Core Viewpoint - The conflict between the current actual controller of Wanlin Logistics, Fan Jibo, and the former controller, Huang Baozhong, centers around allegations of undisclosed key asset conditions during the transfer of control, which has led to significant financial implications for the company and its investors [2][3]. Group 1: Background of the Dispute - Fan Jibo publicly called out Huang Baozhong for not taking responsibility for the operational results and losses incurred during his tenure as the historical leader of the company [2]. - The dispute has negatively impacted Wanlin Logistics' bank credit, affecting its future development [2]. - The core issue involves the acquisition of African businesses made eight years ago, which has come under scrutiny [2]. Group 2: Acquisition Details - In June 2017, Wanlin Logistics acquired a 55% stake in Yulin International for 293 million yuan, gaining control over forestry companies in Gabon, with rights to approximately 1.07 million hectares of forest [3]. - The performance of Yulin International was satisfactory during the three-year performance commitment period (2017-2019), but it began to incur significant losses from 2020 onwards [3][5]. - Upon taking control, Fan Jibo discovered severe liquidity issues within Wanlin Logistics, with 2.7 billion yuan in receivables and long collection cycles [3]. Group 3: Financial Strain and Actions Taken - Wanlin Logistics continued to prepay and advance operational funds to Yulin International despite not receiving dividends, leading to financial strain [4]. - In 2021 and 2022, Yulin International reported losses of 69.83 million yuan and 273 million yuan, respectively, prompting Wanlin Logistics to divest from the company [5]. - In June 2023, a subsidiary of Fan Jibo announced a 51.08 million yuan acquisition of the 55% stake in Yulin International, effectively removing it from the listed company structure [5]. Group 4: Legal and Operational Challenges - Huang Baozhong allegedly facilitated the creation of fictitious transactions and misappropriated funds during his tenure, which has complicated the resolution of outstanding debts [8]. - Following the divestment, Yulin International's operational status remains unclear, with ongoing challenges in asserting control over the Gabonese assets [10]. - Fan Jibo has indicated that Huang Baozhong's failure to fulfill his commitments has exacerbated the situation, leading to further operational disruptions for Wanlin Logistics [10].

Core Points - A case of fraudulent transactions resulting in a total of 21.3 million yuan in subsidies from JD.com and Tmall has been reported by the Nanjing Xuanwu District People's Procuratorate [1][2] - The main perpetrator, Zhu, along with other accomplices, engaged in fake transactions by registering stores and inflating sales through a large-scale order brushing scheme [1][2] Group 1 - The fraudulent activities involved registering stores and listing products under the "Billion Subsidy" program, followed by large-scale order brushing and false shipping [1] - From January 30 to February 2, 2024, Zhu and his accomplices fraudulently obtained 189,700 yuan in subsidies by creating 542 fake transactions for computers [1] - The fraudulent orders were extensive, with 12 pages of brushing information, showing a computer priced at 4,829 yuan, a 60 yuan commission for the brushing company, and a 350 yuan subsidy obtained from the e-commerce platforms [1] Group 2 - The perpetrators utilized "scalpers" to organize "brushing" activities, where fake orders were placed without actual shipping, often sending items like bottled water to evade platform monitoring [2] - The court found Zhu and others guilty of contract fraud, sentencing Zhu to 4 years and 6 months in prison, while the other nine received sentences ranging from 4 years and 3 months to probation [2] - The judgment has taken effect, and Zhu and his accomplices have compensated JD.com and Tmall for their losses [2]