该案件可追溯至2022年。时年8月，深交所对未名医药下发关注函称，收到投资者投诉，称杭州强新以 约29亿元入资山东未名全资子公司厦门未名，获得厦门未名约34%的股份，该事项已于2022年5月18日 完成工商变更，根据协议，杭州强新将向厦门未名委派一名董事，要求公司就投资者投诉事项进行核 实。未名医药回复称未查询到相关记录。查阅工商备案材料后，未名医药发现，杭州强新取得厦门未名 34%股权的具体方式为新增其注册资本金，杭州强新以现金方式认缴新增注册资本6767.49万元。 2026.01.02 本文字数：2341，阅读时长大约4分钟 作者 |第一财经 蔡真 第一财经获悉，淄博市中级人民法院日前对未名医药（ST未名，002581.SZ）股权纠纷案作出二审判 决。 根据判决书，被告人潘爱华犯挪用资金罪，判处其有期徒刑五年；被告人李鹏飞犯伪造国家机关公文、 印章罪，判处其有期徒刑二年，并处罚金人民币五万元，犯伪造公司印章罪，判处其有期徒刑一年，并 处罚金人民币三万元；被告人罗德顺犯挪用资金罪，判处其有期徒刑三年；责令被告人潘爱华向未名生 物医药有限公司返还人民币1275万元；扣押在案的伪造印章、公文由扣押机关依法予以 ...

这场股权转让纠纷的源头可追溯至今年年中。良品铺子控股股东宁波汉意曾先后与两家国资背景的企业 接触并签署相关协议，这直接导致了后续的法律冲突。 2025年5月，宁波汉意与广州轻工签署《合作协议书》，约定广州轻工拟受让宁波汉意持有的良品铺子 股份。然而，仅两个月后的7月17日，良品铺子发布公告称，宁波汉意拟将其持有的股份转让给武汉国 资旗下的长江产业投资集团（即长江国贸），若交易完成，公司控制权将发生变更。 南方财经记者伍素文实习生王颢琪广州报道 这一变动引发了广州轻工的法律反击。7月，广州轻工向法院提起诉讼，主张宁波汉意违约，并申请冻 结宁波汉意持有的约7976.4万股股份。广州轻工要求宁波汉意继续履约，将持有的良品铺子股份有限公 司的7976.4万股股份，按照每股12.42 元的价格转让给原告，并支付协议约定的违约金500万元等，涉案 金额为9.96亿元。 广州轻工集团起诉良品铺子（603719.SH）控股股东的股权纠纷目前仍处于司法程序阶段，随着事件迎 来新进展，这家休闲食品头部企业的"卖身"走向似乎更加明朗。 8月，广州轻工对宁波汉意的诉讼再次升级。除了要求其继续履行9.91亿元的股份交易总价款外，需支 ...

"今天终于等到了。"在服刑7年、出狱5年多后，曾经的福建漳州女商人林惠荣终于拿到了无罪判决。 今天（12月23日）上午，福建省漳州市芗城区人民法院对"女商人林惠荣职务侵占案"再审宣判。判决书显示，芗城区法院认为，原一、二审判决认定林惠 荣犯职务侵占罪的事实不清、证据不足，原公诉机关指控不能成立，故作出如上改判。 今年52岁的林惠荣系金福荣贸易（福建）有限公司法定代表人。公诉机关此前指控，2012年林惠荣与池某在经营中产生矛盾，致使公司无法正常经营。林 惠荣未经池某等人同意，伪造股权转让协议等文件，将池某等四人股权变更至林明武名下。2013年5月20日，林惠荣接到电话通知后到公安机关接受调 查。 2016年5月30日，漳浦县法院一审判决林惠荣犯职务侵占罪，判处有期徒刑七年，林惠荣提出上诉。2016年11月14日，漳州中院二审驳回上诉，维持原 判。判决生效后，林惠荣始终没有认罪。2020年，她刑满释放后继续申诉。 ▲芗城区法院门口，林惠荣手持无罪判决书。图片来源：王殿学 股权纠纷牵出刑案： 每经编辑｜程鹏 女商人被控职务侵占获刑七年 林惠荣案事发于十多年前。据一审判决书显示，2010年，她与丈夫林明武出资40万元 ...

