Core Viewpoint - Tianpu Co., Ltd. has faced scrutiny from regulatory authorities due to contradictions in its statements regarding the independence of its acquisition target, Zhonghao Xinying, and its own core automotive parts business [1][4][5]. Group 1: Board Restructuring - On January 14, Tianpu Co., Ltd. held its first extraordinary shareholders' meeting of 2026, electing a new board of directors, including Yang Gongyifan as chairman and several non-independent directors [3]. - The new board includes key members from Zhonghao Xinying, raising concerns about the independence of Tianpu's management and its commitment to maintaining its core business [4][5]. Group 2: Management Appointments - Key management appointments include Fan Jianhai as general manager and Chen Jiewen as vice general manager and CFO, both of whom lack experience in Tianpu's automotive parts sector [4][5]. - The appointment of Zhonghao Xinying's former board secretary and CFO to Tianpu's management contradicts previous commitments to maintain personnel independence [5][7]. Group 3: Regulatory Inquiry - The Shanghai Stock Exchange has issued an inquiry to Tianpu, requesting clarification on the rationale behind the new board appointments and their implications for the company's core business and independence [4][7]. - The inquiry also seeks to understand the potential impact of these appointments on Zhonghao Xinying's independent IPO plans and whether they conflict with prior disclosures [7]. Group 4: Market Reaction - Following the announcement of the new board, Tianpu's stock price fell sharply, hitting a limit down at 174.83 yuan per share on January 15 [1]. - The market has been closely monitoring the developments surrounding Zhonghao Xinying's AI chip business and the speculation regarding Tianpu's potential shift towards the AI sector, which has significantly influenced its stock price since the control change announcement in August 2025 [5][6].