昂瑞微IPO：前创始人杨清华退股，实控人旗下合伙股东涉非法集资案

Core Viewpoint - Beijing Angrui Microelectronics Technology Co., Ltd. (referred to as "Angrui Micro") has been accepted for IPO on the Sci-Tech Innovation Board on April 15, 2025, marking it as the first unprofitable company accepted after the release of the "Eight Articles of Sci-Tech Innovation Board" [1] Group 1: Company Background - Angrui Micro has accumulated losses exceeding 800 million yuan over the past three years and plans to raise 2.067 billion yuan through the IPO [1] - The company was founded in July 2012, and its shareholding structure is highly fragmented, with the actual controller Qian Yongxue directly holding only 3.8578% of the shares but controlling 62.4309% of the voting rights through indirect holdings and special voting rights [1][9] Group 2: Leadership Changes - Qian Yongxue has been the technical head since July 2012, became the general manager in April 2015, and has served as chairman since August 2019 [2] - The original founder and first major shareholder, Yang Qinghua, exited Angrui Micro in August 2019 during a critical financing period, raising questions about the circumstances of his departure and Qian's rise to power [3][4] Group 3: Competitive Landscape - Yang Qinghua, despite leaving Angrui Micro, continues to operate in the RF chip industry and may pose competition through his current company, Suzhou Hantianxia Electronics Co., Ltd., which focuses on similar products [5][6] - Suzhou Hantianxia was previously a significant shareholder of Angrui Micro, indicating potential conflicts of interest or competition [6][7] Group 4: Financial and Legal Concerns - The largest shareholder of Angrui Micro is Beijing Xinke, which holds 11.82% of the shares, and is controlled by Qian Yongxue [17] - Beijing Xinke's seventh largest limited partner, Numeng Technology, has had its investment frozen by the court, raising concerns about the stability of Angrui Micro's control and potential impacts on its IPO [17][18] - Numeng Group has been involved in multiple legal issues, including a significant financial crisis affecting investors, which could pose risks to Angrui Micro's IPO prospects [19]