股权代持藏腐迹：一起受贿案，牵出IPO资本迷局

Core Viewpoint - The recent criminal ruling regarding Wang's bribery case has brought attention back to Jiangsu Yingsu Integrated Circuit Equipment Co., Ltd., which was previously aiming for an IPO but has faced significant setbacks [1][10]. Group 1: Criminal Case Details - Wang, a former deputy mayor and police chief, was sentenced to 13 years and 6 months in prison for accepting bribes totaling 6.9492 million yuan through undervalued equity transfers [1][7]. - The court found that Wang used his position to facilitate a low-priced share transfer from Company C to his associate, Chen, which was disguised as a legitimate transaction [4][9]. - The court ruled that the transaction was not a fair market exchange, as the shares were sold at a price significantly below their market value, constituting a clear case of bribery [9]. Group 2: Company Background and IPO Attempts - Jiangsu Yingsu, established in August 2014, specializes in laser direct writing lithography equipment and has been referred to as a "lithography small giant" [11]. - The company attempted to initiate an IPO in September 2020 but has not made substantial progress since then, despite being guided by a major investment bank [11]. - In March 2023, Baoxin Technology announced plans to acquire a 40% stake in Yingsu for 320 million yuan, but the deal was unilaterally terminated in June due to unresolved negotiations [11].