Reported November 10, 2026. Sotong Development (603612.SH) said its controlling shareholder, Lang Guanghui, had notified the company that a Beijing court had accepted a post-divorce property lawsuit brought by his former wife, Wang Ping. The case was in mediation and had not yet gone to trial.
According to the company’s announcement, Wang is seeking to end their concert-party and voting-rights delegation agreement and to receive an additional 23.7187 million Sotong shares. Her other property claims total approximately RMB 393 million. At the November 10 closing price of RMB 16.72 per share, the additional shares were worth about RMB 397 million, putting the combined value of her claims at roughly RMB 790 million. These are claims, not a court award.
The dispute concerns an arrangement made when the couple divided their holdings in 2019. Lang transferred about 56.05 million shares to Wang, and they signed an agreement intended to maintain stable control of the company. Under its terms, unilateral termination is possible only under specified circumstances involving a legally effective finding of breach and the agreement’s performance or its effect on the company or a party’s interests.
As of September 30, 2026, Lang held 72,473,022 shares, or 14.55%, and Wang held 56,053,012 shares, or 11.25%. Together, as parties acting in concert, they held 25.8%. If the court grants Wang’s requests, their respective direct holdings would change to approximately 48.75 million and 79.77 million shares, making Wang the company’s largest shareholder. That outcome remains conditional on the litigation.
Sotong said the case concerns its controlling shareholder’s personal shareholder interests, does not relate to production or operations, and would not materially affect its business. In its report for the first three quarters of 2026, the company recorded revenue of RMB 16.324 billion, up 27.91% year on year, and net profit attributable to shareholders of RMB 657 million, up 0.48%.
