独家|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 IPO process of Fengchao has been stalled due to a lawsuit from an investor, Asia Forge (Cayman) Ltd, which has raised concerns about the company's future listing and financial stability [2][9][10]. Group 1: IPO Process and Legal Issues - Fengchao submitted its IPO application to the Hong Kong Stock Exchange in August 2023, but the application became invalid in February 2025 due to the failure to submit supplementary documents [2]. - The lawsuit from Asia Forge is believed to be a significant factor in the stagnation of Fengchao's IPO process, as the investor has disagreements regarding the buyback terms [2][8]. - The agreement includes a redemption clause, allowing shareholders to exercise their rights if Fengchao does not go public by January 27, 2025 [6][8]. 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 [11]. - The company recorded losses of 2.07 billion yuan in 2021, 1.17 billion yuan in 2022, and 541 million yuan in 2023, although it achieved a profit of 72 million yuan in the first half of 2024 [11]. - Revenue from paid packages increased from approximately 430 million in 2021 to 517 million in 2023, with a slight decline in the proportion of paid packages in 2024 [13]. Group 3: Shareholder Structure and Investment - Following a significant investment round in early 2021, Fengchao's equity structure became clearer, with major shareholders including well-known investment firms such as Sequoia China and Asia Investment Capital [5][6]. - The investment agreement involved issuing 484 million shares at a total cost of 400 million USD (approximately 2.59 billion yuan), with Asia Forge subscribing to 135 million USD [5][6]. - The revised agreement in 2024 extended the deadline for the redemption rights of B-4 ordinary shareholders to January 31, 2027, with a potential cost of around 80 million USD (approximately 569 million yuan) for Fengchao [8].