Group 1 - The actual controller of the company, TAOHAI (陶海), inherited all shares held by the late Dai Zuyu, who passed away in May 2025 [1] - TAOHAI and another actual controller, Tang Ya, signed a "Joint Action Agreement" to ensure consistent management and decision-making within the company [1] - The re-signing of the "Joint Action Agreement" is expected to maintain the stability of the company's actual control and ensure continuity in development strategies and management policies [1]

Core Viewpoint - Anhui Shuguang Chemical Group Co., Ltd. is undergoing its first round of IPO review on the Shanghai Stock Exchange, with a focus on the rationale behind its actual controller having 67 concerted actors, which may be the highest number in A-share IPO history [2][5]. Summary by Sections Actual Controller and Concerted Actions - The actual controller, Yu Yongfa, directly holds 19.56% of the shares and, through agreements with 67 other shareholders, controls 79.16% of the voting rights [5][26]. - The Shanghai Stock Exchange's review center has requested explanations regarding the reasonableness of Yu Yongfa's agreements with the 67 individuals, the recognition of his control by other shareholders, and measures to stabilize control [5][7]. Shareholding Changes and Historical Context - The company provided a detailed account of Yu Yongfa's shareholding changes, including decision-making processes and pricing fairness for acquiring shares over the years [7][8]. - Since the 2004 diversification reform, the company has maintained control through entrusted shareholding arrangements to ensure governance stability [20][21]. Agreements and Legal Framework - The agreements signed between Yu Yongfa and the 67 concerted actors are based on historical practices of using such agreements to regulate company control [30]. - The company has consistently utilized trust contracts to manage shareholding and voting rights, ensuring that Yu Yongfa retains effective control [20][21]. Recent Developments - In 2023, the company repurchased shares from 471 anonymous shareholders, reducing Yu Yongfa's voting rights from 57.35% to 46.95% [25]. - Following the completion of the repurchase, the company transitioned to a joint-stock company structure, with Yu Yongfa holding approximately 19.56% of the total shares [25][26].

Core Viewpoint - Anhui Shuguang Chemical Group Co., Ltd. (Shuguang Group) is undergoing a review process for its listing on the Shanghai Stock Exchange, with a focus on the actual control of the company by its major shareholder, Yu Yongfa, and the agreements made with other shareholders to maintain control stability [1][2]. Shareholding Structure - Yu Yongfa directly holds 19.56% of the company's shares and, through an agreement with 67 other shareholders, controls 79.16% of the voting rights [1]. - The company has a history of using entrusted shareholding agreements to concentrate voting rights among major shareholders since its reform in 2004 [2]. Control Agreements - In late 2023, Yu Yongfa signed a "Joint Action Agreement" with 67 shareholders, allowing him to control an additional 35.76 million shares, which represents approximately 59.6% of the total shares [3]. - The agreements were notarized by the Anqing City Notary Office, ensuring the legal backing of the control structure [3]. Financial Performance - Shuguang Group operates in cyanide chemicals, modern coal chemicals, fine chemicals, and new chemical materials, with three main business segments: cyanides, butanol, and coal-to-hydrogen [4]. - The company's revenue from 2021 to the first half of 2024 shows a decline from 37.8 billion yuan in 2021 to 15.03 billion yuan in the first half of 2024, with net profits also fluctuating during this period [4]. - Key financial metrics include: - Revenue: 37.8 billion (2021), 36.58 billion (2022), 35.47 billion (2023), 15.03 billion (2024 H1) - Net Profit: 8.78 billion (2021), 3.61 billion (2022), 5.05 billion (2023), 1.72 billion (2024 H1) - Gross Margin: 34.58% (2021), 17.21% (2022), 22.64% (2023), 21.74% (2024 H1) [4][5]. Corporate Governance - The company has undergone significant changes in its governance structure, transitioning to a joint-stock company in December 2023, which dissolved previous entrusted shareholding relationships [2]. - Yu Yongfa has been a key figure in the company since its inception, holding various leadership roles, including Chairman and General Manager, and currently serves as Honorary Chairman [5].

Group 1 - The core point of the announcement is the renewal of the "Joint Action Agreement" between the actual controllers of Xi'an Boli Tech Additive Technology Co., Ltd., ensuring the continuity and stability of the company's operations [1][2]. - The agreement was originally signed on July 4, 2022, and is set to expire on July 22, 2025. The renewal is based on the company's future development needs and mutual interests [1][2]. - The actual controllers, Mr. Zhe Shengyang and Mr. Xue Lei, collectively control 22.22% of the company's shares, with Mr. Zhe holding 16.57% and Mr. Xue holding 5.64% through direct and indirect ownership [1][2]. Group 2 - The main content of the renewed agreement includes provisions for both parties to reach consensus and exercise their voting rights in board or shareholder meetings. If consensus cannot be reached, both parties are required to make appropriate concessions [2]. - The renewal of the agreement does not change the actual control of the company, which remains with Mr. Zhe and Mr. Xue. This stability is expected to benefit the company's strategic development and management policies [2]. - The announcement emphasizes that the renewal will not adversely affect the daily operations of the listed company or harm the interests of minority investors [2].

Group 1 - The core point of the news is the expiration of the "Consistent Action Agreement" between the controlling shareholder, Huangting Chankong, and Chen Qiaoling, which will not be renewed after June 22, 2025, and will not affect the company's governance structure or daily operations [1][4] Group 2 - The "Consistent Action Agreement" was signed on December 22, 2023, and is effective for 18 months, requiring both parties to act in unison during shareholder meetings [2][3] - During the effective period of the agreement, all parties adhered to the terms and commitments without any violations [2] - Upon the expiration of the agreement, the combined shareholding of Huangting Chankong and its action-in-concert parties will be 292,920,124 shares, representing 24.77% of the total share capital [3][4] Group 3 - The expiration of the agreement will not lead to any changes in the company's control or adversely affect the interests of minority investors [4]

Core Viewpoint - The report outlines a passive decrease in shareholding percentage for Shenzhen Huating International Enterprise Co., Ltd. due to the expiration of a concerted action agreement, without any change in the number of shares held [1][6]. Group 1: Shareholding Changes - The shareholding percentage of the information disclosing parties decreased from 25.03% to 24.77% following the termination of the concerted action agreement, resulting in a change of 3,041,078 shares [5][6]. - The total shares held by the information disclosing parties after the change amount to 292,920,124 shares, representing 24.77% of the total share capital [6][8]. Group 2: Information Disclosing Parties - The main information disclosing parties include Shenzhen Huating Industrial Holdings Co., Ltd., Shenzhen Huating Investment Management Co., Ltd., Baile Asia Pacific Investment Co., Ltd., Huating International Group Co., Ltd., and Zheng Xiaoyan [1][4]. - Shenzhen Huating Industrial Holdings Co., Ltd. holds 181,126,900 shares, accounting for 15.32% of the total shares [6][8]. Group 3: Future Plans - The information disclosing parties do not rule out the possibility of increasing or decreasing their shareholding in the next 12 months, in compliance with existing laws and regulations [5][8]. - The report emphasizes that any future changes in shareholding will be disclosed in accordance with legal requirements [5][8].