沪鸽口腔冲刺港股：IPO前大笔分红，曾存财务内控不规范问题

Core Viewpoint - Huge Dental Limited (沪鸽口腔) is attempting to go public on the Hong Kong Stock Exchange after facing challenges in its previous attempts to list on the A-share market, including issues related to shareholding and financial internal controls [1][5]. Company Background - The company initially sought to list on the A-share market in late 2019 but was unsuccessful [1]. - In December 2021, it attempted to list on the ChiNext board, but issues regarding shareholding and financial controls were raised during the review process [1][5]. Shareholding Issues - The company disclosed that in a 2016 stock issuance, a significant portion of shares (74.16%) were held in trust for others, including friends and executives, raising concerns about shareholding transparency [3][4]. - The discrepancies in disclosures regarding shareholding practices have drawn scrutiny from regulatory bodies [5]. Financial Control Concerns - The company has been flagged for irregularities in financial controls, including the use of personal accounts for business transactions and issues with cash flow management [5][7]. - Data from 2018 to 2021 indicated that third-party payments constituted a notable percentage of total cash receipts, with figures of 2460.69 million, 2528.68 million, 2863.05 million, and 2306.73 million respectively [5]. Recent Financial Performance - The company's revenue for 2022, 2023, and 2024 was approximately 280 million, 358 million, and 399 million respectively, showing overall growth [9]. - However, in the first half of 2025, revenue declined by 3.9% to about 197 million, and net profit fell by 56.4% to 26.1 million, attributed to decreased sales and increased administrative expenses [9][10]. Dividend Controversy - Despite the decline in revenue and profit, the company declared a substantial dividend of approximately 145 million RMB in January 2025, which is 87.88% of the total net profit for 2023 and 2024 [10][12]. - The primary beneficiaries of this dividend are the company's major shareholders, raising questions about the necessity of fundraising through an IPO [10][12]. Future Plans - The company plans to upgrade and expand its production lines in its Rizhao factory and establish a factory in Indonesia, with projected capital expenditures of 105.5 million and 20 million respectively [11].