斑马消费 任建新 几个月前，广州和武汉两地国资争抢的良品铺子，却因"一股两卖"，陷入卖身不成的尴尬境地。 持续数月的良品铺子（603719.SH）"一股二卖"风波再现变化。 昨日，公司披露公告，广州轻工变更对控股股东宁波汉意的诉讼请求，要求解除原签署的股权转让相关协议，并要求被告支付违约金、诉讼保全产生的损 失、律师费等合计2073.86万元。 今年10月，武汉国资旗下长江国贸，因协议约定的相关条件未能全部成就，对良品铺子股权收购宣告终止。 这出"闹剧"正在演绎出新变化。此前，广州轻工起诉良品铺子控股股东，要求继续履行股权转让协议。近日，广州轻工变更诉请，已放弃受让股权，只要求 赔偿违约金等各项损失。 武汉国资是否会继续收购良品铺子？是当前投资者心中最大的疑问。这或许也是良品铺子突破当前经营困境的一个关键点。 与此同时，广州轻工向广州中院申请变更财产保全措施，请求法院继续依法查封、扣押、冻结被申请人所有的价值4000万元财产，即宁波汉意所持良品铺子 326.80万股；请求法院依法解除原查封的宁波汉意所持良品铺子7649.60万股。 "卖身风波"再生变 这起诉讼纠纷的种子，是在今年5月种下的。 当时，为化解自身 ...

#良品铺子股权纠纷进展# 【良品铺子股权转让纠纷新进展：广州轻工申请解除协议，要求赔偿2073.86 万元】#广州轻工要求良品铺子赔超2000万# 12月17日，良品铺子发布公告，广州轻工作为原告变更诉 讼请求为：解除原签署的股权转让相关协议，并要求宁波汉意支付违约金、诉讼保全产生的损失、律师 费等合计2073.86万元。 此次广州轻工再度变更诉讼请求，要求解除原签署的股权转让相关协议，并要求被告支付违约金、诉讼 保全产生的损失、律师费等合计2073.86万元；其中违约金部分按照转让总价款的2%计算，调整为 1987.34万元。 良品铺子表示，本次涉及诉讼系广州轻工和公司控股股东宁波汉意股权纠纷诉讼，公司为第三人，对公 司的生产经营和当期损益无重大影响。在财产保全措施方面，广州轻工申请法院依法继续查封、扣押、 冻结宁波汉意持有的良品铺子326.80万股无质押股份，价值4000万元（按照2025年12月5日收盘价12.24 元/股计算）。同时申请解除原冻结的7649.60万股股份，即扣除326.80万股后，其余被冻结的部分。若 宁波汉意另行提供4000万元等值财产置换，广州轻工同意解除全部股份的保全措施。（每经 ...

12月16日，良品铺子发布的诉讼进展公告引发市场广泛关注。广州轻工工贸集团有限公司（下称 "广州 轻工"）变更诉讼请求，彻底放弃受让良品铺子股份的诉求，转而要求解除股权转让协议并索赔2073.86 万元。 这一反转不仅标志着两地国资对良品铺子控股权的争夺落幕，更将这家休闲零食头部企业的经营困境与 股权僵局推向台前。 股权纠纷进展：广州轻工撤回收购诉求 索赔额缩减 这场股权纠纷的源头始于宁波汉意的债务化解需求。2025 年 5 月，良品铺子控股股东宁波汉意创业投 资合伙企业（有限合伙）（下称 "宁波汉意"）为缓解债务压力，与广州轻工签署股权转让协议书，约 定后者以12.42 元/ 股的价格受让 7976.40 万股股份，交易价款 9.91 亿元，广州轻工借此谋求对良品铺 子的控制权。良品铺子实际控制人杨红春等人已确认协议内容并出具承诺函。 广州轻工撤回收购诉求后，良品铺子的股权结构暂时稳定，但经营层面的深层次问题仍未解决。短期 内，公司需加快低效门店优化节奏，提升单店运营效率，同时推进产品结构升级，迎合健康化消费趋 势。长期来看，如何化解资金周转压力、重构渠道优势、重塑市场竞争力， 是摆在管理层面前的核心课题。 ...

