Core Viewpoint - The ongoing power struggle between the new and old management of *ST Xinchao revolves around the control of the company's overseas oil and gas assets, which constitute over 99% of its total assets, valued at approximately 36.2 billion yuan as of mid-2025 [4][10]. Group 1: Management Transition and Control - The new management of *ST Xinchao faced resistance during the handover of the Beijing office, with the previous management refusing to cooperate [4][10]. - The new management, backed by Yitai B, has attempted to take control of the company's U.S. subsidiary, Seewave Energy Holdings, by replacing its board members [3][11]. - A "status quo order" was issued by the Delaware Chancery Court, maintaining the current operational status of the U.S. subsidiary while the legitimacy of the new management is under review [16][20]. Group 2: Legal Proceedings - Multiple lawsuits have been filed in U.S. courts regarding the control of *ST Xinchao's assets, with key cases involving both the new management and the original management team [7][8]. - The original management, led by Liu Ke, has initiated legal actions to restore their positions on the board of the U.S. subsidiary [14][15]. - The outcomes of these legal disputes are critical as they will determine the control over the overseas oil and gas assets [20][21]. Group 3: Asset Valuation and Audit Issues - *ST Xinchao's overseas assets, primarily located in Texas, have been acquired through various transactions totaling approximately $1.06 billion from 2015 to 2019 [23][26]. - There have been significant discrepancies in the audit reports regarding the number of oil wells and their associated liabilities, raising concerns about the accuracy of the company's asset valuations [26][27]. - Previous auditors have raised issues regarding the internal controls of the overseas subsidiaries, which could impact the company's financial reporting and governance [27][28].