导致上市失败的关键因素，触碰到上市的三条警戒线

Core Viewpoint - The article discusses the reasons behind the failure of many companies to go public, highlighting the importance of avoiding conflicts of interest and compliance with regulations regarding related party transactions, industry competition, and executive roles. Group 1: Industry Competition (Red Line) - Companies applying for an IPO must not engage in the same business as their controlling shareholders or related entities, even if those entities are shell companies [2][3] - An example is provided with Changyou Technology, which faced delays in its IPO due to the need to deregister a shell company that was involved in similar business activities [4] - Companies are advised to promptly deregister non-operational shell companies and address any industry competition issues to avoid future IPO complications [5] Group 2: Related Party Transactions (Yellow Line) - Related party transactions are not prohibited but must meet two criteria: fair pricing and compliance with corporate governance procedures [6][9] - An example is given of Meiai Technology, which faced scrutiny over its pricing in transactions with a related company, Tianjia Environment, leading to multiple rounds of inquiries before successfully listing [8] - Companies must ensure that related party transactions are approved by the board or shareholders to avoid regulatory issues [10] Group 3: Executive Roles and Part-time Positions (White Line) - Controlling shareholders can hold positions in other companies as long as they are not in executive roles that could compromise independence [11][12] - High-level executives are also restricted from holding positions in the controlling shareholder's other companies to protect the interests of the listed company [13][14]