Sotong Development's actual controller's ex-wife plans to cash out 130 million; last year, the actual controller cashed out 270 million.

China Economic Net Beijing, March 27 (China Economic Net)—Sutong Development (603612.SH) released an announcement late yesterday regarding its shareholders’ share reduction plan.

Due to its own capital needs, Wang Ping, a shareholder holding more than 5% of Sutong Development’s shares, plans to reduce its holdings of Sutong Development shares in an amount totaling no more than 4,981,000 shares (including this number) within three months after 15 trading days from the date of the announcement disclosure, by way of centralized bidding or block trading. This will not exceed 1% of Sutong Development’s total share capital. The reduction price will be determined based on the market price.

As of the date of the announcement disclosure, Wang Ping holds 56,053,012 shares of Sutong Development, accounting for 11.25% of Sutong Development’s total issued share capital. Wang Ping’s acting-in-concert party, the company’s controlling shareholder Lang Guanghui, holds 72,473,022 shares of Sutong Development, accounting for 14.55% of the total issued share capital. Wang Ping and Lang Guanghui together hold 128,526,034 shares of Sutong Development, accounting for 25.80% of the total issued share capital.

As of the last trading day prior to the publication of the share reduction plan announcement, namely March 26, 2026, Sutong Development closed at 26.10 yuan per share. Based on this calculation, the amount of Wang Ping’s expected share reduction in this round is approximately 130 million yuan.

According to Sutong Development’s disclosed 2024 annual report, the company’s controlling shareholder and actual controller is Lang Guanghui. Lang Guanghui has signed an “Acting in Concert and Voting Rights Entrustment Agreement” with Wang Ping. Under the agreement, Wang Ping has entrusted the voting rights of the shares it holds to Lang Guanghui, and maintains consistent opinions with Lang Guanghui.

According to a notice announcement regarding changes in the controlling shareholder’s equity interests disclosed by Sutong Development on the evening of March 28, 2019, on March 27, 2019, the company received a notice from Lang Guanghui. Lang Guanghui and Wang Ping have signed the “Acting in Concert and Voting Rights Entrustment Agreement” and other related documents, and made arrangements regarding matters such as divorce and the division of the company’s shares. According to the “Divorce and Share Division Agreement of a Listed Company” signed by Lang Guanghui and Wang Ping, Lang Guanghui transferred the 56,053,012 shares he held of the company to Wang Ping.

Between September 3, 2025 and October 21, 2025, Lang Guanghui reduced its holdings of Sutong Development by 9,961,944 shares, at a price range of 23.20 yuan per share to 27.31 yuan per share, for a total reduction amount of 248,097,141.10 yuan. Between October 17, 2025 and October 20, 2025, Xuan Yuan Private Fund Investment Management (Guangdong) Co., Ltd.—Xuan Yuan Ke Xin No. 182 Private Securities Investment Fund (hereinafter referred to as “Xuan Yuan Ke Xin No. 182”) reduced its holdings of Sutong Development by 1,025,214 shares, at a price range of 24.20 yuan per share to 24.32 yuan per share, for a total reduction amount of 24,879,130.80 yuan. Based on calculations, between September 3, 2025 and October 21, 2025, Lang Guanghui and Xuan Yuan Ke Xin No. 182 together reduced their holdings of Sutong Development by 10,987,158 shares, for a total reduction amount of 272,976,271.90 yuan. After the completion of this share reduction, Xuan Yuan Ke Xin No. 182 will no longer hold shares of Sutong Development, and the acting-in-concert relationship with Lang Guanghui will be terminated.

Sutong Development was listed on the Shanghai Stock Exchange on July 18, 2017. The issuance size was 60.20 million shares, the issue price was 7.88 yuan per share, the sponsor (lead underwriter) was Huatai United Securities Co., Ltd., and the sponsor representatives were Ji Dongxiao and Wang Jiyue.

The total proceeds from Sutong Development’s initial public offering of shares were 474.376 million yuan. After deducting issuance expenses, the net proceeds actually raised were 442.79 million yuan. The prospectus disclosed before Sutong Development’s listing shows that the company planned to raise 442.7901 million yuan, which would be used for the annual production of 340,000 tons of prebaked anode and waste heat power generation projects at Jiayuguan Sutong Carbon Materials Co., Ltd., and for replenishing working capital, respectively.

The total issuance expenses of Sutong Development’s initial public offering of shares were 31.5859 million yuan (excluding VAT). Of this amount, underwriting and sponsorship fees were 22.3762 million yuan.

Approved by the China Securities Regulatory Commission’s “Reply on Approving Sutong Development Co., Ltd. to Publicly Issue Convertible Corporate Bonds” issued on August 27, 2019 (CSRC Approval [2019] 1553), Sutong Development publicly issued 9,450,000 convertible corporate bond lots to the public, with a par value of 100 yuan each, issued at par value. The total issuance amount was 945,000,000 yuan, with a term of 6 years. After deducting issuance expenses, the net proceeds actually raised were 930,607,246.07 yuan. The above proceeds were received on October 30, 2019. They were verified by Dasxin Certified Public Accountants (Special General Partnership) and an audit report was issued, namely “Verification Report on the Actual Receipt of Proceeds for the Public Issuance of Convertible Corporate Bonds by Sutong Development Co., Ltd.” with report number Dasxin Zhuan Shen Zi [2019] No. 4-00122.

Approved by the China Securities Regulatory Commission’s “Reply on Approving Sutong Development Co., Ltd. to Conduct a Non-public Issuance of Shares” issued on April 25, 2021 (CSRC Approval [2021] 1472), Sutong Development issued 24,605,385 RMB ordinary shares (A shares) to its specific investor Lang Guanghui, with a par value of 1 yuan per share and an issue price of 10.77 yuan per share. The total amount of proceeds raised was 264,999,996.45 yuan. After deducting part of the securities underwriting and sponsorship fees amounting to 2,830,188.68 yuan paid to the sponsor (lead underwriter) Fangzheng Securities Co., Ltd. (hereinafter referred to as “Fangzheng Underwriting and Sponsorship”), the remaining proceeds of 262,169,807.77 yuan were remitted into the company’s proceeds special account. After deducting issuance expenses, the net proceeds actually raised were 261,572,121.66 yuan. The above proceeds were received on June 21, 2021, and were reviewed and verified by Dasxin Certified Public Accountants (Special General Partnership), which issued the “Verification Report” with report number Dasxin Yan Zi [2021] No. 4-00030.

Approved by the China Securities Regulatory Commission’s “Reply on Approving Sutong Development Co., Ltd. to Issue Shares to Acquire Assets such as Xue Yong and Raise Supporting Funds” (CSRC Approval [2022] 3255), Sutong Development raised supporting proceeds in this round by issuing 34,004,952 shares to specific targets, at an issue price of 20.11 yuan per share, for a total fund-raising amount of 683,839,584.72 yuan. After deducting various issuance expenses (excluding VAT) of 6,239,539.05 yuan, the net proceeds actually raised were 677,600,045.67 yuan. The status of the proceeds having been received was verified by Dasxin Certified Public Accountants (Special General Partnership), which issued a verification report, namely Dasxin Yan Zi [2023] No. 4-00011.

Sutong Development’s above four rounds of fund-raising totaled 2.368 billion yuan.

In addition, on July 3, 2018, Sutong Development announced a bonus issue of 4 shares for every 10 shares held and a pre-tax cash dividend of 6.77 yuan. The equity registration date was July 10, 2018, and the ex-rights and ex-dividend date was July 11, 2018.

(责任编辑：马欣)