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上市仅两年，IPO募投项目大面积延期！
Zhong Guo Ji Jin Bao·2025-07-15 00:23

Core Viewpoint - Zhishang Technology has announced significant delays in the progress of its IPO fundraising projects, with less than 30% of the investment completed, raising concerns about the company's financial management and project execution [2][3]. Group 1: IPO and Fundraising Details - Zhishang Technology went public on July 14, 2023, issuing 32.17 million shares at a price of 57.66 yuan per share, resulting in a total fundraising amount of 1.855 billion yuan, with a net amount of 1.689 billion yuan after deducting issuance costs [3]. - The company planned four main investment projects and one supplementary working capital project, with a total expected investment of approximately 1.312 billion yuan [4]. Group 2: Project Progress and Delays - As of the end of 2023, Zhishang Technology had invested 442 million yuan in its fundraising projects, which was considered acceptable given the short time since its IPO [4]. - By the end of 2024, the company had invested a total of 702 million yuan, with project completion rates ranging from 29.43% to 49.99% [5][6]. - On July 11, 2025, the company announced the postponement of three projects' completion dates from July 7, 2025, to July 7, 2026, indicating further delays in project execution [7][9]. Group 3: Financial Management and Investment Strategy - Approximately 1 billion yuan of the raised funds has been allocated to high-yield financial products, contributing to about 25% of the company's total profit in 2024 [6]. - The company also used part of the excess funds (130 million yuan) to acquire a 52% stake in Shenzhen Xike Industrial Co., Ltd. [6]. - As of June 30, 2025, the company had a remaining balance of 976 million yuan in its fundraising account, indicating a significant amount of idle funds [6][10]. Group 4: Financial Performance - Zhishang Technology's net profit dropped by 37.72% in 2023 and further declined by 7.85% in 2024, reflecting poor financial performance since its IPO [10]. - As of July 14, 2025, the company's market capitalization stood at 8.712 billion yuan [10].