The expiration of the "Joint Action Agreement" among major shareholders has garnered attention as it marks a pivotal moment for the company at large. This agreement, initiated in 2021 and now concluded, raises significant questions about corporate governance and shareholder dynamics, especially given the context of a stable shareholding structure. The implications of this expiration on corporate strategy and potential future actions require careful analysis, particularly as the company plans a stock-for-stock merger with Sugon Information Industry Co. in the near future.

Despite the automatic termination of the agreement, the stability of shareholder stakes suggests a measured approach toward governance. Chengdu Industrial Investment Group, Chengdu High-tech Investment Group, and Chengdu High-tech Jicui Technology have respectively retained their percentages, illustrating a concerted effort to maintain equilibrium and avoid drastic shifts in company control. Notably, these shareholders collectively hold a significant 17% of the company, yet this still positions them without a controlling interest, which introduces a delicate balance of power moving forward. Historical parallels can be drawn from the dot-com bubble phase, where the absence of majority control often led to volatility in decision-making processes. Thus, it begs the question: can a company truly thrive without a singular vision guiding its strategic direction?

As the company gears up for a merger and the issuance of new A shares, it faces inevitable compliance risks that could serve as potential stumbling blocks. The challenges inherent in regulatory approvals highlight the precarious nature of navigating modern market dynamics. Investors and stakeholders must remain vigilant, as these elements could disrupt operational and financial stability. The balancing act becomes even more complex given that the company lacks a majority controlling shareholder—making it imperative for management to integrate diverse shareholder interests effectively. There remains an opportunity here for minority shareholders to leverage their positions but also an underlying risk of being sidelined in key corporate decisions. Thus, one cannot overlook the unintended consequences of regulatory scrutiny that could stymie growth initiatives. How will the company reconcile these competing interests while fostering a transparent and collaborative corporate environment?