Core Viewpoint - Baiaosaitu (Beijing) Pharmaceutical Technology Co., Ltd. is applying for an IPO, but there are controversies regarding personnel changes, related party transactions, information disclosure, and R&D investment [1] Group 1: Personnel Changes and R&D Investment - The significant reduction in Baiaosaitu's R&D team raises concerns about the sustainability of its operations, with R&D personnel decreasing from 904 in August 2022 to 337 by the end of 2024, a drop of 63% [2] - Overall employee numbers have also decreased from 1,392 at the end of 2021 to 1,095 by the end of 2024, with a notable reduction of 287 employees from 1,334 in 2022 to 1,047 in 2023 [5] - The high turnover of R&D personnel may disrupt core technology transfer and project advancement, leading to speculation about strategic adjustments or financial pressures [2] Group 2: Related Party Transactions - Frequent and opaque related party transactions are a core controversy in Baiaosaitu's IPO process, with significant revenue generated from contracts with related parties, including 70 million yuan in 2022 and 30 million yuan in 2023 [6] - Key personnel from Baiaosaitu are closely tied to related parties, raising concerns about potential conflicts of interest and the risk of asset dilution [6] - The fairness of pricing in related party transactions lacks effective verification, with no independent assessments provided to confirm that prices reflect market levels [7] Group 3: Information Disclosure and Internal Control - Baiaosaitu exhibits significant shortcomings in information disclosure and internal controls, particularly regarding the relationships between its management and related parties [8] - The overlap in management between Baiaosaitu and its related party, Duoma Pharmaceutical, raises questions about the independence of operations and the potential for undisclosed arrangements [11] Group 4: Raw Material Procurement Changes - There have been unusual changes in the procurement of key raw materials since 2023, with significant reductions in the purchase of experimental supplies and breeding materials, which contradicts the company's stated strategy of advancing drug development [12] - The lack of explanation for these procurement changes affects investor perceptions of the company's operational transparency and raises questions about potential inventory issues or strategic shifts [12]
百奥赛图上市存多方面争议，仍需时间检验