登录新浪财经APP 搜索【信披】查看更多考评等级 当资本市场的聚光灯聚焦于企业盈利与价值增长时，2025年的A股市场却被一系列激烈的上市公司"内 讧"事件撕开了治理层面的裂痕。 从董事实名举报董事长的公开对决，到离婚夫妻的股权拉锯，从创始人反对自身当选的荒诞一幕，到股 东连番罢免董事会成员的权力洗牌，"内讧"正以前所未有的激烈姿态，成为检验上市公司治理成色的试 金石。 这些情节迥异却内核相通的博弈，不仅消耗着企业元气、拖累市值表现，更折射出A股公司在股权结 构、治理机制、利益平衡等方面的深层病灶。 01 乱象丛生：五大典型"内讧"事件直击 2025年以来，A股上市公司的内部矛盾集中爆发，覆盖家纺、医疗、电子、制造等多个行业，冲突形式 从董事会投票对抗延伸到公开举报、司法诉讼，甚至上演"公章争夺战"，将治理失序的代价暴露无遗。 梦洁股份（维权） 董事万字长文举报，控制权纷争白热化 2025年末，老牌家纺企业梦洁股份陷入控制权纷争的漩涡中心。公司董事陈洁连发六篇万字长文，公开 举报董事长姜天武，将内部矛盾推向公众视野。这场对抗并非突发，早在2024年12月起，因质疑公司财 务真实性与经营决策合理性，陈洁已累计14 ...

Core Viewpoint - Shell listing has become an increasingly popular shortcut for companies to achieve rapid listing on the capital market, allowing them to access necessary funds and resources more quickly compared to traditional IPOs [1] Group 1: Key Dimensions for Selecting Quality Shell Companies - **Equity Structure**: A simple and clear equity structure is preferred, with concentrated major shareholders and minimal related shareholders to reduce negotiation complexity and transaction costs [1] - **Financial Condition**: The financial "cleanliness" of the shell company is crucial, focusing on low debt levels, clear asset quality, and the absence of significant pending lawsuits or guarantees [2] - **Business and Assets**: Ideal shell companies have simple business operations and easily separable assets, allowing for quick asset injection post-acquisition [3] - **Compliance Record**: Companies with no significant violations or investigations by regulatory bodies are prioritized to ensure smooth transaction processes and future operational compliance [4] - **Market Value and Stock Price**: Shell companies with a market value between 2-5 billion are considered optimal, and stable stock prices help in accurately assessing transaction costs [5] Group 2: Overall Considerations - Selecting quality shell companies is a comprehensive art that combines financial analysis, legal review, and business judgment, requiring alignment with the company's development stage, industry characteristics, and strategic planning [6]

Core Viewpoint - Chang'an Bank's capital increase and share expansion plan has been approved, aiming to raise no more than 2.611 billion shares to supplement its core tier one capital [2][4]. Group 1: Capital Increase and Regulatory Approval - The approval from the Shaanxi Regulatory Bureau of the National Financial Supervision Administration mandates Chang'an Bank to strictly review shareholder qualifications and ensure that the funds for share acquisition are from legitimate self-owned sources [2][4]. - After the funds are raised, Chang'an Bank is required to promptly apply for changes in registered capital and comply with relevant laws and regulations [4]. Group 2: Financial Performance - As of mid-2023, Chang'an Bank reported total assets of 577.131 billion, a 6.42% increase from the end of the previous year [4]. - The bank achieved a revenue of 4.861 billion, representing an 8.56% year-on-year growth, and a net profit of 1.312 billion, up 9.22% year-on-year, primarily driven by a significant increase in investment income, which reached 1.167 billion [4]. Group 3: Asset Quality and Compliance Issues - The bank's non-performing loan balance increased to 5.987 billion from 5.366 billion at the end of 2023, with a non-performing loan ratio of 1.85% and a provision coverage ratio of 173.44% [4]. - Chang'an Bank has faced multiple penalties for business violations, including a fine of 4 million for breaching payment settlement management regulations and a fine of 540,000 for violating anti-money laundering regulations [5][6].

