Shanghai Lonyer(SH:603003) Mei Ri Jing Ji Xin Wen·2025-11-09 08:09Core Points - Shanghai Longyu Data Co., Ltd. (formerly Longyu Co., now "Longyu 3", 603003.SH) officially delisted on July 3, 2025, due to the major shareholder's inability to repay 868 million yuan [1] - The company was listed on the National Equities Exchange and Quotations (NEEQ) on August 22, 2025, under the name "Longyu 3" [1] - The major shareholder, Shanghai Longyu Holdings Co., Ltd. (holding 31.13%), transferred 337 million yuan back to the company shortly after delisting, raising questions about the timing and logic of the repayments [2] - Longyu 3 acquired Shanghai Yunman Yisuan Information Technology Co., Ltd. during the period between delisting and re-listing, which has raised concerns about the financial practices of the controlling family [3][11] - The company faced multiple audit reports with disclaimers of opinion in 2023 and 2024, indicating serious financial issues [4] - The controlling family, led by Xu Zengzeng, has been accused of using company funds to repay debts, which could constitute a misappropriation of funds [18] Financial Situation - As of December 31, 2024, Longyu 3 reported total assets of approximately 3.57 billion yuan and total liabilities of about 3.21 billion yuan, with accounts payable around 2.73 billion yuan [3] - The last financial report before delisting showed the company had cash reserves of approximately 703 million yuan [9] - Despite having substantial cash reserves, the company failed to repay the major shareholder's debts before delisting, which directly violated new delisting regulations [5] Shareholder Concerns - Minority shareholders expressed frustration over the major shareholder's refusal to repay the occupied funds and questioned the company's management decisions leading to delisting [4][7] - There were attempts by minority shareholders to convene a special meeting to remove the controlling shareholder from the board, but these efforts were unsuccessful [5] - The controlling family has been criticized for their lack of action to preserve the company's listing status despite having the financial means to do so [7][10] Acquisition and Strategic Moves - The acquisition of Yunman Yisuan was completed during a period of limited information disclosure, raising suspicions about the motivations behind the timing [11][17] - The new subsidiary is focused on providing computing power services in the artificial intelligence sector, which the company claims is part of its strategic expansion [15] - Concerns have been raised regarding the legitimacy of the acquisition and the potential conflicts of interest involving the new management [18]