Zhong Guo Ji Jin Bao·2025-11-11 00:29Core Viewpoint - Shuguang Co., Ltd. has announced the termination of its planned private placement of shares, citing a comprehensive consideration of the current external environment and the company's actual situation and development plans as reasons for the decision [4][5]. Group 1: Termination of Private Placement - The company held a board meeting on November 10, 2025, where it approved the termination of the private placement plan originally proposed on November 14, 2024, which aimed to raise up to 339 million yuan for working capital [2][4]. - The application for the private placement was accepted by the Shanghai Stock Exchange on July 17, 2025, but the company failed to respond to the exchange's inquiry letter for over three months before announcing the termination [5]. Group 2: Financial Situation - Shuguang Co., Ltd. has been facing financial difficulties, with a reported cash balance of only 135 million yuan against short-term borrowings and current liabilities exceeding 600 million yuan [5][6]. - The company has experienced continuous losses, with a net profit of -340.8 million yuan for the year ending December 31, 2024, and a cumulative net loss of over 2 billion yuan in the first three quarters of 2025 [7]. Group 3: Shareholder Dynamics - The company's two main shareholders, born in the 1990s, have maintained a low control ratio of 14.32% since acquiring control in June 2023, which could have increased to 29.62% if the private placement had proceeded [5][6]. - The termination of the private placement is seen as a missed opportunity for both the controlling shareholders and the company, as it would have provided much-needed liquidity [6].