Xin Lang Cai Jing·2025-10-17 10:29Core Viewpoint - The company Jing Shi Ce Kong has submitted an IPO application to the Hong Kong Stock Exchange, with plans to raise funds for capacity expansion, R&D, marketing, potential acquisitions, and general corporate purposes. However, there are concerns regarding the credibility of its financial information due to significant discrepancies in its financial disclosures and the recent sell-off by a major shareholder [1][3][5]. Group 1: IPO Details - Jing Shi Ce Kong has submitted its IPO application to the Hong Kong Stock Exchange on September 29, 2025, with CICC and浦银国际 as joint sponsors [1][5]. - The company plans to raise approximately 700 million yuan through this IPO [5]. - Prior to the IPO submission, Blue Lake Capital, holding 9.01% of the company, sold its shares at a price significantly lower than the last funding round valuation, raising questions about the company's valuation [1][5]. Group 2: Financial Discrepancies - There are major discrepancies in the financial disclosures between the company's applications to the Shenzhen Stock Exchange and the Hong Kong Stock Exchange, with a difference of 233 million yuan in total liabilities and a 23.07 percentage point difference in the debt-to-asset ratio for 2022 [1][17]. - The company's revenue is projected to grow from 568 million yuan in 2022 to 863 million yuan in 2024, with a compound annual growth rate of 23.3%. However, a significant decline of 29.93% in revenue was reported for the first half of 2025 compared to the previous year [9][10]. Group 3: Ownership and Control - The founder and CEO Wang Lei holds 30.27% of the company, making him the largest shareholder, while CICC, through its investment arm, holds 11.85%, raising concerns about potential conflicts of interest as CICC is also a sponsor for the IPO [7][9]. - The company has undergone five rounds of financing since its establishment in 2011, raising over 300 million yuan, with a post-investment valuation of 1.6 billion yuan as of the D round in December 2022 [3][5].