Group 1 - The core issue is a judicial auction that may lead to a change in control of Jingyi Co., Ltd. (002295.SZ) due to the auction of 29.9996% of its shares held by the controlling shareholder Nantong Sanjian Holdings Co., Ltd. [1] - The auction is scheduled to take place from October 9 to October 10, 2025, on the JD.com judicial auction platform, involving 75,184,700 shares, which represent the entirety of the shares held by Sanjian Holdings and are currently under pledge/judicial freeze [1][2] - The starting price for the auction will be set at 90% of the average closing price of the stock over the previous 20 trading days [1] Group 2 - The judicial auction is linked to a financing deal from six years ago, where Sanjian Holdings pledged the same shares for financing in May 2019, and subsequently re-pledged them to Hai Run Group in October 2021 [2] - The pledged funds were used to provide a guarantee of 1.3 billion yuan for Sanjian Holdings' subsidiary in securing credit from financial institutions [2] - Governance issues have been highlighted, including the concealment of the chairman's status as a dishonest executor, which led to regulatory intervention and a change in leadership [2]