沪鸽口腔港股IPO之路：历史问题待解，上半年业绩降仍大额分红引争议

Core Viewpoint - Hu Ge Dental, a company focused on the dental materials sector, has faced a tumultuous path towards its IPO, having previously attempted to list on the A-share market without success and now aiming for a Hong Kong IPO after submitting its prospectus [1][3]. Group 1: IPO Journey - The company initially sought to list on the Sci-Tech Innovation Board at the end of 2019 but was unsuccessful [1]. - In 2021, Hu Ge Dental shifted its focus to the ChiNext board, but encountered issues such as shareholding representation and irregular financial internal controls, which attracted regulatory scrutiny [1][3]. - A significant issue arose from a 2016 private placement where former director Li Jun held shares on behalf of others, with a holding ratio of 74.16% involving 57 individuals, which was later resolved in July 2019 but still impacted the IPO process [1]. Group 2: Financial Control Issues - The company has been criticized for its financial internal control problems, including irregularities in the collection of payments by sales staff and a high proportion of personal payments in third-party collections [3]. - From 2018 to 2021, the proportion of third-party payments remained significantly high, complicating the IPO process, leading to the withdrawal of its ChiNext IPO application in August 2022 [3]. Group 3: Current Performance and Future Plans - Despite submitting its prospectus for a Hong Kong IPO, the company's performance in the first half of the year was disappointing, with revenue and net profit both declining, the latter by 56.4% year-on-year [3]. - The company controversially declared dividends amounting to 87.88% of the net profit from the previous two fiscal years, raising questions about the necessity of fundraising [3]. - Hu Ge Dental plans to upgrade and expand its production line in Rizhao and establish a factory in Indonesia, which will require substantial capital investment [3].