Core Viewpoint - The chairman of Aibisen, Ding Yanhui, cast a dissenting vote against the election of the new board chairman due to dissatisfaction with the chairman's compensation and the company's governance structure [2][4][5]. Group 1: Governance Issues - Ding Yanhui expressed that the company's governance structure has serious problems, particularly regarding the concentrated shareholding and the lack of willingness from major shareholders to reduce their stakes, which hampers governance optimization [5][6]. - He highlighted the inadequacy of the company's incentive mechanisms and the unscientific nature of the compensation distribution system [6]. Group 2: Financial Performance - Aibisen reported a revenue of 2.872 billion yuan for the first three quarters of the year, representing a year-on-year increase of 5.66%. The revenue for the third quarter alone was 1.053 billion yuan, showing a growth of 14.5% compared to the same period last year [10]. - The net profit attributable to shareholders for the first three quarters was 185 million yuan, marking a significant year-on-year increase of 57.33%. The net profit for the third quarter reached approximately 69.05 million yuan, up 138.55% year-on-year [10]. Group 3: Compensation Details - Ding Yanhui directly holds 124,671,149 shares of the company, accounting for 33.78% of the total share capital, making him the actual controller of Aibisen [8]. - His pre-tax compensation for 2024 was reported at 4.3556 million yuan, which includes 1.7399 million yuan from the employee stock ownership plan. This represents a 51% increase from his 2023 salary of 2.8845 million yuan [8].

Core Viewpoint - The OTC market is emerging as a favored alternative for Chinese companies seeking access to U.S. capital, offering a more flexible and tailored listing solution compared to traditional exchanges like the NYSE and NASDAQ [1]. Group 1: Financial Barriers - Traditional exchanges impose strict financial requirements, often excluding companies in specific development stages, particularly in tech and biotech sectors that may not yet be profitable [2]. - The OTC market does not have rigid profitability requirements, focusing instead on growth potential and innovative business models, thus providing crucial early-stage capital access for startups [2]. - Unlike NASDAQ, which has minimum market capitalization and cash flow requirements, the OTC market allows smaller, less stable companies to list and gain capital attention, paving the way for future growth [2]. Group 2: Equity Structure - The choice of listing venue significantly impacts a company's equity structure and governance strategies [4]. - NASDAQ mandates quantitative requirements for public shareholding and shareholder numbers, which can force companies to dilute ownership prematurely [4]. - The OTC market offers more flexibility, allowing founders or core teams to maintain higher control over their companies, which is particularly beneficial for those pursuing long-term strategies [4]. Group 3: Compliance Disclosure - Ongoing compliance costs are a critical consideration for companies post-listing [6]. - Listing on NASDAQ requires adherence to stringent, high-frequency disclosure standards, resulting in high compliance costs [6]. - The OTC market simplifies disclosure requirements, allowing companies to focus more on business development while ensuring basic transparency [6]. - Companies can gradually adapt their governance structures after listing on the OTC market, facilitating a smoother transition to potential upgrades to main exchanges in the future [6].

Core Points - Absen (300389.SZ) recently held its first meeting of the sixth board of directors, where founder Ding Yanhui was re-elected as chairman with a vote of 8 to 1, with the sole opposing vote coming from himself due to dissatisfaction with his salary [1][3] - Ding Yanhui clarified that his opposition was not about his salary but rather about the company's incentive mechanism, highlighting concerns over the concentrated shareholding structure of Absen [3] - For the first three quarters of 2025, Absen reported revenues of 2.872 billion yuan and a net profit attributable to shareholders of 185 million yuan [3] Company Information - Ding Yanhui's salary for 2024 was reported at 4.3556 million yuan, an increase of 1.4711 million yuan from the previous year [4] - Absen was founded in 2001 and is recognized as a leading provider of LED display applications and services globally [3][4] - Ding Yanhui has held various positions within the company and has been its chairman and legal representative since its inception [4]

Core Insights - OpenAI's valuation has surged to $500 billion following a large-scale stock sale, making it the highest-valued startup globally [2] - The restructuring plan to transition to a for-profit model is nearing completion, paving the way for a potential IPO [2] - Microsoft, as the largest investor, is expected to hold approximately 30% of OpenAI's shares post-restructuring [5] Shareholding Structure - Microsoft has invested over $13 billion and will become the largest single shareholder with around 30% ownership, while employees and the non-profit parent company will also hold about 30% each [5] - Other investors include SoftBank, Khosla Ventures, and Thrive Capital, with SoftBank committing over $30 billion [5] - The non-profit parent company will lose special shareholder rights but retain board nomination rights for the for-profit subsidiary [5] Leadership and Legal Challenges - CEO Sam Altman's shareholding discussions will occur post-transition, with no substantial negotiations currently [6] - Elon Musk's initial donation of $45 million is classified as a donation, not an investment, and he is currently litigating against OpenAI's transition, claiming it deviates from its founding mission [6] Financial and Operational Complexity - Recent significant deals with Nvidia and AMD have complicated OpenAI's already intricate shareholding structure [7] - Concerns exist regarding the dilution of existing shareholders' equity with any new financing rounds post-transition [7] - OpenAI's workforce has expanded nearly fourfold to 3,000 employees in two years, intensifying competition for talent and impacting existing shareholders' equity through new employee options [7] - A company executive suggested that while achieving break-even is possible, continued investment is essential for maintaining growth and increasing future valuation [7]

