Core Viewpoint - Shanghai Longyu Data Co., Ltd. (formerly Longyu Co., now "Longyu 3") is set to be delisted due to the major shareholder's inability to repay 868 million yuan, raising concerns about the timing and logic behind the repayment of over 337 million yuan shortly after delisting [1][3][4] Group 1: Financial Situation and Delisting - The major shareholder, Shanghai Longyu Holdings Co., Ltd., had previously refused to repay the 868 million yuan before the company's delisting on July 3, 2025, but managed to repay over 337 million yuan within 20 days post-delisting [1][3] - The company reported a net asset of 3.693 billion yuan and cash reserves of 1.1 billion yuan at the end of 2023, yet faced multiple audit reports expressing inability to provide opinions due to financial irregularities [3][4] - The company initiated legal action against its major shareholder and related parties for the recovery of 895 million yuan in owed funds, but the situation remained unresolved by the time of delisting [3][4] Group 2: Acquisition and Corporate Governance - Following its delisting, Longyu 3 acquired Shanghai Yunman Yisuan Information Technology Co., Ltd., which raised questions about the timing and transparency of the acquisition during a period of limited information disclosure [1][10] - The acquisition was completed on July 15, 2025, with Longyu 3 becoming the sole shareholder, but details were not publicly disclosed until after the acquisition [10][12] - Concerns were raised regarding the legitimacy of the acquisition and the potential use of company funds to settle debts owed by the major shareholder, which could constitute a misuse of public company resources [18][19] Group 3: Shareholder Concerns and Responses - Minority shareholders expressed dissatisfaction with the major shareholder's handling of the situation, questioning why the company did not take action to maintain its listing status despite having sufficient funds [7][9] - The company's management acknowledged the concerns of shareholders during a meeting, stating intentions to repay debts when financially feasible, but the lack of action prior to delisting raised doubts about their commitment [5][7] - Allegations surfaced that the major shareholder was using the company as a means to settle personal debts, leading to significant losses for minority shareholders who had invested in the company at a premium [9][19]

Core Viewpoint - Longyu Co., Ltd. (龙宇股份) faced delisting due to a significant amount of funds misappropriated by its major shareholder, amounting to 868 million yuan, which was not repaid before the delisting date. Following its delisting, the company rebranded as "Longyu 3" and listed on the National Equities Exchange and Quotations (NEEQ) [1][4]. Group 1: Financial Issues and Delisting - Longyu Co., Ltd. was delisted on July 3, 2025, due to the inability to repay 868 million yuan misappropriated by its major shareholder [1][4]. - After delisting, Longyu 3 acquired Shanghai Yunman Yisuan Information Technology Co., Ltd. (云漫易算) [2][7]. - The major shareholder, Shanghai Longyu Holdings Co., Ltd. (龙宇控股), repaid 337 million yuan shortly after the delisting, raising questions about the timing and logic of these transactions [3][4]. Group 2: Acquisition and Business Operations - The acquisition of Yunman Yisuan was completed without detailed disclosure of the transaction terms, raising concerns among minority shareholders [9][11]. - Yunman Yisuan's financial health was questionable, with total assets of approximately 357 million yuan and liabilities of about 321 million yuan as of December 31, 2024 [3]. - Following the acquisition, Longyu 3 announced significant contracts in the artificial intelligence sector, despite concerns about the timing of these deals [9][10]. Group 3: Shareholder Concerns and Corporate Governance - Minority shareholders expressed dissatisfaction with the management's decisions, questioning why the company did not take measures to avoid delisting despite having sufficient cash reserves [5][6]. - There were allegations that the acquisitions were designed to deplete Longyu 3's cash reserves, potentially harming the company's ongoing viability and shareholder interests [21]. - The company denied allegations of impropriety regarding the acquisitions and the management's actions [6][18].