IPO带病闯关遭通报批评未满一年 英虎机械重启资本路欲挂牌新三板

Core Viewpoint - The company Yinghu Machinery is attempting to relaunch its capital operations by applying for listing on the New Third Board after facing criticism from the Shanghai Stock Exchange for previous IPO violations, which raises concerns about its governance structure and future capital market activities [2][3][4]. Group 1: Company Background and IPO Attempts - Yinghu Machinery, a manufacturer specializing in corn harvesting machinery, previously submitted an IPO application to the Shanghai Stock Exchange in late 2022 but faced multiple regulatory issues leading to a withdrawal of the application [5][8]. - The company has shown significant revenue growth from 2020 to 2022, with revenue increasing from approximately 820 million to nearly 1.8 billion, and net profit rising from about 67 million to over 217 million, indicating a compound annual growth rate of 80.21% in net profit [6][7]. - Following its failed IPO attempt, Yinghu Machinery has now submitted an application to list on the New Third Board, with aspirations to eventually target the Beijing Stock Exchange for a quicker path to A-share listing [3][4][22]. Group 2: Governance Changes and Concerns - The governance structure of Yinghu Machinery has changed, with the resignation of three independent directors prior to its New Third Board application, leaving the board composed entirely of non-independent directors, which raises concerns about oversight and potential conflicts of interest [16][19][20]. - The actual controllers of the company, the Li brothers, hold a combined 99.94% stake, which could lead to risks of controlling shareholder actions that may harm minority shareholders' interests [20][19]. - The company has acknowledged the risks associated with the lack of independent directors, which are crucial for ensuring checks and balances within the governance structure [20][19]. Group 3: Regulatory History and Future Outlook - Yinghu Machinery's previous IPO attempt was marred by significant regulatory scrutiny, leading to a public reprimand from the Shanghai Stock Exchange due to issues related to accounting practices and internal controls [10][11][12]. - The company continues to engage the same accounting firm and auditors that were involved in its prior IPO attempt, raising questions about the effectiveness of its compliance measures [22][24][28]. - Despite past violations, the company remains optimistic about its future capital market endeavors, although the scrutiny from regulators is expected to be more stringent given its history [12][22].