外籍女婿接棒掌舵老牌乳企，菊乐股份IPO再踩“急刹车”

Core Viewpoint - Sichuan-based dairy company Jule Co., Ltd. has once again paused its IPO process following the death of its founder, with the baton now passed to his foreign daughter and son-in-law. The IPO was halted due to pending audit matters related to financial reports and regulatory inquiries regarding the company's expansion plans despite underutilized production capacity [1][3][6]. Group 1: Company Leadership Transition - The actual controller of Jule Co. has changed to Tong Zhu, the daughter of the late founder Tong Enwen, who passed away on September 6, 2023. Tong Zhu holds 6,784,020 shares, accounting for 73.35% of the company [3][5]. - Gao Chaohui, the son-in-law of the late founder, has been elected as the new chairman of the board, and he has been involved with the company since May 2017 [5]. Group 2: IPO Process and Regulatory Challenges - The IPO application was submitted to the Beijing Stock Exchange in June 2023, but it was recently halted due to the need for supplementary audits of financial reports [1][2]. - Regulatory authorities raised questions about the necessity and rationality of the proposed fundraising of 552 million yuan, particularly regarding the expansion projects despite the company’s production capacity being underutilized [7][10]. Group 3: Financial Performance and Market Position - Jule Co. has consistently generated over 76% of its revenue from the Sichuan region, with figures showing 76.55% in 2022, 77.59% in 2023, and projected at 76.03% in 2024 [8][9]. - The company plans to allocate 278 million yuan for the expansion of its production base, with additional funds directed towards marketing and research projects, despite a declining capacity utilization rate from 85.29% in 2022 to 78.44% in 2023 [7][9].