Legal analysis: the upper limit of the shareholding ratio of the largest shareholder is: the upper limit of the Hong Kong Stock Exchange does not exceed 37%. The upper limit of Shanghai (Shenzhen) Stock Exchange shall not exceed 75%. Article 86 of the Securities Law of People's Republic of China (PRC): When the tender offer period expires and the shares of the acquired company held by the purchaser reach more than 75% of the total issued shares of the company, the listed company's shares shall be delisted on the stock exchange. One of the conditions of a listed company is that the shares issued to the public should account for more than 25% of the total shares of the company, and the number of shareholders holding shares with a par value of more than 1000 yuan is not less than 1000. After the acquisition, because the purchaser, as a shareholder, has held more than 75% of the shares of a listed company through acquisition activities, the listed company no longer meets the prescribed listing conditions.
Legal basis: Article 27 of the Civil Law of People's Republic of China (PRC), shareholders can make capital contributions in cash or in kind, intellectual property rights, land use rights and other non-monetary properties that can be valued in money and transferred according to law. However, except for the property that cannot be used as capital contribution as stipulated by laws and administrative regulations. Non-monetary property as capital contribution shall be evaluated and verified, and its value shall not be overestimated or underestimated. Where there are provisions in laws and administrative regulations on evaluation and pricing, those provisions shall prevail.