Core Viewpoint - The internal power struggle within Wahaha Group has intensified following the death of founder Zong Qinghou in February 2024, with significant leadership changes and ongoing disputes over shareholding and trademark rights [2][6]. Leadership Changes - On November 27, 2024, Zong Qinghou's daughter, Zong Fuli, resigned from her positions as legal representative, chairman, and general manager of Wahaha Group, with Xu Simin taking over these roles [2]. - Key personnel changes include the resignation of Vice General Manager Wang Guoxiang and the appointment of new board members Bao Minxia and supervisor Kou Jing, both closely associated with Zong Fuli's company, Hongsheng Group [2][3]. - Xu Simin, born in 1994 and a law graduate from Zhejiang University, has a background in Hongsheng Group and has held various positions within Wahaha Group since August 2024 [3]. Shareholding and Influence - Despite her resignation, Zong Fuli retains a significant 29.4% stake in Wahaha Group, maintaining substantial influence over internal decisions [2][5]. - The company has three major shareholders: Zong Fuli, the employee shareholding committee (24.6%), and the state-owned Hangzhou Shangcheng Cultural Tourism Investment Holding Group (46%) [6][7]. Internal Conflicts - Since Zong Fuli's appointment as chairman in August 2024, she has faced challenges, including employee friction and internal disputes over shareholding and trademark rights [6]. - The employee shareholding committee's 24.6% stake has become a focal point of contention, with former employees contesting a 2018 share buyback agreement [6][7]. - Zong Fuli's attempts to transfer the Wahaha trademark to Wahaha Food were unsuccessful, leading to her resignation from key positions in September 2024 due to compliance issues [7]. Future Outlook - Analysts suggest that the recent leadership changes may reflect either a strategic retreat by Zong Fuli or a result of shareholder conflicts, with implications for her influence within the company [5]. - The ongoing internal power struggle and unresolved shareholding disputes pose risks to Wahaha Group's long-term strategic planning and stability [7].

Core Viewpoint - A significant equity dispute has emerged involving a Hong Kong-listed internet company, which is valued at over HKD 10 billion, stemming from a 13-year-old email that highlights the complexities of early-stage partnerships and the implications for corporate governance and compliance [2][3] Group 1: Background of the Dispute - The lawsuit was filed by Wang Ping against Liu Chunhe, the founder of the company, in September 2025, claiming a 3% equity stake in the company, valued at approximately HKD 489 million based on current market valuation [2] - The dispute traces back to a critical email from 2012, where Liu Chunhe offered Wang Ping a 3% equity gift in recognition of early support, alongside a proposal for Wang to invest an additional HKD 700,000 for a 7% stake, which Wang declined [2] Group 2: Legal and Compliance Implications - Wang Ping has accused Liu Chunhe of failing to honor the equity promise during multiple financing rounds and after the company's IPO in 2019, leading to his decision to file a lawsuit after receiving no response to his requests [3] - The lawsuit raises concerns about the company's compliance with disclosure regulations, as Wang has reported to the Hong Kong Stock Exchange that the company did not disclose this significant equity commitment in its IPO prospectus, potentially concealing legal risks [3] Group 3: Company Performance Amidst Dispute - Despite the ongoing legal issues, the company continues to experience rapid growth, with a reported 13.6% year-on-year revenue increase to HKD 2.58 billion in the third quarter of 2025, and strong performance of its core social product, SUGO, in the Middle East market [3] - The company's journey from a shell company valued at HKD 30,000 to a market capitalization exceeding HKD 19 billion underscores its rapid expansion, while the blurred lines between personal relationships and business interests from its early days now pose significant compliance challenges [3]

