Shanghai Lonyer(SH:603003) Nan Fang Du Shi Bao·2025-05-12 12:40Core Viewpoint - *ST Longyu is facing imminent delisting due to financial issues, including significant fund occupation by its controlling shareholders, leading to a lack of effective action to resolve the situation [3][4][10]. Group 1: Company Financial Status - *ST Longyu has a net asset value of 3.32 billion yuan as of the end of Q1 2025, with cash holdings amounting to 703 million yuan [5]. - The company has been reported to have a total of 917 million yuan in funds occupied by its controlling shareholders, with 867 million yuan remaining [4][10]. - The 2023 financial report received a non-standard opinion from the auditor due to uncertainties regarding the nature and recoverability of transactions with related parties [4][10]. Group 2: Shareholder Actions - A group of minority shareholders, holding a combined 10.73% of shares, has proposed a temporary shareholders' meeting to replace current board members and to initiate a stock buyback [6][7]. - The proposal includes the removal of current chairman Xu Zengzeng and director Liu Ce due to alleged misuse of company funds and poor strategic management [7]. - The shareholders are advocating for a stock buyback at a price not exceeding the net asset value of 8.87 yuan per share, with a minimum buyback amount of 500 million yuan [8][9]. Group 3: Legal and Regulatory Actions - Minority shareholders have filed criminal complaints against the controlling shareholders for breach of trust, alleging that their actions have harmed the company's interests [10][11]. - The company has not submitted a hearing request to the Shanghai Stock Exchange within the stipulated timeframe, which could further complicate its situation [3][9]. - Regulatory bodies have emphasized the need for strict enforcement against fund occupation and related violations, indicating potential criminal liability for controlling shareholders [11].