恒坤新材IPO被暂缓，“隐秘的角落”再被揭开

Group 1 - The core focus of the article is the delayed IPO of Xiamen Hengkang New Materials Technology Co., Ltd. due to complex issues related to its business model, accounting practices, and potential legal risks stemming from its ownership structure [3][4][10] - The company has faced challenges in profitability despite revenue growth, with a significant decline in gross margins for self-produced products, raising doubts about its core research and development capabilities [3][5][7] - The company's revenue recognition method for its "imported business" has been questioned, as it shifted to a net method that may misrepresent its financial health and reliance on self-developed products [4][6] Group 2 - The historical ownership structure of Hengkang New Materials is complicated by shareholding proxies and connections to individuals involved in illegal activities, which raises compliance concerns [8][9] - The second-largest shareholder, Lv Junqin, has a history of involvement in illegal gambling, leading to serious implications for the company's governance and investor confidence [9][10] - There are suspicions of insider trading related to abnormal trading activities by associated parties around significant announcements, further damaging the company's reputation in the capital market [10]