老板收购股权价格太低导致上市失败，12年前的股权问题还被查！

Core Viewpoint - The low price at which the owner acquired equity can lead to the failure of a company's IPO, highlighting the importance of scrutinizing historical equity transactions [1][14]. Group 1: Company Background - Company A reported annual revenue of 800 million and a net profit of 93 million, but its application for listing on the Growth Enterprise Market was rejected due to the low price at which the owner acquired equity [2]. - The actual controller of Company A, referred to as A, and another party, B, jointly acquired 100% of the company's equity 12 years ago for a total price of 24 million [2]. Group 2: Equity Transactions - A acquired 48% of the equity for 11.52 million, with the funds provided by B, who held the shares on behalf of A at that time [2]. - Nine years after the acquisition, as the company prepared for its IPO, B sold all of his equity at a low price [3]. - B sold 27% of his equity to A and 3% to other executives, after which A resold 13% of the equity to investors at a price nine times higher within two months, earning 49.5 million [4]. Group 3: IPO Application and Rejection - The company began its IPO application one year after these transactions, but the low price at which B transferred equity to A raised questions about the fairness of the transaction [7][8]. - The company claimed that B needed cash urgently and that the valuation was based on net asset premium [9][10]. - However, it was discovered that the price at which B sold the equity was below the company's net asset value, and B had not demanded repayment from A for the funds lent 12 years ago [12][13]. Group 4: Regulatory Concerns - The listing committee expressed doubts about the legitimacy of the low-priced equity transfer and the authenticity of the ownership structure, leading to the rejection of the IPO application [14]. - The company’s failure to clarify the rationale behind the low-priced transfer raised concerns about potential equity holding arrangements, which are prohibited under company law [15].