Core Viewpoint - The recent capital reduction by Lakala Payment Co., Ltd. reflects ongoing adjustments in its capital structure, with implications for shareholder control and potential concerns regarding corporate governance stability [1][4]. Group 1: Capital Reduction Details - Lakala's registered capital has been reduced from 788.0825 million yuan to 776.664942 million yuan, with Lenovo Holdings increasing its shareholding from 23.54% to 23.88% [1][2]. - This marks the second capital reduction within a year, following a previous reduction from 800 million yuan to 788.0825 million yuan in December 2024 [2][3]. - The adjustments are part of a broader strategy to optimize the company's capital structure, including the repurchase and cancellation of restricted shares [3]. Group 2: Financial Performance and Market Reaction - For the first half of 2025, Lakala reported a revenue decline of 11.1% year-on-year to 2.651 billion yuan and a net profit drop of 45.33% to 229 million yuan [4]. - The total payment transaction amount also decreased by 9.2% year-on-year, indicating challenges in the payment processing market [4]. - On October 13, Lakala's stock price fell to a low of 23.02 yuan, marking a new low since June 4, 2025, and closing at 24.02 yuan with a daily decline of 0.74% [4]. Group 3: Governance and Compliance Issues - The frequent capital changes may signal instability in corporate governance, raising concerns about the company's ability to meet performance targets [4][5]. - Lakala's compliance issues were highlighted by a recent fine of 250,000 yuan for violations related to transaction management, indicating potential weaknesses in internal controls [5]. - Analysts suggest that the company needs to address systemic governance deficiencies and rebuild its risk control culture to regain market confidence [5].

Core Points - The article discusses a significant power struggle within a private equity firm, Jingqi Investment, highlighting the conflict between its founders, Fan Siqi and Tang Jingren, which escalated to public accusations and personal attacks [2][3] - The dispute centers around allegations of financial misconduct, including unauthorized withdrawals and mismanagement of funds, leading to a breakdown of trust and collaboration between the founders [4][5] - The article emphasizes the inherent vulnerabilities of quantitative private equity firms, where trust and interpersonal relationships are crucial for success, and how internal conflicts can jeopardize the firm's stability [6][7] Summary by Sections Background of the Conflict - The conflict began with a public accusation from Fan Siqi against Tang Jingren, claiming financial mismanagement and unauthorized actions [2] - The founders had a history of collaboration and mutual support, but the current situation has irreparably damaged their relationship [3] Nature of the Dispute - The dispute involves serious allegations, including the misuse of company funds and unauthorized decisions regarding fund management [4][5] - Tang Jingren's control over critical company assets, such as the company seal and bank accounts, has raised concerns about the potential for further mismanagement [6] Implications for the Industry - The article highlights the fragility of private equity firms, particularly those relying on trust and personal relationships, and how internal conflicts can lead to rapid deterioration of the firm's operations [7][8] - It suggests that the governance structures within private equity firms need to be reevaluated to prevent similar conflicts in the future, emphasizing the importance of clear roles and responsibilities [12][14]

Group 1 - Shenzhen Jiashe Technology Co., Ltd. disclosed a pre-announcement regarding the reduction of shares by its shareholder, Shenzhen Qianxin Heng Investment Development Co., Ltd., planning to reduce up to 14,287,494 shares, accounting for 3.00% of the total share capital within three months after the announcement [1] - As of September 16, 2025, the reduction plan period has expired, and Qianxin Heng did not reduce any shares during this period [1] - Qianxin Heng currently holds 20,409,006 shares in Jiashe Technology, representing 4.29% of the total share capital, with 99.97% of these shares pledged and 100.00% frozen [1] Group 2 - The expiration of the reduction plan without any share reduction may impact the company's equity structure and future development, leading to continued market attention on Jiashe Technology's subsequent dynamics [1]