对赌失败，山西金控等多位资本离场，这家小巨人企业上市遇阻背后…

Core Viewpoint - Shanxi Huqing Environmental Protection Co., Ltd. announced that several shareholders have signed a share transfer agreement, involving 8.32% of the company's total equity, with two state-owned investment funds divesting their shares [1][3]. Group 1: Shareholder Changes - Datong Rural Industry Investment Fund and the Multiplication Fund plan to transfer all their shares in Huqing Environmental Protection to the controlling shareholder, Chang Yuqing [1][3]. - After the transfer, Chang Yuqing's shareholding will increase from 39.06% to 47.38%, maintaining his status as the actual controller of the company [3]. Group 2: Background of Shareholders - Datong Rural Industry Investment Fund is a government-guided fund established in 2019, focusing on rural revitalization and industrial upgrades [3]. - The Multiplication Fund was established in June 2022 to support the listing of enterprises in Shanxi Province [3]. Group 3: Listing Challenges - Huqing Environmental Protection has not yet achieved its goal of listing on the Beijing Stock Exchange by the end of 2024, which is tied to a previous agreement with investors [6]. - The company has not initiated the listing guidance process and is currently in the basic tier of the New Third Board [6]. Group 4: Financial Performance - In 2024, Huqing Environmental Protection reported a net profit of -1.56 million yuan, which is below the Beijing Stock Exchange's requirement of a minimum net profit of 15 million yuan over the past two years [6]. - For the first half of 2025, the company reported revenue of 81.07 million yuan, a year-on-year increase of 43.52%, and a net profit of 3.22 million yuan, indicating a turnaround [7].