Vohringer Home Technology (SH:603226) IPO日报·2025-06-13 12:23Core Viewpoint - The company Filinger Home Technology Co., Ltd. (stock code: 603226.SH) has experienced significant stock price fluctuations, prompting an investigation into its trading activities and a subsequent resumption of trading after a temporary suspension. The stock price fell to a limit down on the first day of trading after resumption, closing at 10.82 yuan after a series of consecutive limit-up days [1][6]. Shareholder Structure - The largest shareholder is Filinger Holdings, a foreign entity, holding 27.22% of the shares. The actual controllers, Ding Furu and his son Ding Jialei, collectively hold 44.56% of the shares through various groups [3][4]. Share Transfer Details - The actual controllers are transferring a total of 88,872,943 shares (25% of total shares) at a price of 7.88 yuan per share, while Filinger Holdings is transferring 96,764,554 shares (27.22% of total shares) at a lower price of 6.73 yuan per share [4][5]. Control Transfer and Governance - Post-transfer, the actual controllers' shareholding will decrease to 19.56%, while the new controlling shareholders, Jin Yawei and An Jiqing, will hold 25% of the shares. The Shanghai Stock Exchange raised concerns about potential relationships between the new shareholders and the existing management [6][8]. Market Challenges - The company faces dual development bottlenecks: limited growth in its core flooring business and significant differences in operational philosophies between the German shareholders and the actual controllers. The German shareholders have expressed a strong intent to exit the company [8][9]. Financial Performance - The company is projected to report negative net profits for both the fiscal year 2024 and the first quarter of 2025, with no significant changes in its daily operations or business fundamentals expected in the near term [10].