锡华科技携对赌冲刺IPO：3.5亿分红接近两年净利润

Core Viewpoint - Jiangsu Xihua New Energy Technology Co., Ltd. (Xihua Technology) is nearing its IPO with a registration status update, planning to raise 1.498 billion yuan for wind power equipment projects and R&D center construction, but faces scrutiny over sensitive operations and large dividends [1][2][11]. Financial Operations - In 2022, Xihua Technology distributed a controversial dividend of 350 million yuan, nearly 190% of its net profit for that year, and close to the total net profit of 401 million yuan for 2021 and 2022 combined [4][5]. - The actual controllers, Wang Mouzheng and Lu Mouyun, hold 91.66% of the voting rights, allowing them significant control over company decisions [4][11]. Fundraising and Compliance Issues - Xihua Technology claims that its cumulative dividends over the past three years did not exceed 80% of net profits, despite raising concerns about the legality of its dividend practices [2][5]. - Initial plans to use 550 million yuan of raised funds for working capital were removed in the second draft of the prospectus without explanation, raising further questions about transparency [6][11]. Related Company Actions - From 2021 to 2023, family members of the actual controller have canceled seven related companies, some of which had prior transactions with Xihua Technology, leading to concerns about compliance and potential irregularities [7][10]. - The cancellation of these companies has prompted inquiries from the Shanghai Stock Exchange regarding the reasons and legitimacy of these actions [10]. Personal Financial Transactions - There are reported private financial transactions between Xihua Technology's procurement employee and shareholders of suppliers, which could raise questions about procurement independence [3][10]. Shareholder Agreements and Risks - Xihua Technology is under pressure from a buyback agreement with external investors, stipulating that if the company does not go public by December 31, 2026, the actual controller must repurchase shares from these investors [11].