--- title: "SG AUTOMOTIVE GROUP's IPO has been terminated: Half-year revenue of 2.159 billion, Yu Yongfa controls 79% of the equity" type: "News" locale: "en" url: "https://longbridge.com/en/news/280943784.md" description: "The IPO application of SG AUTOMOTIVE GROUP has been terminated, which was originally planned to be listed on the Shanghai Stock Exchange, raising 1.5 billion yuan. The company's revenue in the first half of 2025 was 2.159 billion yuan, with a net profit of 120 million yuan. Richard Yu controls 79% of the shares, becoming the actual controller. SG AUTOMOTIVE GROUP is a long-established chemical company primarily engaged in cyanide and coal chemical businesses" datetime: "2026-03-30T02:35:26.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/280943784.md) - [en](https://longbridge.com/en/news/280943784.md) - [zh-HK](https://longbridge.com/zh-HK/news/280943784.md) --- # SG AUTOMOTIVE GROUP's IPO has been terminated: Half-year revenue of 2.159 billion, Yu Yongfa controls 79% of the equity Leidi Network, Jianping Lei, March 30 Anhui Sugon Chemical Group Co., Ltd. (referred to as "Sugon Group") recently had its IPO terminated, as Sugon Group had planned to list on the Shanghai Stock Exchange. Sugon Group originally planned to raise 1.5 billion yuan, of which 370 million yuan was for a project to produce 100,000 tons of BDO and 120,000 tons of PBAT annually, 715 million yuan for a project to produce 46,000 tons of PTMEG annually, 65 million yuan for the construction of a research and development center, and 350 million yuan to supplement working capital. Half-year revenue of 2.159 billion Sugon Group is a chemical enterprise with nearly seventy years of history, dedicated to the in-depth development of cyanide and coal chemical fields, with over forty years of experience in cyanide production. The cyanide business segment has always been a stable and important source of profit for the company. Since the 1990s, Sugon Group has cooperated with Sinopec to establish Anqing Sugon to process the by-product hydrogen cyanide from Anqing Petrochemical; subsequently, in 2009, to address the backup hydrogen source issue of Anqing Petrochemical, it launched coal-to-hydrogen and butanol projects. Based on the above cooperation background, Sugon Group procures hydrogen cyanide from Anqing Petrochemical for the production of sodium cyanide, sells hydrogen to it, receives propylene from it for the production of butanol, and sells butanol through the Jiangsu company under Sinopec. Additionally, it procures propylene from the East China company, resulting in a high proportion of related transactions and a high customer concentration. The prospectus shows that Sugon Group's revenues for 2022, 2023, and 2024 are projected to be 3.658 billion yuan, 3.547 billion yuan, and 3.539 billion yuan, respectively; net profits are projected to be 361 million yuan, 505 million yuan, and 439 million yuan, respectively; and net profits after deducting non-recurring items are projected to be 141 million yuan, 175 million yuan, and 179 million yuan, respectively. !\[\](https://p3-sign.toutiaoimg.com/tos-cn-i-6w9my0ksvp/c165ecbc808d4821bf2772d5ee665633~tplv-tt-origin-web:gif.jpeg? SG AUTOMOTIVE GROUP's revenue in the first half of 2025 was 2.159 billion yuan, with a net profit of 120 million yuan and a net profit of 110 million yuan after deducting non-recurring gains and losses. SG AUTOMOTIVE GROUP's cash dividends for 2021, 2022, and 2023 were 40 million yuan, 50 million yuan, and 137 million yuan, respectively. Richard Yu controls 79% of the equity. Before the IPO, Richard Yu directly held 19.56% of the company's shares and, by signing a concerted action agreement with 67 other shareholders, collectively controlled 79.16% of the voting rights of the company, making him the actual controller of the company. Although Richard Yu is the single largest shareholder of SG AUTOMOTIVE GROUP and collectively controls 79.16% of the voting rights through the concerted action agreement, making him the actual controller of the company; due to his direct holding of only 19.56% of SG AUTOMOTIVE GROUP's equity, his shareholding ratio will decrease to some extent after the completion of this issuance. Richard Yu, born in May 1949, interned at the Asset Verification Office of the Handicraft Bureau of Anqing City from June 1973 to December 1973. From December 1973 to December 1985, he served successively as a clerk, chief accountant, deputy section chief, and section chief at SG Chemical Plant. From January 1986 to March 1989, he served as deputy director of SG Chemical Plant. From April 1989 to December 1999, he served as the director of SG Chemical Plant. From April 1994 to November 2016, Richard Yu served as the chairman and general manager of Anqing SG, and from December 2016 to June 2018, he served as the chairman of Anqing SG. From January 2000 to August 2022, he served as the chairman of SG AUTOMOTIVE GROUP, and since August 2022, he has served as the honorary chairman of SG AUTOMOTIVE GROUP. Since March 2021, he has served as the chairman of SG Greenhua. Before the IPO, Wang Xiaobo held 3.89% of the shares, Chen Changbin held 3.2%, Cheng Nigen held 3.16%, Wang Lin (born in 1963) held 3.01%, Duan Mingwen held 3%, Wu Xuezheng held 2.59%, Cao Jianming held 2.27%, and Fan Benfa held 2.25%, Wang Lin (born in 1967) The shareholding is 1.55%. After the IPO, Richard Yu holds 14.67%, Wang Xiaobo holds 2.92%, Chen Changbin holds 2.4%, Cheng Nigen holds 2.37%, Wang Lin (born in 1963) holds 2.26%, Duan Mingwen holds 2.25%, Wu Xuezheng holds 1.95%, Cao Jianming holds 1.7%, Fan Benfa holds 1.69%, and Wang Lin (born in 1967) holds 1.16%. ——————————————— ### Related Stocks - [600303.CN](https://longbridge.com/en/quote/600303.CN.md) - [603019.CN](https://longbridge.com/en/quote/603019.CN.md) ## Related News & Research - [Jiangsu Lopal Tech Adjusts Use of A-Share Proceeds for Investment Projects](https://longbridge.com/en/news/286440737.md) - [London’s Global Healthcare Opportunities and Asia's CBC Group to merge creating investment giant, FT reports](https://longbridge.com/en/news/287011397.md) - [13:21 ETAscent Strategy Group Named One of the Best Healthcare PR Agencies in the World](https://longbridge.com/en/news/286948953.md) - [11:21 ETRoboUP Expands Across Europe Through Partnerships with Leading Retailers](https://longbridge.com/en/news/286938923.md) - [08:03 ETBrock Group Wins AFPM Contractor Safety Achievement Awards for Work at 35 Sites](https://longbridge.com/en/news/286909138.md)