Shanghai Lonyer(SH:603003) Xin Lang Cai Jing·2025-11-09 01:48Core Viewpoint - Longyu Co., Ltd. (龙宇股份) faced delisting due to a significant amount of funds misappropriated by its major shareholder, amounting to 868 million yuan, which was not repaid before the delisting date. Following its delisting, the company rebranded as "Longyu 3" and listed on the National Equities Exchange and Quotations (NEEQ) [1][4]. Group 1: Financial Issues and Delisting - Longyu Co., Ltd. was delisted on July 3, 2025, due to the inability to repay 868 million yuan misappropriated by its major shareholder [1][4]. - After delisting, Longyu 3 acquired Shanghai Yunman Yisuan Information Technology Co., Ltd. (云漫易算) [2][7]. - The major shareholder, Shanghai Longyu Holdings Co., Ltd. (龙宇控股), repaid 337 million yuan shortly after the delisting, raising questions about the timing and logic of these transactions [3][4]. Group 2: Acquisition and Business Operations - The acquisition of Yunman Yisuan was completed without detailed disclosure of the transaction terms, raising concerns among minority shareholders [9][11]. - Yunman Yisuan's financial health was questionable, with total assets of approximately 357 million yuan and liabilities of about 321 million yuan as of December 31, 2024 [3]. - Following the acquisition, Longyu 3 announced significant contracts in the artificial intelligence sector, despite concerns about the timing of these deals [9][10]. Group 3: Shareholder Concerns and Corporate Governance - Minority shareholders expressed dissatisfaction with the management's decisions, questioning why the company did not take measures to avoid delisting despite having sufficient cash reserves [5][6]. - There were allegations that the acquisitions were designed to deplete Longyu 3's cash reserves, potentially harming the company's ongoing viability and shareholder interests [21]. - The company denied allegations of impropriety regarding the acquisitions and the management's actions [6][18].