100% Equity Freeze for Controlling Shareholders of *ST PIESAT — Eter News

Enriched Analysis 深度解析

100% Equity Freeze for Controlling Shareholders of *ST PIESAT*ST航图实控人及其一致行动人股权遭全额冻结

Wang Yuxiang and Zhang Yan faced full judicial wait-listed freezing on 56.2 million shares, representing 21.51% of total share capital, following contract disputes in Beijing.王宇翔及其一致行动人张燕所持5620.19万股股份遭司法轮候冻结。受限股份占公司总股本21.51%，源于个人合同纠纷，冻结期三年。

中国能源网 22 Jul 2026 2026年7月22日

56.2M5620.2万

Frozen Shares Count受限股份总量

1B10.1亿

Convertible Bond Value宏图转债发行规模

-1B-10.4亿

2025 Audited Net Assets2025期末归母净资产

01The Story新闻事实

Wang Yuxiang and Zhang Yan faced full judicial wait-listed freezing on 56.2 million shares, representing 21.51% of total share capital, following contract disputes in Beijing.王宇翔及其一致行动人张燕所持5620.19万股股份遭司法轮候冻结。受限股份占公司总股本21.51%，源于个人合同纠纷，冻结期三年。

  • Wang Yuxiang and Zhang Yan hold 56.2 million shares combined, representing 90.19% of their total equity interest.王宇翔与张燕合计被冻结5620.19万股，占其所持公司股份总量的90.19%。
  • Beijing Haidian District People's Court imposed three-year wait-listed freezing orders starting mid-July 2026.北京市海淀区人民��院裁定实施轮候冻结，冻结期限为三年，自2026年7月中旬起算。
  • Courts in Shandong, Beijing, and Hunan issued multiple freezing orders between February and May 2026.2026年2月至5月期间，山东、北京及湖南等多地法院已多次实施司法冻结。
  • The company warned that potential forced judicial sales of these shares could jeopardize control stability.若相关诉讼败诉或无法解除冻结，受限股份存在被强制处置风险，影响控制权稳定。

Total equity freezing of controlling shareholders elevates governance risks for *ST PIESAT amidst ongoing credit downgrades and delisting risk warnings.实控人股权遭遇100%全额冻结，在信用评级连续下调与退市风险警示背景下，加剧了公司控制权稳定性风险。

023 Dimensions维度分析

Cause因果关系

Controlling Shareholder Freeze Scale实控人股份冻结规模

Contract litigation triggered 100% freezing of all personal shareholdings held by the founder group.个人合同纠纷引发财产保全，导致创始人团队所持个人股份处于100%冻结状态。

Frozen Shares Count受限股份总量

56.2M shares5620.2万股

As of July 2026截至2026年7月

  • Wang Yuxiang holds 7.55 million shares (2.89% total equity); Zhang Yan holds 48.65 million shares (18.62% total equity).王宇翔持股755.29万股（占总股本2.89%），张燕持股4864.90万股（占总股本18.62%）。
  • *ST PIESAT stated operational, financial, and personnel functions remain completely independent from controlling owners.*ST航图表示公司资产、业务、财务及人员均独立于实控人，目前生产经营正常。
Consequence影响推演

Credit Rating Escalation信用评级连续下调

Credit ratings for the firm and its convertible bonds fell continuously as debt risks intensified.随着偿债能力与持续经营风险上升，公司主体及可转债信用评级被连续下调。

Convertible Bond Value宏图转债发行规模

1B RMB yuan10.1亿元

As of July 2026截至2026年7月

  • China Chengxin International downgraded PIESAT's issuer rating from A- down to B- between February 2025 and June 2026.中诚信国际于2025年2月至2026年6月期间，将航天宏图主体信用等级由A-一路调降至B-。
  • The rating agency maintained a negative outlook, citing major uncertainty in debt repayment capabilities.评级机构维持负面展望，反映公司在债务偿还与持续经营能力方面面临重大不确定性。
Historical context历史脉络

Negative Net Assets and Delisting Warning期末净资产转负与退市警示

Depleted net assets and an audit disclaimer triggered delisting risk warnings for the satellite data vendor.期末净资产转负及无法表示意见的审计报告，导致公司股票被实施退市风险警示。

2025 Audited Net Assets2025期末归母净资产

-1B RMB yuan-10.4亿元

End of 20252025年末

  • PIESAT reported negative audited net assets attributable to shareholders of approximately 1.036 billion yuan for 2025.航天宏图2025年年度报告显示，经审计的期末归母净资产为负10.36亿元。
  • The Shanghai Stock Exchange placed *ST status on company shares starting May 6, 2026.上海证券交易所自2026年5月6日起对公司股票实施退市风险警示及其他风险警示。

03Timeline时间线

  1. 2025-02-01 China Chengxin International initiates credit rating downgrades for PIESAT.中诚信国际启动对航天宏图的主体信用评级下调。
  2. 2026-02-15 Shareholders face initial judicial freezing orders across courts in China.实控人股权遭中国多地法院实施首次司法冻结。
  3. 2026-05-06 Shanghai Stock Exchange places delisting risk warning on company shares.上交所对公司股票实施退市风险警示（*ST航图）。
  4. 2026-06-26 Issuer credit rating further downgraded to B- with negative outlook.公司主体信用等级进一步下调至B-，展望维持负面。
  5. 2026-07-17 Beijing Haidian Court orders wait-listed freezing on Wang Yuxiang's stake.北京海淀法院对实控人王宇翔股份裁定轮候冻结。
  6. 2026-07-20 Beijing Haidian Court orders wait-listed freezing on Zhang Yan's stake.北京海淀法院对一致行动人张燕股份裁定轮候冻结。
  7. 2026-07-23 *ST PIESAT announces 100% total equity freezing for controlling shareholders.*ST航图公告披露实控人及一致行动人股权全额受限。

Key takeaway核心结论

*ST PIESAT faces dual pressure from controlling shareholder equity litigation and severe operational delisting risks.*ST航图陷入实控人诉讼纠纷导致股权全额受限与公司自身退市及债务风险的双重困境。

04What to Watch后续关注

  1. Judicial enforcement actions regarding frozen shares and potential ownership changes.司法冻结股份强制拍卖进展及控制权是否发生变更。
  2. Restructuring plans and upcoming debt service for Hongtu Convertible Bond.公司债务重整计划及宏图转债到期偿付安排。

05Uncertainties不确定因素

  • Resolution timeline for controlling shareholders' personal contract disputes.实控人个人合同纠纷化解进度与解冻可能性。
  • Ability of *ST PIESAT to eliminate delisting risks and restore positive equity.公司能否修复净资产并消除退市风险警示。

06Sources信息来源

  1. 100% Freeze! Equity of *ST PIESAT Controlling Shareholder Fully Restricted100%全额冻结！*ST航图实控人及一致行动人股权全部受限 中国能源网 · 2026-07-22
  2. Credit Rating Downgrade Announcement for PIESAT中诚信国际关于下调航天宏图主体及可转债信用等级的公告 中诚信国际 · 2026-06-26
  3. *ST PIESAT 2025 Annual Report and Risk Warning Notice*ST航图2025年年度报告及退市风险警示公告 上海证券交易所 · 2026-04-30
  4. Hongtu Convertible Bond Offering Prospectus and Progress Announcement航天宏图可转换公司债券发行及跟踪公告 上海证券交易所 · 2023-09-30

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