避免同业竞争 推动上市公司形成发展合力

Core Viewpoint - The announcement from Fucheng Co., Ltd. highlights a violation of non-competition commitments by shareholder Li Yong, leading to regulatory actions from Hebei Securities Regulatory Bureau and the Shanghai Stock Exchange [2] Group 1: Company Overview - Fucheng Co., Ltd. was listed on the Shanghai Stock Exchange on July 13, 2004, with Fucheng Investment Group Co., Ltd. as the controlling shareholder, holding 34.51% of the shares [2] - Li Yong, although not listed among the top ten shareholders of the company, holds 40% of Fucheng Investment Group [2] Group 2: Regulatory Actions - Li Yong established Fucheng Industry (Hainan) in 2022, which engages in beef slaughtering and processing, creating a direct competition with Fucheng Co., Ltd. and violating his commitment made during the IPO [2] - The regulatory penalties are based on the violation of the commitment, with the Hebei Securities Regulatory Bureau mandating a resolution to the competition issue [2] Group 3: Non-Competition Obligations - According to relevant regulations, controlling shareholders, actual controllers, and other entities they control are prohibited from engaging in similar businesses to the listed company [3] - The current regulations do not explicitly include indirect shareholders of the controlling shareholder under the non-competition restrictions, but the principle of substance over form applies [3] Group 4: Impact of Competition - Non-competition is crucial as it prevents resource, customer, and technology disputes, which can adversely affect the development of the listed company [4] - Recommendations include expanding the definition of non-competition subjects and enhancing the enforcement of commitments made by relevant parties [4] Group 5: Recommendations for Improvement - Suggestions include establishing internal reporting and checks to monitor potential competition behaviors and ensuring that the board evaluates competition risks regularly [5] - Strengthening the obligations of key stakeholders and increasing the costs of violations can effectively deter competitive behaviors that undermine the interests of the listed company [5]