Core Viewpoint - The article highlights the significant impact of large debts held by controlling shareholders and actual controllers on the stability and independent operation of companies seeking to go public, emphasizing the need for thorough disclosure and scrutiny of their financial situations [2][4][6]. Group 1: Case Background - Company A's controlling shareholder, individual A, holds over 56 million shares, approximately 30% of the total shares, and has personal debts exceeding 37 million yuan due to investments, guarantees for others, and family expenses [3]. - A significant portion of the debts, around 30 million yuan, is owed to the actual controllers of Company A's clients and suppliers, raising concerns about potential conflicts of interest [6]. Group 2: Case Analysis - The formation background and usage of the large debts are critical, including the amounts, terms, interest rates, and purposes of the loans, with a focus on any irregularities that may indicate improper benefit transfers or internal control issues [4][5]. - The relationship between the controlling shareholder and the lenders is scrutinized to identify any potential conflicts of interest or unclear ownership of shares [5]. - The repayment risk of the controlling shareholder is assessed, including their asset status, repayment plans, and any potential pledges of Company A's shares that could affect control stability [5][6]. - The impact of the controlling shareholder's debts on the qualifications of directors and senior management is considered, particularly if they become untrustworthy due to unpaid debts [5][8]. Group 3: Conclusion - Company A has withdrawn its application for public listing, indicating the challenges posed by the financial situation of its controlling shareholder [9].