Core Viewpoint - The control change of *ST Huike, which has been planned for over two years, may be terminated due to the refusal of the Zibo Municipal Finance Bureau to approve the acquisition by Zibo Guotou [1][4]. Group 1: Control Change Process - In February 2023, *ST Huike's actual controller and shareholders signed an agreement to transfer a total of 65.62 million shares (20% of total share capital) to Zibo Guotou for 580 million yuan [3]. - The first transfer involved 16.24% of the total share capital, with the remaining shares' voting rights waived by the sellers [3]. - Zibo Guotou was set to acquire an additional 46.34 million shares through a private placement, which would increase its stake to 29.9% post-placement [3]. Group 2: Regulatory Challenges - The control change process stalled after it was discovered that provincial or municipal-level approvals were required for the share transfer [4]. - Zibo Guotou has not obtained the necessary approvals from the relevant state-owned asset supervision departments, leading to a request from the original shareholders to terminate the agreement [4]. Group 3: Business Performance and Risks - *ST Huike primarily provides operational management, risk control, and transformation solutions for financial industry clients, but has experienced declining performance and is projected to incur losses in 2024 [4]. - The company received a warning and a fine of 2 million yuan from the Guangdong Securities Regulatory Commission for misleading disclosures regarding its 2024 performance [5].