本报记者 许林艳 11月8日，东方时尚驾驶学校股份有限公司（以下简称"公司"或"ST东时"）公告称，其控股股东东方时 尚投资有限公司（以下简称"东方时尚投资"）所持有的公司部分股份已被司法拍卖且完成过户。 ST东时查询淘宝网司法拍卖平台公示的《网络竞价成交确认书》，东方时尚投资持有的公司5649.16万 股无限售流通股已于2025年9月12日在淘宝网司法拍卖网络平台上拍卖成功。近日，公司通过中国登记 结算有限责任公司系统查询获悉，上述股份已完成过户登记手续。竞买人为安徽荣智管理咨询合伙企业 （有限合伙），本次被司法拍卖完成过户登记的股份占公司总股本（数据为截至2025年11月6日）的 7.90%。 公告同时指出，ST东时尚处于预重整阶段，并未收到法院关于进入重整程序的相关法律文书，后续能 否进入正式重整程序存在不确定性。 （编辑 郭之宸） 竞买人的执行事务合伙人为登途控股集团有限公司（以下简称"登途控股"），登途控股与竞买人为一致 行动人。目前，登途控股持有ST东时2554.86万股股份，持股比例为3.57%。竞买人与登途控股合计持有 公司8204.02万股股份，持股比例为11.48%。据了解，登途控股以网约 ...

Group 1 - The company, Oriental Fashion Driving School Co., Ltd., will hold the second bondholders' meeting for the "Dongshi Convertible Bond" on November 13, 2025 [2][4] - The meeting will discuss the proposal to re-elect the trustee manager for the "Dongshi Convertible Bond" and authorize participation in the company's pre-restructuring and restructuring processes, if applicable [8][9] - The bondholders' meeting requires more than half of the total outstanding bond value held by attending bondholders for resolutions to be valid [2][3] Group 2 - The bondholders' meeting will take place at the company's conference room in Beijing, and both on-site and remote voting will be allowed [4][5] - The bond registration date is set for November 5, 2025, and all bondholders registered by this date are entitled to attend the meeting [4][5] - The company has previously appointed Dongxing Securities as the trustee manager but is now proposing to appoint Pacific Securities for better management of bondholders' rights [9] Group 3 - The company is currently involved in a legal case where it and its wholly-owned subsidiary are the defendants, with an amount of 4,632,169.04 yuan involved [13][14] - The case is in the execution phase, and the outcome remains uncertain, which may impact the company's financials [14][19] - The company has reported a total of 59 new lawsuits in the past twelve months, involving a principal amount of 81,034,844.16 yuan, which represents 8.75% of the company's latest audited net assets [20][23]

Group 1 - The company ST Dongshi (SH 603377) held its 33rd meeting of the 5th Board of Directors on October 30, 2025, via communication, where it reviewed the Q3 2025 report and other documents [1] - For the year 2024, the revenue composition of ST Dongshi is as follows: driving training industry accounts for 91.9%, retail industry accounts for 3.07%, other businesses account for 2.43%, other categories account for 2.21%, and leasing industry accounts for 0.37% [1]

Core Points - The event held by Dongfang Shishang Driving School on October 25 aimed to promote motorcycle culture under safe and regulated conditions [2] - The motorcycle riding culture is gradually forming among young people in China, with an emphasis on legal, safe, and civilized riding practices [2] - The event included a motorcycle parade, safety education, and competitive events to enhance safety awareness among road users [2] Company Initiatives - Dongfang Shishang Driving School organized a motorcycle carnival to expand the dissemination of safe riding culture [2] - The school plans to continue hosting similar events in the future to contribute to the healthy development of motorcycle culture and the popularization of traffic safety knowledge [2] Industry Engagement - The carnival attracted numerous motorcycle brands and related product vendors, providing a platform for enthusiasts to exchange ideas [2] - Motorcycle clubs actively participated in the event, promoting the concept of "joyful driving and safe travel" through diverse activities [2]

Core Viewpoint - The announcement details the freezing of shares held by the controlling shareholder of Dongfang Shifang Driving School Co., Ltd., indicating potential financial distress but asserting that it will not significantly impact the company's operations [2][10]. Group 1: Shareholding and Freezing Details - The controlling shareholder, Dongfang Shifang Investment Co., Ltd., and its concerted action party, Xu Xiong, hold a total of 106,391,600 shares, representing 14.88% of the company's total share capital [2][7]. - An additional 49,650,000 shares have been newly frozen, accounting for 46.67% of the shares held by the controlling shareholder and 6.95% of the company's total share capital [2][4]. - The reason for the share freezing is a debt dispute between Dongfang Shifang Investment and a natural person, Jiao Mei [4]. Group 2: Judicial and Financial Status - As of the announcement date, the total shares frozen or marked by judicial actions do not include the newly frozen shares [6]. - The controlling shareholder has a total of 57,491,600 shares that have been successfully auctioned but not yet transferred, which could further reduce their holding percentage if completed [8]. - The company is under pre-restructuring proceedings initiated by the Beijing First Intermediate People's Court, with uncertainty regarding formal restructuring [9][10]. Group 3: Regulatory and Compliance Issues - The company is under investigation by the China Securities Regulatory Commission for suspected violations of information disclosure laws [10]. - The freezing of shares will not lead to a change in control of the company and is not expected to affect daily operations [10].

