正大种业IPO无实控人，内控制度能否有效执行遭问询

Core Viewpoint - Xiangyang Chia Tai Seed Industry Co., Ltd. (referred to as "Chia Tai Seed") has submitted an application for public stock issuance and listing on the Beijing Stock Exchange, which has raised inquiries regarding its corporate governance and control structure [1][2]. Group 1: Company Overview - Chia Tai Seed was established in July 1996 and primarily engages in the research, production, and sales of corn seeds, operating as an integrated seed enterprise with a comprehensive system for research, production, sales, promotion, and service [1]. - The controlling shareholder of Chia Tai Seed is Chia Tai Group, which directly holds 33.99% of the company's shares and indirectly holds an additional 27.76% through its wholly-owned subsidiary, Chia Tai Livestock Investment [2]. Group 2: Corporate Governance and Control - The company currently has no actual controller due to the dispersed shareholding of Chia Tai Group's major shareholders, which prevents any single large shareholder from exerting absolute control [2]. - The Beijing Stock Exchange has requested Chia Tai Seed to explain the rationale behind Chia Tai Group's multi-layered offshore control over Chia Tai Livestock Investment and to assess whether the absence of an actual controller is adequately justified [2][3]. Group 3: Financial and Operational Risks - There are concerns regarding potential fund occupation by Inner Mongolia Chia Tai Agriculture during the reporting period, which raises questions about the effectiveness of the company's governance and internal control systems [2]. - The company is required to disclose any potential competitive issues in accordance with the relevant regulations, including risks related to share pledges and debt obligations that could adversely affect its shareholding structure [3]. - Chia Tai Seed must also evaluate whether there are any undisclosed equity control relationships or other arrangements among shareholders that could circumvent foreign investment restrictions [3].