On November 10, Suotong Development (603612.SH) said it had been notified by its controlling shareholder and actual controller, Lang Guanghui, that a post-divorce property dispute filed by his former wife, Wang Ping, had been accepted by the Chaoyang District People’s Court in Beijing.
Wang’s claims are to terminate an acting-in-concert and voting-rights entrustment agreement, to obtain an additional division of 23.7187 million shares in the listed company, and other property claims totaling about 393 million yuan. At that day’s closing price of 16.72 yuan per share, those additional shares would be worth about 397 million yuan. Together with the cash claims, the property she is seeking totals about 790 million yuan.
The case is in mediation and has not yet been heard.
Suotong Development said the dispute concerns only the controlling shareholder and actual controller’s personal shareholder rights in the company, is unrelated to production and operations, and will not have a material effect on the company’s operating performance.
Under the acting-in-concert and voting-rights entrustment agreement, unilateral termination is possible only if an effective legal instrument finds a breach that makes the agreement impossible to perform, or if continued performance would harm the company or the interests of either party.
The dispute traces to 2019. In March 2019, when Suotong disclosed a change in the controlling shareholder’s interests, it said Lang and Wang had signed a divorce and listed-company share-division agreement. Lang transferred 56.053 million shares to Wang, equal to 16.47% of the company’s total share capital at the time. To keep control stable, they also signed the acting-in-concert and voting-rights entrustment agreement that supports Lang’s control. The agreement runs for eight years and, if Lang has not harmed Wang’s interests or breached it, renews automatically for another eight years until Wang no longer holds Suotong shares.
The agreement also limits Wang’s selling. Without Lang’s written consent, reductions through centralized bidding or block trades may not exceed 3% of total share capital in any consecutive 12 months. She may not continue reducing her holding if doing so could cause Lang to lose actual control. If she proposes a negotiated transfer, Lang has a right of first refusal on the same terms.
Wang’s share count has not changed since that transfer. The third-quarter report showed that, as of September 30, 2026, Lang directly held 72,473,022 shares (14.55%) and Wang directly held 56,053,012 shares (11.25%). As persons acting in concert, they together held 25.8%.
If the court supported Wang’s requests, Lang’s direct holding would become 48.7543 million shares (9.79%) and Wang’s 79.7717 million shares (16.02%). Wang would then be the company’s largest shareholder.
Suotong Development was founded in 2003 and is headquartered in Dezhou, Shandong. The report says the company has initially formed a mid- to high-end carbon-materials supply and service system based on integrated wind, solar, storage and hydrogen green-energy supply, with prebaked anodes and the negative-electrode business as pillars, alongside global trade, industrial technology services, electronic components and incubation of new industries.
The company’s third-quarter report showed revenue of 16.324 billion yuan in the first three quarters of this year, up 27.91% year on year. Net profit attributable to the parent was 657 million yuan, up 0.48%, and net profit excluding non-recurring items was 655 million yuan, up 2.01%.
Original article: The Paper
