# A‑share market

A Fall from Grace: How a Bitter Fight Over Huiyuan Juice Has Left Jiang Zhaobai’s Listed Empire Hanging On

A violent ownership dispute over Beijing Huiyuan has derailed a planned asset injection into Guozhong Water and triggered large impairments that put the company at risk of *ST designation and possible delisting. The turmoil exposes broader weaknesses in the Pengxin group controlled by Jiang Zhaobai — from disputed mining acquisitions and unmet performance guarantees to heavy share pledges and governance lapses — and raises questions about recoverability for creditors and minority shareholders.