林平发展IPO：李建设表决权超88%，投资的小贷公司被吊销

Company Overview - Anhui Linping Circular Development Co., Ltd. (Linping Development) is set to hold its listing meeting on the Shanghai Stock Exchange on December 11, with Guolian Minsheng Securities as the sponsor [1] - The company specializes in the research, production, and sales of corrugated paper and boxboard products, evolving into a comprehensive resource utilization enterprise integrating waste paper recycling, cogeneration, and green papermaking [1] Shareholding Structure - The actual controller, Li Jianshe, holds a direct shareholding of 84.86% and controls a total of 88.4% of the voting rights through his role as the executive partner of Haoteng Investment [1] - Li Jianshe's background includes a history in individual transportation and paper trading, and he has held various community leadership roles since 2006 [1] Governance Risks - There are concerns regarding the potential for improper control by the actual controller, which could harm the interests of the company and minority shareholders if decisions are made beyond the authority of the shareholders' meeting [2] Capital Contribution Issues - Linping Development has faced issues with its physical capital contributions, having made three instances of such contributions since its establishment, which did not comply with the relevant provisions of the Company Law [5] - In December 2022, Li Jianshe committed to compensating for any losses incurred due to these historical capital contribution flaws [5] Management Changes - The company has experienced significant management turnover, with multiple resignations of independent directors and the board secretary in recent years, raising concerns about stability and governance [7][9] - The former board secretary, Lin Xiushan, resigned shortly before the IPO, which may warrant regulatory scrutiny given his previous role in a company that faced significant regulatory issues [9]