每经热评｜晶升股份募投项目两年进度仅4.29% 破局需内部管理与外部监管共同发力

Core Viewpoint - The article highlights the challenges faced by companies like Jing Sheng Co., Ltd. in executing their IPO fundraising projects, particularly the semiconductor crystal growth equipment project, which has seen significant delays and low progress, raising concerns from the Shanghai Stock Exchange [1][2]. Group 1: Internal Management Improvements - Companies need to enhance the professionalism and foresight of feasibility studies for fundraising projects to avoid significant deviations from expectations during execution [2]. - Establishing a systematic project management capability is crucial, which includes clear responsibility assignments and timeline management to ensure effective coordination of various management elements [3]. - Improving internal monitoring mechanisms is essential for timely and transparent information disclosure regarding the use of public funds in fundraising projects [4]. Group 2: External Regulatory Enhancements - Regulatory bodies should implement stricter quantitative evaluation standards for the necessity and reasonableness of fundraising projects during the pre-approval phase, requiring companies to disclose comparative data on similar projects [5]. - A reporting system for monthly or quarterly progress updates on fundraising projects should be established, mandating regular disclosures of fund usage details and project status [5]. - Post-regulatory measures should include penalties for companies that delay projects without reasonable justification or change project purposes without approval, ensuring accountability for financial misconduct [5]. Group 3: Importance of Execution - The article emphasizes that having a compelling narrative is common in the capital market, but effective execution is what truly matters for companies post-IPO [6]. - Enhancing project execution capabilities is vital for achieving high-quality development and should be a key focus for listed companies [6]. - A collaborative approach between internal management and external regulation is necessary to prevent ambitious plans from becoming mere fundraising tactics, thereby improving the capital market's service to the real economy [6].