Core Viewpoint - The announcement highlights the potential judicial auction of 3,000,000 shares held by the controlling shareholder of Dongfang Shijiao Driving School Co., Ltd, which may impact the company's control stability and shareholder structure [2][3][7]. Group 1: Auction Details - The shares to be auctioned represent approximately 0.42% of the company's total share capital of 714,894,945 shares as of October 10, 2025 [2]. - The auction is scheduled to take place on the Taobao judicial auction platform from November 24, 2025, to November 25, 2025, with a potential second auction on December 17, 2025, if the first auction fails [4][5]. Group 2: Shareholding Structure - As of the announcement date, the controlling shareholder, Dongfang Shijiao Investment Co., Ltd, and its concerted actor, Xu Xiong, hold a total of 106,391,600 shares, accounting for 14.88% of the total share capital [2][6]. - If the auction is successful, the combined shareholding of Dongfang Shijiao Investment and Xu Xiong could decrease to approximately 45,900,000 shares, representing about 6.42% of the total share capital [2][7]. Group 3: Legal and Regulatory Context - The company is currently undergoing a pre-restructuring process as initiated by the Beijing First Intermediate People's Court, which may lead to further legal implications regarding its operational status [3][6]. - The auction results and subsequent share transfers are subject to uncertainty, and the company will fulfill its disclosure obligations as required by the Shanghai Stock Exchange [8].

Group 1 - The control of Dongfang Shishang, known as the "first stock of driving schools" in A-shares, is facing a critical juncture as its controlling shareholder, Dongfang Shishang Investment Co., Ltd., has successfully auctioned 56.49 million unrestricted circulating shares (7.90% of total shares) for 169 million yuan [1] - If the share transfer proceeds smoothly, the combined shareholding of Dongfang Shishang Investment and its concerted action party, Xu Xiong, will drop to 6.98%, while the winning bidder and its partner will hold a combined 11.48%, indicating a potential change in control [1] - The company is still facing investor compensation lawsuits, which will be inherited by whoever takes control [2] Group 2 - Dongfang Shishang has faced multiple regulatory violations, including failure to disclose related party transactions in 2021 and significant omissions in the 2023 annual report, leading to investigations by the Beijing Securities Regulatory Bureau and the China Securities Regulatory Commission [2] - As of May 31, 2025, the company is under investigation, with the results pending, while its restructuring process is ongoing [2] - The controlling shareholder has repaid approximately 387 million yuan of misappropriated funds through various means, successfully recovering the occupied funds [2]

Core Viewpoint - The UK driving instruction industry is undergoing a significant transformation, with a shift from manual transmission to automatic transmission instruction due to the increasing popularity of electric vehicles [1] Industry Trends - It is projected that within the next decade, at least half of the instructors from well-known driving schools in the UK, such as AA and BSM, will focus solely on automatic driving instruction, indicating a potential marginalization of manual driving instruction [1] - As of January 2022, 86% of UK instructors were still using manual vehicles for teaching, but this figure is expected to drop to 75.3% by early 2025, suggesting a rapid decline in manual instruction [1] Instructor Insights - A significant 36% of new instructors have already chosen to teach only automatic vehicles, and this trend is expected to accelerate over the next five years, leading to manual instructors becoming a minority within ten years [1] - The demand for manual driving instruction is decreasing as electric vehicles become more prevalent, with many learners opting for automatic instruction due to its efficiency; automatic learners typically require 25 to 35 hours to reach exam readiness, compared to 45 hours for manual learners [1] Cultural Shift - The rise of electric vehicles is transforming driving culture in the UK, leading to manual driving instruction gradually being excluded from the "rite of passage" for young people, ultimately becoming a relic of the past [1]

Core Viewpoint - The company, Dongfang Shijiao School Co., Ltd., is currently involved in a legal execution phase concerning a financial dispute, with a court-ordered asset freeze amounting to approximately 265.18 million yuan [3][6][7]. Group 1: Legal Proceedings - The lawsuit was initiated by Jincheng Dongfang Shijiao Real Estate Co., Ltd. in September 2023 regarding a liability dispute [4]. - The company and its wholly-owned subsidiary, Dongfang Shijiao Jincheng Co., Ltd., are the defendants in this case [2]. - The company received a civil judgment from the Shanxi Provincial High Court in April 2025, which upheld the original ruling and required the company to bear the appeal costs [4][5]. Group 2: Financial Impact - The execution ruling includes the freezing of multiple bank accounts belonging to the company, with a total limit of 265,177,243.25 yuan [6][7]. - The duration of the asset freeze is set for one year, and the execution is to be carried out immediately [7]. - The company acknowledges the uncertainty of the execution results and commits to timely information disclosure as the case progresses [3][6]. Group 3: Disclosure of Other Legal Matters - As of the announcement date, the company and its subsidiaries do not have any other significant undisclosed litigation or arbitration matters [7].

Core Viewpoint - ST Dongshi (603377) has experienced a price increase of 4.78% this week, closing at 3.73 yuan, with a total market capitalization of 2.738 billion yuan as of September 12, 2025 [1] Company Announcements - Dongshi Driving School received a court decision on July 10, 2025, to initiate pre-restructuring, with uncertainty regarding formal restructuring proceedings [2] - The company is actively seeking restructuring investors and signed a restructuring investment agreement on August 19, 2025 [2] - The company is under investigation by the China Securities Regulatory Commission for suspected information disclosure violations, with potential delisting risks for its stock and convertible bonds [2][5] Legal Issues - A subsidiary of Dongshi Driving School is involved in a lawsuit initiated by Shanghai Pudong Development Bank, with a total claim amounting to approximately 201.5 million yuan [3] - The company has reported five additional lawsuits, with a total claim amount of approximately 203.5 million yuan, representing 21.96% of the latest audited net assets [3] Shareholder Changes - The controlling shareholder, Dongshi Investment, auctioned off 56,491,600 shares, which were successfully acquired by Anhui Rongzhi Management Consulting Partnership for approximately 169 million yuan [4] - If the transfer is completed, the combined shareholding of Dongshi Investment and its concerted action party will decrease to 6.98% [4]