一封13年前的邮件引发5亿股权纠纷，赤子城创始人被“证婚人”告上法庭

Core Viewpoint - A significant equity dispute has emerged involving a Hong Kong-listed internet company, which is valued at over HKD 10 billion, stemming from a 13-year-old email that highlights the complexities of early-stage partnerships and the implications for corporate governance and compliance [2][3] Group 1: Background of the Dispute - The lawsuit was filed by Wang Ping against Liu Chunhe, the founder of the company, in September 2025, claiming a 3% equity stake in the company, valued at approximately HKD 489 million based on current market valuation [2] - The dispute traces back to a critical email from 2012, where Liu Chunhe offered Wang Ping a 3% equity gift in recognition of early support, alongside a proposal for Wang to invest an additional HKD 700,000 for a 7% stake, which Wang declined [2] Group 2: Legal and Compliance Implications - Wang Ping has accused Liu Chunhe of failing to honor the equity promise during multiple financing rounds and after the company's IPO in 2019, leading to his decision to file a lawsuit after receiving no response to his requests [3] - The lawsuit raises concerns about the company's compliance with disclosure regulations, as Wang has reported to the Hong Kong Stock Exchange that the company did not disclose this significant equity commitment in its IPO prospectus, potentially concealing legal risks [3] Group 3: Company Performance Amidst Dispute - Despite the ongoing legal issues, the company continues to experience rapid growth, with a reported 13.6% year-on-year revenue increase to HKD 2.58 billion in the third quarter of 2025, and strong performance of its core social product, SUGO, in the Middle East market [3] - The company's journey from a shell company valued at HKD 30,000 to a market capitalization exceeding HKD 19 billion underscores its rapid expansion, while the blurred lines between personal relationships and business interests from its early days now pose significant compliance challenges [3]