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]

Core Viewpoint - The control of Jingyi Co., Ltd. may change due to the judicial auction of all shares held by its controlling shareholder, Nantong Sanjian Holdings Co., Ltd. [1] Group 1: Share Auction Details - Nantong Sanjian Holdings will have 75.1847 million shares auctioned, which represents 100% of its holdings and approximately 29.9996% of the total share capital of Jingyi Co., Ltd. [1] - The auction is scheduled to take place from October 9 to October 10, 2025, on the JD.com judicial auction platform [1]. Group 2: Background on Share Pledge - In May 2019, Nantong Sanjian Holdings pledged its 75.1847 million shares for financing, which was used to provide a guarantee for its subsidiary, Sanjian Co., Ltd., in obtaining credit from financial institutions [2]. - The pledged shares were used as collateral for a guarantee amounting to 1.3 billion yuan provided to Hai Run Group and its affiliates [2]. Group 3: Regulatory Issues - Jingyi Co., Ltd. received a corrective measure from the Guangdong Securities Regulatory Bureau due to violations related to the disclosure of the actual controller and chairman's credit status [2][3]. - The chairman, Huang Yuhui, was listed as a dishonest executor by multiple courts, which led to his inability to serve as a director or senior executive under relevant laws [2][3]. - Following the regulatory decision, Huang Yuhui submitted his resignation, holding 16.5707 million shares indirectly [3].