股权转让操作不当影响上市，涉及三种情况，过了20年仍受影响

Core Viewpoint - The article discusses the impact of historical equity issues on companies' IPO applications, highlighting three case studies that illustrate how past equity transfer agreements and processes can lead to denial of listing applications. Group 1: Equity Transfer Agreements Impacting IPO - The first case illustrates how a problematic equity transfer agreement from 2017 affected a company's IPO application in 2023, leading to its rejection due to unclear equity ownership [11][10][5] - The lack of a specified transfer price in the equity transfer agreement created disputes over ownership, which is a significant concern for IPO eligibility [11][10][12] Group 2: Equity Transfer Processes Affecting IPO - The second case involves a company where a founder's relative left the company without proper equity transfer documentation, leading to disputes 22 years later during the IPO process [15][18] - The company had to engage in legal proceedings to confirm the relative's lack of shareholder status, which ultimately allowed them to proceed with their IPO [15][18] Group 3: Equity Transfer Pricing Issues - The third case highlights how a company's actual controller faced scrutiny for acquiring shares at a significantly low price, raising questions about the legitimacy of the transaction and leading to a failed IPO [19][20] - Another company faced similar issues when a minority shareholder sold a substantial stake at a low price, resulting in doubts about the authenticity of the transaction and contributing to its IPO failure [19][20]