Seller's HomeIs the Transformation Path Shrouded in Shadow?
Youke Tree Technology Co., Ltd. (stock code: 300209) announced that the company's controlling shareholder, Shenzhen Tianxingyun Supply Chain Co., Ltd. (hereinafter referred to as "Tianxingyun"), and the actual controller, Mr. Wang Wei, have their shares in the company subjected to a new round of waiting freeze by the Guangdong Provincial Shenzhen Intermediate People's Court, with a total of 117 million shares frozen, accounting for 12.65% of the company's total share capital.
This news has once again pushed Youke Tree into the dual scrutiny of public opinion and the market.
01
Youke Tree's Controlling Shareholder's Shares Frozen by Court
According to the company's announcement, the freeze was executed by the Guangdong Provincial Shenzhen Intermediate People's Court, with a freeze period of up to three years, lasting from January 19, 2026, to January 19, 2029.
According to the announcement, Wang Wei, as the actual controller of the company, holds 91,852,462 shares of the company, and Tianxingyun, as the controlling shareholder, holds 25,641,025 shares. This freeze covers all the shares held by the two, without exception.
This news is a blow to Youke Tree.
Not long ago, the company had just completed its reorganization plan, with Wang Wei directly holding 9.89% of the shares, and together with his concerted parties, holding a total of 18%, becoming the core of the company's actual control. The original actual controller and founder, Xiao Siqing's shareholding ratio has been diluted to 3.28%, and he has completely withdrawn from the management after the board of directors' election in October 2025.
For listed companies, the freezing of shares by the controlling shareholder and actual controller is usually regarded as an important risk warning.
In response to this share freeze incident, Youke Tree made multiple explanations in its announcement. The company stated that the controlling shareholder and actual controller have no records of large-scale debt overdue or default in the past year, and there are no situations of downgrade in the credit rating of the subject and debt items.
At the same time, Youke Tree emphasized: The freezing of the shares held by the controlling shareholder Tianxingyun, the actual controller Mr. Wang Wei, and his concerted parties will not lead to changes in the actual control rights of the listed company. The company operates independently and will not have a substantial impact on the production and operation, corporate governance, etc., of the listed company, and does not involve performance compensation obligations.
However, the market's reaction is mixed.
In the comment area of Dongfang Wealth's announcement, some investors questioned: "The reason for the case is never mentioned, does this not violate the information disclosure regulations?" But others said: "Really awesome! The annual report forecast has been released! Small and medium shareholders no longer have worries! Move forward bravely! A market value of 30 billion is in sight!"
02
Renaming to "Xingyun Technology" Cannot Hide Internal and External Troubles
While the shareholder's shares are frozen, Youke Tree itself is also facing operational challenges.
According to the company's performance forecast, it is expected that the net profit attributable to the parent company in 2025 will be between 70 million yuan and 90 million yuan, and the net profit after deducting non-recurring gains and losses is expected to be between 80 million yuan and 110 million yuan.
The main reasons for the decline in performance include:
In 2025, the company was basically in the transition period after bankruptcy reorganization, and many subsidiaries had difficulties in business development, with a significant decline in operating income for multiple subsidiaries;
The company, based on the actual situation of various assets such as inventory and accounts receivable, conducted a preliminary impairment test on various assets, and it is expected to provide for impairment provisions for some assets. By the end of 2025, it is expected to provide for asset impairment provisions of 55 million yuan for accounts receivable and other assets formed in previous years;
The company's non-recurring gains and losses in 2024, of which 210.2037 million yuan was due to debt restructuring gains formed by bankruptcy reorganization, and in 2025, the company has completed bankruptcy reorganization and has no such gains.
In addition, earlier announcements also disclosed that the company still has some subsidiaries whose business handover has not been completed, involving financial statement data amounts of 64.7076 million yuan in total assets, -10.5955 million yuan in net assets, and 601,200 yuan in operating income, accounting for 5.52%, -1.11%, and 1.17% of the consolidated statements for the first three quarters of 2025, respectively.
Whether "Tianze Information" can truly "turn over a new leaf" to "Xingyun Technology", whether it is a phoenix nirvana or a struggling beast, the answer is still unknown. The key lies in three points: one is to resolve the legal disputes at the shareholder level as soon as possible and lift the share freeze; the second is to accelerate the integration of subsidiaries and business handover to restore operational hematopoietic capacity; the third is to fulfill the commitments of industrial investors on the introduction of cross-border e-commerce main business, and find a differentiated breakthrough in the overall pressured industry environment.
From "Tianze Information" to "Youke Tree", and then to the upcoming "Xingyun Technology", whether it is a phoenix nirvana or a struggling beast, the answer is still unknown.
The information related to this article is for reference only and should not be used as the basis for investment decisions
