Science and Engineering Navigation 7's actual controller plans to cash out approximately 300 million yuan, after three consecutive years of losses. In 2022, the IPO was oversubscribed by 600 million yuan.

China Economic Net Beijing, April 3 (China Economic Net) — Litong Navigation (688282.SH) disclosed late yesterday the “Announcement on the Plan for Agreement Transfer of Shares by the Company’s Controlling Shareholder and Actual Controller.”

The announcement states that, based on its own funding needs, it plans to reduce its holdings of the company’s shares through an agreement transfer, while also introducing investors that recognize the company’s intrinsic value and are optimistic about the company’s future development.

The company’s controlling shareholder and actual controllers, Wang Bo, Miao Lingjuan, Dong Mingjie, Shi Yongsheng, Shen Jun, Gao Zhifeng, and Cui Yan, plan within three months after three trading days from the date of announcement to transfer by agreement the shares they collectively hold in the company, totaling no more than 4,400,000.00 shares, to Ningbo Ningju Asset Management Center (Limited Partnership) (representing “Rongtong No. 5 Securities Investment Fund”), which is no more than 5.00% of the company’s total share capital. There is no related relationship between the transferee and the transferor. This reduction in holdings will not result in any change to the company’s controlling shareholder or actual controller, and does not involve any change in the company’s control.

Based on the closing price of RMB 68.70 on the previous trading day, the above shareholders plan to cash out a total of approximately RMB 302,280,000.

As of the date of disclosure of the announcement, the company’s controlling shareholder and actual controllers, Wang Bo, Miao Lingjuan, Dong Mingjie, Shi Yongsheng, Shen Jun, Gao Zhifeng, and Cui Yan, collectively hold 51,541,586 shares of the company’s circulating shares with no selling restrictions, accounting for 58.57% of the company’s total share capital. Among them, Wang Bo holds 8,996,674 shares, accounting for 10.22% of the company’s total share capital; Miao Lingjuan holds 7,267,765 shares, accounting for 8.26%; Dong Mingjie holds 7,216,149 shares, accounting for 8.20%; Shi Yongsheng holds 7,060,553 shares, accounting for 8.02%; Shen Jun holds 7,060,462 shares, accounting for 8.02%; Gao Zhifeng holds 7,013,865 shares, accounting for 7.97%; Cui Yan holds 6,926,118 shares, accounting for 7.87%.

The announcement states that Wang Bo, Miao Lingjuan, Dong Mingjie, Shi Yongsheng, Shen Jun, Gao Zhifeng, and Cui Yan are the company’s controlling shareholder and actual controllers. This reduction in holdings will not lead to any change in the company’s controlling shareholder or actual controller, and will not have a major impact on the company’s governance structure, shareholding structure, or its ongoing and stable operating situation.

Litong Navigation was listed on the Shanghai Stock Exchange’s Science and Technology Innovation Board on March 18, 2022. The number of publicly issued shares was 22.00 million shares, with an issue price of RMB 65.21 per share. The sponsor (main underwriter) is China International Financial Corporation Limited. The sponsor representatives are Shi Yijie and Yan Yanhui.

The total proceeds raised by Litong Navigation from its first public offering of shares were RMB 1.44B. After deducting issuance expenses, the net proceeds were RMB 1.25B. The final net proceeds raised by Litong Navigation were RMB 615 million more than the original plan. According to Litong Navigation’s prospectus, the company plans to raise RMB 636 million, which will be used respectively for the inertial navigation equipment capacity expansion construction project, the fiber optic gyroscope production construction project, the R&D center construction project, and replenishing working capital.

The total amount of issuance expenses for Litong Navigation’s first public offering of shares was RMB 184 million, of which RMB 163 million was for sponsorship and underwriting fees.

From 2023 to 2025, the company’s operating revenue was RMB 21.7504 million, RMB 170.8766 million, and RMB 301.0356 million, respectively. Net profits attributable to shareholders of the listed company were RMB -22.5494 million, RMB -4.53M, and RMB -9.23M, respectively. Net profits attributable to shareholders of the listed company after deducting non-recurring gains and losses were RMB -44.1612 million, RMB -8.78M, and RMB -19.39M, respectively. Net cash flow from operating activities was RMB 3.5708 million, RMB 17.5807 million, and RMB -41.4259 million.

(Editor-in-charge: Wei Jingteng)

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