Core Points - Shanghai Longyu Data Co., Ltd. (formerly Longyu Co., now "Longyu 3", 603003.SH) officially delisted on July 3, 2025, due to the major shareholder's inability to repay 868 million yuan [1] - After delisting, the major shareholder, Shanghai Longyu Holdings Co., Ltd. (holding 31.13%), unexpectedly repaid 337 million yuan within 20 days, raising questions about the timing and logic of the repayments [2] - Longyu 3 acquired Shanghai Yunman Yisuan Information Technology Co., Ltd. during the delisting period, which has raised concerns about potential financial misconduct involving the use of company funds to repay debts [3] Financial Situation - As of December 31, 2024, Yunman Yisuan reported total assets of approximately 357 million yuan and total liabilities of about 321 million yuan, with accounts payable around 273 million yuan [3] - Longyu's financial reports for 2023 and 2024 received "unable to express an opinion" audit reports, indicating significant financial issues [4] - The last financial report before delisting showed cash reserves of approximately 703 million yuan [10] Shareholder Concerns - Minority shareholders expressed frustration over the major shareholder's refusal to repay the occupied funds before delisting, questioning the rationale behind the decision to allow the company to lose its listing status [8][10] - The company faced lawsuits from minority shareholders demanding repayment of the occupied funds totaling 895 million yuan [5][6] Acquisition and Corporate Governance - The acquisition of Yunman Yisuan was not publicly disclosed until after the delisting, raising suspicions about the timing and intent behind the transaction [12][14] - The new vice president of Longyu, Liu Jianeng, has close ties to Yunman Yisuan, which has led to concerns about the legitimacy of the acquisition and potential conflicts of interest [19][20] Legal and Regulatory Implications - The major shareholder and related parties faced penalties for financial misconduct and fund occupation, which contributed to the company's delisting [6] - Financial experts have raised alarms about the potential legal risks associated with the alleged use of public company funds to settle debts owed by the major shareholder [20]