丰巢IPO因何停滞？知情人士：对赌存在分歧，投资人起诉

Core Viewpoint - The resignation of Xu Yubin, founder and CEO of Fengchao, has brought renewed attention to the company's stalled IPO process, which has been on hold for over six months due to legal disputes with investors [1][6]. Group 1: IPO Process and Legal Issues - Fengchao submitted its IPO application to the Hong Kong Stock Exchange in August 2022, but the application expired in February 2025 due to failure to submit supplementary documents on time [1]. - The IPO process has been hindered by a lawsuit filed by Asia Investment Capital, one of the investors, over disagreements regarding a buyback agreement [1][6]. - The lawsuit has created significant uncertainty, potentially delaying the IPO review process and complicating the company's shareholder structure [7]. Group 2: Financial Performance - Fengchao has reported continuous losses over the past three years, with total losses exceeding 3.7 billion yuan from 2021 to 2023 [8][9]. - The company's revenue has shown some improvement, with a net profit of 72 million yuan in the first half of 2024, indicating a potential turnaround [8][9]. - Despite the losses, the company has seen an increase in the number of paid packages stored in its smart lockers, rising from approximately 430 million in 2021 to 517 million in 2023 [10]. Group 3: Shareholder Structure and Investment - The company underwent a restructuring in 2019, with Fengchao Holdings replacing Fengchao Technology as the holding entity [2][3]. - A significant investment agreement in early 2021 involved issuing 484 million shares to B-4 class ordinary shareholders for a total of 400 million USD (approximately 2.587 billion yuan) [3][4]. - The agreement included a redemption clause, allowing shareholders to redeem their shares if the company does not go public by January 27, 2025 [4][6].