Core Viewpoint - The internal dynamics of Wahaha Group are complex, with recent developments indicating a potential reconciliation between the group and its stakeholders regarding the use of the Wahaha brand, following the resignation of Zong Fuli as chairman and general manager [1][4]. Group 1: Brand Strategy - Zong Fuli announced that the Wahaha brand will continue to be used in 2026, despite her previous decision to focus on her new brand, Wah Xiao Zong [1][2]. - The decision to restart the Wahaha brand comes after Zong Fuli's brief tenure with Wah Xiao Zong, indicating a strategic pivot in response to market pressures [3][5]. Group 2: Shareholder Dynamics - Wahaha Group has three major shareholders: the state-owned Hangzhou Shangcheng District Cultural Tourism Investment Holding Group (46%), Zong Fuli (29.4%), and the employee stockholding committee (24.6%), which complicates decision-making regarding brand usage [2][4]. - The recent agreement between Zong Fuli and state-owned shareholders suggests a new alignment in their business strategy, allowing for the continued use of the Wahaha brand [4][6]. Group 3: Market Challenges - The beverage market is increasingly competitive, with major players like Nongfu Spring and Yuanqi Forest engaging in aggressive pricing and product strategies, making it difficult for new brands like Wah Xiao Zong to gain traction [5][6]. - Wahaha Group faces significant challenges, including internal conflicts and external competition, which have led to a decline in brand reputation and market confidence among distributors [5][6].

Core Viewpoint - The stock transfer dispute involving Liangpinpuzi has reached a temporary conclusion, with the controlling shareholder terminating the agreement with Changjiang International Trade Group, indicating ongoing complexities in the company's ownership structure and financial health [3][4][12]. Group 1: Stock Transfer Drama - The stock transfer agreement between Ningbo Hanyi and Changjiang Guomao was terminated due to failure to meet conditions by the deadline of October 15 [4][10]. - The initial agreement with Guangzhou Light Industry was for a 19.89% stake, but Ningbo Hanyi unexpectedly shifted to negotiate with Changjiang Guomao for a 21% stake [6][7]. - Guangzhou Light Industry has taken legal action to enforce the purchase at a price of 12.42 yuan per share, leading to the freezing of shares held by Ningbo Hanyi [9][10]. Group 2: Financial Struggles of Ningbo Hanyi - As of August 14, Ningbo Hanyi had 75.9 million shares pledged, representing 53.72% of its holdings, indicating a severe liquidity crisis [13][18]. - The company has relied heavily on stock pledges for financing since August 2020, with a significant increase in pledged shares over time [17][18]. - If Ningbo Hanyi loses the lawsuit against Guangzhou Light Industry, it may face forced asset execution and substantial penalties [15][16]. Group 3: Deteriorating Fundamentals of Liangpinpuzi - Liangpinpuzi's revenue for 2024 was 7.159 billion yuan, a decline of 11% year-on-year, with a net loss of 74.76 million yuan in the first half of 2025 [19][20]. - The company's cash flow from operating activities plummeted by 99.55% to 577.15 million yuan in 2024, highlighting a critical cash generation issue [19][20]. - The competitive landscape has shifted, with other brands like Mingming Hen Mang and Wancheng Group capturing market share, while Liangpinpuzi's pricing strategy has failed to retain consumers [21][22]. Group 4: Market Reactions and Implications - Liangpinpuzi's market capitalization has decreased by 85% from its peak of 34 billion yuan to 5 billion yuan as of October 17 [23]. - Institutional investors have been withdrawing, with notable exits from major shareholders like Hillhouse Capital and Today Capital [25]. - The ongoing stock dispute reflects broader challenges faced by traditional consumer companies in adapting to industry changes and consumer preferences [26][27].