发生了什么？百亿黄金概念股主动申请退市，董事长又请辞

Core Viewpoint - Yulong Co., Ltd., a gold concept stock with a market value exceeding 10 billion, has announced its voluntary delisting from the Shanghai Stock Exchange to transition to the "delisting board" of the New Third Board due to poor operating conditions and deteriorating cash flow [1][3]. Group 1: Company Announcement and Leadership Changes - Yulong Co., Ltd. will resume trading on the New Third Board starting March 24, following its announcement to delist [1]. - The company also announced the resignation of Chairman Niu Lei for personal reasons, after which he will no longer hold any position within the company [1]. Group 2: Financial and Operational Challenges - The company cited significant uncertainties in its operations and ongoing cash flow issues, leading to the decision to withdraw its A-share listing [3]. - Yulong Co. is implementing a cash option mechanism to protect minority shareholders, with a proposed exercise price of 13.2 yuan per share, slightly above the last closing price before suspension [3][4]. - The total amount for the cash option is expected to be nearly 7.3 billion yuan, covering up to 553 million shares, excluding shares held by the controlling shareholder [4]. Group 3: Legal and Debt Issues - Yulong Co. faces multiple lawsuits and arbitration disputes, resulting in the freezing of core assets and increasing debt risks [5]. - The company has approximately 495 million yuan in unpaid debts, leading to the freezing of bank deposits and receivables [5]. - The company is also facing claims related to unpaid acquisition costs for a graphite mine in Mozambique, totaling 8.5 million Australian dollars [5]. Group 4: Project Viability and Market Conditions - Yulong Co.'s projects, including the Shaanxi Vanadium Mine and the Australian Pakingo project, are struggling with cash flow and operational viability [6]. - The company has invested 240 million yuan in the Vanadium Mine, which is still in the early stages of construction and requires an additional 500-600 million yuan for completion [6]. - The market conditions for quartz sand, a primary revenue source, are declining, significantly impacting future operations [6]. Group 5: Historical Financial Performance - Yulong Co. reported fluctuating net profits from 2020 to 2023, with a notable drop in 2022 followed by a recovery in 2023, achieving a net profit of 445 million yuan, a year-on-year increase of 52.9% [6][8]. - The company's revenue for the first three quarters of the previous year was 1.3 billion yuan, a decrease of 19.87% year-on-year, with a net profit decline of 21.03% [8].