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 viewpoint of the article is that Anhui Shuguang Chemical Group Co., Ltd. is progressing with its IPO process, having submitted its first round of inquiry responses to the Shanghai Stock Exchange [1] - The company is a large comprehensive chemical enterprise focusing on cyanide chemicals, modern coal chemicals, fine chemicals, and new chemical materials, with established business segments in cyanides, butanol, and coal-to-hydrogen [1] - The IPO aims to raise approximately 1.5 billion yuan, which will be allocated to projects including a 100,000-ton BDO and 120,000-ton PBAT production project, a 46,000-ton PTMEG project, a research and development center, and working capital [1] Group 2 - The company’s IPO was accepted on December 27, 2024, and entered the inquiry phase on January 25, 2025 [1] - The first round of inquiry raised questions regarding the company's shareholder structure, actual controllers, and main board positioning [1]