新恒汇将上市：实控人任志军大额负债，计划通过分红、卖股还钱

Core Viewpoint - Xin Heng Hui Electronics Co., Ltd. (referred to as "Xin Heng Hui") has initiated its IPO process on the Shenzhen Stock Exchange's ChiNext board, with an offering price of 12.80 yuan per share and a total fundraising amount of approximately 767 million yuan [1][3]. Company Overview - Xin Heng Hui was established in December 2017, with a registered capital of approximately 180 million yuan, and is primarily engaged in the research, production, sales, and packaging testing services of integrated circuit materials [8][11]. - The company’s main business includes smart card modules, etching lead frames, and IoT eSIM chip packaging services [11]. Financial Performance - Xin Heng Hui's projected revenues for 2022, 2023, and 2024 are approximately 684 million yuan, 767 million yuan, and 842 million yuan, respectively, with net profits of about 111 million yuan, 153 million yuan, and 186 million yuan [11][12]. - The company anticipates a revenue increase of 13.56% in 2025, reaching approximately 956 million yuan, with a net profit forecast of about 195 million yuan, reflecting a 5.10% year-on-year growth [12][13]. Shareholding Structure - The major shareholders of Xin Heng Hui include Yu Renrong and Ren Zhijun, who are the controlling shareholders, with Yu holding 31.41% and Ren holding 16.21% of the shares [10][11]. - Ren Zhijun plans to use dividends from the company to repay a significant debt incurred from borrowing funds for acquiring shares, which may affect his shareholding percentage post-IPO [5][11]. Regulatory Scrutiny - The company faced scrutiny from the listing committee regarding its largest customer relationship and the stability of its control structure, particularly concerning Ren Zhijun's past roles and financial arrangements with Yu Renrong [3][4]. - Xin Heng Hui has committed to providing detailed explanations regarding its financial practices and the rationale behind its pricing strategies to address the concerns raised by the listing committee [4][5].