A reader asked me to elaborate about YZJ HTM. I am quite sure Ren every HTM is different, but maybe I can shed some light on this Tianjin GuoHeng event. Tianjin GuoHeng ex-controlling shareholder, lets call it A. Owned B money, and pledge its shares to B. A is supposed to transfer the shares to B, or any company B appoint. B appoint YZJ to take over the shares. The shares are like collateral for a loan. A is supposed to pay YZJ interest and will redeem the shares in 1 year, failing which, the shares will belong to YZJ. Since A pledge to buy back the shares in a year time, YZJ promised to, in the meantime, pass an attorney of management rights to A, subject to various terms and conditions so that the shares remain of value. Once this agreement is in forced, and shares are transferred, B ......