ZMJ(SH:601717) Sou Hu Cai Jing·2025-11-04 12:31Group 1 - The core point of the article emphasizes that having good performance alone is not sufficient for a company to go public; holding 30% of shares is a critical threshold that can significantly impact the listing process [10][11] - The case of Xin Yan Industrial illustrates that the major shareholder held 32% of shares, leading to a failed listing attempt on the ChiNext board despite meeting profit requirements [9][4] - The article discusses the importance of actual control recognition and the implications of shareholding structures on the listing process, highlighting that the major shareholder's control must be clearly defined [11][20] Group 2 - The case of Company A shows that the major shareholder held 34% of shares and faced three failed listing attempts due to issues related to share transfer pricing and actual control recognition [12][22] - The article points out that the low share transfer price raised suspicions of shareholding arrangements, which complicated the listing process [15][16] - The failure of Company A's listing attempts underscores the necessity of clear ownership and control structures to meet regulatory requirements [20][22] Group 3 - The case of Su Da Co., which initially failed its first listing attempt with a major shareholder holding 30%, demonstrates the impact of actual control and related party transactions on the listing process [29][58] - The company faced challenges due to potential conflicts of interest and competition with its major shareholder, which were critical factors in the rejection of its listing application [50][56] - After making necessary adjustments, Su Da Co. successfully listed on the main board, indicating that addressing regulatory concerns can lead to successful outcomes [58]