [9]. - The Hong Kong Stock Exchange and the Securities and Futures Commission have not yet responded to inquiries regarding the regulatory stance on this matter [9].

Group 1 - The first extraordinary general meeting of shareholders for 2025 has been postponed to July 25, 2025 [1][2] - The postponement is due to the pending approval from the State-owned Assets Supervision and Administration Commission of Xinjiang Uygur Autonomous Region regarding the acquisition of Xinjiang Meisheng [1][2] - An additional audit period is required to provide the latest audited financial report, as the audit cutoff date for Xinjiang Meisheng Mining Co., Ltd. is December 31, 2024 [1][2] Group 2 - The new meeting will take place at 11:30 AM on July 25, 2025, with online voting available on the same day [2] - The voting time through the Shanghai Stock Exchange network voting system will be during the trading hours of the meeting day [2] - The meeting will last half a day, and all expenses for attending shareholders will be self-managed [2]