科学家创业，融资成功却上市失败！

Core Viewpoint - The company faced a failed IPO attempt on the Sci-Tech Innovation Board despite significant initial funding and a high valuation due to complex ownership and governance issues involving a prominent academician [1][42]. Group 1: Company Background - The company, referred to as Company A, was established in 2011 with a registered capital of 100 million yuan, with equal ownership from a research institute and local state-owned assets [3]. - The academician served as the chairman of Company A while not holding shares directly, and also held a vice-chairman position in another company, Company B [4][6]. Group 2: Ownership Changes - In 2016, Company C acquired a 56.5% stake in Company A, subsequently transferring 40% of that stake to the academician for just 1 yuan, raising concerns about the legitimacy of this transaction [13][25]. - By 2018, the academician had accumulated a total of 56.48% ownership in Company A, with Company C retaining 40.19% [26]. Group 3: IPO Preparation and Challenges - In 2020, Company A attempted to list on the Sci-Tech Innovation Board, incurring significant costs to restructure its ownership and comply with regulatory requirements [29]. - The IPO application was met with scrutiny regarding the academician's dual roles and the legitimacy of the share transfers, leading to questions about potential conflicts of interest and governance compliance [39][41]. Group 4: IPO Outcome - The first attempt to list was postponed due to concerns over the academician's share acquisition process and the potential for state asset loss [38][42]. - Ultimately, the IPO was denied primarily due to doubts about the company's technical independence and governance structure, despite the academician's financial contributions [40][42].