被前高管称“业务前景堪忧”的斑马网络IPO迎来新进展

Core Viewpoint - Zebra Network has received feedback from the China Securities Regulatory Commission (CSRC) regarding its overseas listing, requiring the company to clarify seven key issues related to its operations and compliance [1] Group 1: Company Overview - Zebra Network was established in 2015 with a registered capital of 3.35 billion yuan, co-funded by Alibaba Group and SAIC Group, focusing on the development of intelligent automotive operating systems, with its core product being AliOS [3] - The company has major clients including SAIC, FAW, and Volkswagen [3] Group 2: Financial Performance - From 2022 to 2024, Zebra Network's revenue has remained stagnant around 800 million yuan, with figures of 805 million yuan in 2022, 872 million yuan in 2023, and a projected 824 million yuan in 2024, indicating minimal growth [5] - The company's gross margin has declined from 53.9% in 2022 to 38.9% in 2024, with a significant net loss of 1.58 billion yuan in Q1 2025, marking a 675% year-on-year increase [5][6] - Cumulatively, the losses since 2020 have exceeded 4.1 billion yuan [5] Group 3: Dependency on Major Shareholders - Zebra Network exhibits a high dependency on its two major shareholders, Alibaba and SAIC, which is evident in its customer relationships and supply chain dynamics [6] - SAIC has consistently been the largest customer, while Alibaba provides essential cloud services and software support, creating a deep integration that limits the company's ability to independently explore third-party markets [6] Group 4: Regulatory Concerns - The CSRC has raised several questions regarding the company's equity changes, including the fairness of pricing in past capital increases and transfers, compliance with capital contribution obligations, and the status of recent capital adjustments [7] - The CSRC also inquired about the existence of state-owned shareholder identification and the company's compliance with relevant regulations [7] Group 5: Business Operations and Compliance - The company must clarify its business scope, including whether it has engaged in value-added telecommunications services and if it has obtained necessary licenses [8] - There are requirements to detail the operational status of its subsidiaries and the progress of obtaining relevant business licenses [8] - The company is also required to explain its data protection measures and the status of any ongoing litigation that may affect its overseas listing [8] Group 6: Listing and Fundraising - The company needs to provide estimates of the expected fundraising amount after exercising the overallotment option and clarify any potential issues regarding the shares held by participating shareholders [9]