Core Viewpoint - The IPO application of Xiamen Hengkang New Materials Technology Co., Ltd. has been postponed, breaking the 100% approval rate for A-share IPOs in 2025, primarily due to concerns over the company's qualifications and complex shareholding structure [1] Group 1: Company Background and Controversies - Hengkang New Materials has a controversial background, with its actual controller frequently entrusting others to hold shares, leading to a complex relationship [1][2] - The second-largest shareholder, Lü Junqin, was sentenced for operating illegal gambling, raising questions about the company's governance and shareholder integrity [1][4] - The actual controller's spouse serves as a supervisor for Lü Junqin's capital platform, suggesting potential undisclosed financial interactions [5] Group 2: Financial Performance and Risks - The company relies heavily on introduced products for profit, with over 60% of gross profit coming from these products, while self-produced products have significantly lower margins [6][7] - Hengkang New Materials' revenue is highly concentrated, with 97% of income derived from the top five customers, limiting its bargaining power [8][7] - The termination of a key partnership with SKMP in 2025 has led to a significant decline in revenue and gross profit from introduced products, with a year-on-year drop of 57.4% and 59.09% respectively [7] Group 3: Capital Utilization and Financial Health - The company plans to raise 10.07 billion yuan for expansion projects despite low capacity utilization rates, raising concerns about whether it is merely seeking to raise funds [9][10] - Hengkang New Materials exhibits a rare phenomenon of high deposits compared to loans, with long-term deposit rates exceeding average borrowing rates, prompting inquiries into the rationale behind this financial structure [11] - The company has been questioned about its reliance on external technology and the specifics of its R&D projects, indicating potential weaknesses in its technological capabilities [12]
恒坤新材疑点重重IPO被暂缓审议 客户集中度超97%存贷双高利率异常
Chang Jiang Shang Bao·2025-07-27 23:43