Core Viewpoint - Dazhong Laser announced the termination of the listing guidance for its subsidiary Shanghai Fuchuangde due to strategic and capital operation adjustments, marking a setback in its plans for spin-off listings [1][2]. Group 1: Company Developments - Dazhong Laser's subsidiary Shanghai Fuchuangde had submitted its listing guidance materials to the Shanghai Securities Regulatory Bureau in February 2023 but has now halted this process [1]. - The company previously attempted to spin off another subsidiary, Shenzhen Dazhong Fencai Technology, for a listing but withdrew its IPO application in early 2022 [1]. - Dazhong Laser has a history of pursuing spin-off listings, with Dazhong CNC successfully listed on the Growth Enterprise Market in February 2022 [1][2]. Group 2: Market Environment and Challenges - The guidance report from CITIC Securities indicated that the changing market financing environment led to adjustments in the planned application date for Shanghai Fuchuangde [2]. - As of November 30, 2023, 30 A-share companies have updated their spin-off listing progress, with 9 companies terminating their plans [2]. Group 3: Shareholder and Control Information - Dazhong Laser's actual controller, Gao Yunfeng, holds over 84% of Dazhong CNC shares, indicating a strong control over the subsidiary [3]. - A significant portion of Gao Yunfeng's shares in Dazhong Laser, approximately 92.59%, are under pledge, raising concerns about financial stability [3].