Economic Observation Network New Special Energy (01799. HK) has recently undergone a senior personnel adjustment and is embroiled in a salary dispute with its former core management, involving nearly 100 million yuan in the subject matter of the lawsuit.

Executive changes:
Nan Xinjian resigns, and 38 year old Wang Bin takes over. Wang Bin is a veteran of the TBEA system, with overseas market background, but essentially a "resident representative" of the controlling shareholder. In just over two years, the general manager has gone from Yinbo to Yang Xiaodong, then to Nanxinjian, and finally to Wang Bin, with four different backgrounds (technical, operational, compliance, and comprehensive). In addition, the chairman was also replaced by Huang Hanjie, who has a background in finance, in November last year. The intention of the major shareholder to take over the company is clear This change of approach means that the strategy may continue to waver, and governance stability is a hard hit.

Lawsuit related situation:
Seven former core management members have filed a collective labor compensation dispute with a target of nearly 100 million yuan, which has entered the court trial stage. This is not an isolated case, the subsidiary had a record of compensation judgments in 2020. During the sensitive period of A review, a salary dispute was exposed, which added insult to injury to the governance image 。

The above content is based on publicly available information and does not constitute investment advice.