Core Viewpoint - Shougang Longze's IPO process has faced significant delays and complications due to a lawsuit, leading to the return of investor funds twice, which is rare in the Hong Kong IPO market [1][9]. Group 1: IPO Delays and Lawsuit - Shougang Longze initially planned to list on July 9, but a lawsuit led to the return of investor funds and a subsequent delay in the IPO process [2][4]. - The company announced a second delay on July 11, just hours after stating that trading would begin on July 15, due to ongoing legal disputes [8][9]. - Investors expressed confusion over the repeated delays, particularly regarding the impact on their investments, especially for those using financing to subscribe [1][9]. Group 2: Details of the Lawsuit - The lawsuit was filed by Hainan Jiyuan, a major shareholder in Shougang Longze's subsidiary, Ningxia Shoulang, claiming dissatisfaction with investment returns and seeking to withdraw from the joint venture [2][5]. - The lawsuit alleges that Shougang Longze made significant investment decisions without proper notification or approval from Hainan Jiyuan, including an investment increase of approximately 160 million yuan [12]. - Shougang Longze contends that the lawsuit lacks legal basis and that the decisions made were in accordance with board approvals [12]. Group 3: Supply Chain Concerns - The lawsuit may also affect the supply of raw materials for Shougang Longze, as Ningxia Jiyuan, a supplier of industrial tail gas, is controlled by the same shareholders as Hainan Jiyuan [13][14]. - Following the lawsuit, Ningxia Shoulang's production facilities underwent a scheduled maintenance period, raising concerns about potential supply disruptions [13][14]. - Shougang Longze has reached an agreement with a new tail gas supplier to mitigate supply risks, with pipeline connections expected to be completed by October [14].