Core Viewpoint - Recent news indicates that Huatu Shanding's actual controller is embroiled in a stock dispute, raising questions about the potential flaws in Huatu Education's "controlling first, injecting later" strategy and the stability of Huatu Shanding's shareholding structure [1][3] Group 1: Stock Dispute and Control Issues - Huatu Education's founder, Yi Dinghong, is reportedly involved in a stock dispute, with allegations stemming from unmet commitments regarding the injection of shares from Huatu Hongyang into Huatu Shanding [1][3] - The dispute appears to reflect concerns over the clarity of property rights and the stability of control within Huatu Shanding, particularly given the high pledge ratio of major shareholders [1][3][15] Group 2: Historical Context of Listing Attempts - Huatu Education has faced multiple challenges in its attempts to go public, including failed listings on A-shares and the New Third Board, as well as unsuccessful attempts to merge with other companies [3][4][5] - The company eventually achieved a reverse merger through a "controlling first, injecting later" strategy, acquiring the shell company Shanding Design in 2019 [6][7] Group 3: Financial Performance and Projections - For 2024, Huatu Shanding is projected to achieve a total revenue of 2.83 billion yuan, a year-on-year increase of 1046.34%, with non-degree training accounting for 98.54% of total revenue [9][10] - The company reported a net profit of 52.99 million yuan for 2024, reflecting a 157.62% increase year-on-year [9][10] Group 4: Shareholding Structure and Pledge Ratios - Yi Dinghong's effective shareholding in Huatu Shanding is approximately 10%, significantly lower than the original shareholder's 16% [11] - As of June 12, 2025, 69.7% of Huatu Investment's shares in Huatu Shanding are pledged, indicating potential liquidity issues for the controlling shareholders [15][19]