被书面警示5个月后又赴港IPO，飞速创新内控“毛病”是否“痊愈”？

Core Viewpoint - Shenzhen Feisuo Innovation Technology Co., Ltd. (Feisuo Innovation) has submitted an IPO application to the Hong Kong Stock Exchange after facing regulatory penalties in the Shenzhen market, raising questions about its internal control issues and the necessity of going public [1][4]. Group 1: IPO Application and Background - Feisuo Innovation initially planned to list on the Shenzhen Stock Exchange but withdrew its application in early 2023 after receiving a penalty for internal control deficiencies [1][4]. - The company has now submitted its IPO application to the Hong Kong Stock Exchange, with CICC, CITIC Securities International, and China Merchants Securities International as joint sponsors [2]. - Feisuo Innovation is recognized as the second-largest online DTC network solutions provider globally, based on projected 2024 revenue [2]. Group 2: Internal Control Issues - The Shenzhen Stock Exchange raised multiple concerns during its review, particularly regarding the company's sales and information system verification, highlighting discrepancies in customer data and sales figures [3]. - Specific issues included multiple customers linked to the same shipping address and inconsistencies between order IP addresses and customer locations, with these anomalies representing over 10% of total sales in certain years [3]. - Following a second round of inquiries, the exchange demanded further clarification on data management and internal controls, emphasizing the need for accurate and complete data records [3]. Group 3: Financial Performance - Feisuo Innovation reported revenues of 1.988 billion RMB, 2.213 billion RMB, and 2.612 billion RMB for the years 2022 to 2024, reflecting a compound annual growth rate of 14.6% [8]. - Net profits for the same period were 365 million RMB, 457 million RMB, and 397 million RMB, with a noted decline in net profit for 2024 [8]. - The company generates nearly all its revenue from overseas markets, with approximately 46% of sales coming from the United States during the reporting period [8][9]. Group 4: Risks and Challenges - Feisuo Innovation's reliance on international markets makes it vulnerable to geopolitical tensions, particularly between the U.S. and China, which could adversely affect its business operations and financial performance [9]. - The company has entered into several financing rounds and signed agreements with investors that include buyback clauses if the IPO does not proceed as planned [6].