To The Moon

On November 10, Sunstone Development (603612.SH) announced that the company had received notice from controlling shareholder and actual controller Lang Guanghui that a post-divorce property dispute lawsuit filed by his ex-wife Wang Ping against Lang Guanghui had been accepted by the Chaoyang District People's Court of Beijing.

The announcement stated that in this lawsuit, Wang Ping's claims include: first, requesting termination of the "Concerted Action and Voting Rights Entrustment Agreement"; second, demanding an additional division of 23.7187 million shares of the listed company; and other property-related claims totaling approximately 393 million yuan. Based on the closing price of 16.72 yuan per share that day, the additional shares correspond to a market value of approximately 397 million yuan, and combined with the cash claims, the total property scale Wang Ping is seeking in this action amounts to approximately 790 million yuan. As of now, the lawsuit is in the mediation stage and has not yet gone to trial.

Sunstone Development emphasized that the case only involves the controlling shareholder and actual controller's personal shareholder rights and interests in the company, is unrelated to the company's production and operations, and will not have a material impact on the company's business conditions. According to the "Concerted Action and Voting Rights Entrustment Agreement," the agreement can only be unilaterally terminated if a legally effective judicial document determines that a breach has occurred, rendering the agreement impossible to perform or its continued performance harmful to the company or any party to the agreement.

According to media reports, in March 2019, when Sunstone Development disclosed the change in controlling shareholder equity, it stated that controlling shareholder and actual controller Lang Guanghui had signed a "Divorce and Listed Company Share Division Agreement" with Wang Ping, transferring 56.053 million shares of the company held by Lang Guanghui to Wang Ping, representing 16.47% of the company's total share capital at that time. At the same time, to ensure control stability, the two parties also signed the "Concerted Action and Voting Rights Entrustment Agreement," which is the key arrangement maintaining Lang Guanghui's control. The agreement has a validity period of eight years, and upon expiration, if Lang Guanghui has not harmed Wang Ping's interests or breached the agreement, it will automatically renew for another eight years until Wang Ping no longer holds Sunstone Development shares.

In addition to the concerted action arrangement, the agreement also imposes strict restrictions on Wang Ping's share reductions: unless with Lang Guanghui's written consent, Wang Ping may not reduce her shareholding through centralized bidding or block trades by more than 3% of the company's total share capital in any consecutive 12-month period; if the reduction could cause Lang Guanghui to lose actual control of the company, Wang Ping may not continue to reduce her holdings. Furthermore, if Wang Ping intends to transfer shares by agreement, Lang Guanghui has a right of first refusal under equal conditions.

The 2025 annual report showed that Lang Guanghui held 14.55% of Sunstone Development shares, making him the company's controlling shareholder and actual controller. Lang Guanghui's concerted action person Wang Ping held 11.25% of the company's shares. Lang Guanghui and his concerted action persons together held 25.80% of the company's shares. Currently, Lang Guanghui serves as chairman of Sunstone Development. Previous disclosures also showed that company director and president Lang Jing and company director Lang Shiyu are family members closely related to Lang Guanghui.

The latest 2026 third-quarter report showed that Lang Guanghui and Wang Ping directly held approximately 72.473 million shares and 56.053 million shares of Sunstone Development respectively, with shareholding ratios of 14.55% and 11.25%, unchanged from before. It is worth noting that if the court rules in favor of Wang Ping's latest claims, Lang Guanghui and Wang Ping would directly hold 48.7543 million shares and 79.7717 million shares of Sunstone Development respectively, with direct shareholding ratios of 9.79% and 16.02%. This means that Sunstone Development's largest shareholder could become Wang Ping, and the second-largest shareholder could become Lang Guanghui.

Sunstone Development's main business is the research, development, production and sales of prebaked anodes, lithium battery anode materials, and film capacitors.