Core Viewpoint - The company, Xi'an Taijin New Energy Technology Co., Ltd., is facing significant scrutiny regarding its upcoming IPO on the Sci-Tech Innovation Board, primarily due to financial and technical concerns, as evidenced by a reduced fundraising target and the removal of liquidity projects from its proposal [1] Financial and Technical Concerns - The company plans to issue no more than 40 million shares to raise 990 million yuan, a reduction of over 30% from the initially proposed 1.5 billion yuan [1] - The company has a high debt-to-asset ratio, with figures of 91.35%, 92.04%, and 84.86% from 2022 to 2024, significantly exceeding the industry average of approximately 61% [4] - The company's R&D expenditure has been notably low, with R&D expense rates falling from 3.74% to 2.91% from 2022 to 2024, remaining below half of the industry average [5] Shareholding and Employee Issues - The company's shareholding structure has been complicated by historical issues of shareholding representation, with 44.98% of shares held through external agents, raising questions about the authenticity of its shareholder base [2] - There are discrepancies between the number of actual employees and the claimed number of shareholders, suggesting potential issues with the company's reported ownership structure [3] Cash Flow and Dividend Concerns - The company reported a significant drop in cash flow, with a net cash flow from operating activities turning negative at -470 million yuan in 2024, highlighting vulnerabilities in its order-driven funding model [4] - Despite high debt levels, the company distributed 60% of its net profit as dividends in 2022, raising concerns about financial prudence during a critical phase of IPO preparation [5]
泰金新能IPO三重拷问:代持疑云、高负债与低研发
Xin Lang Zheng Quan·2025-08-27 09:56