Workflow
易加增材IPO：公司治理草莽 暗藏内控危机
Sou Hu Cai Jing·2025-10-28 02:23

Core Viewpoint - The IPO of Hangzhou Yijia 3D Printing Technology Co., Ltd. (referred to as "Yijia Additive") raises concerns regarding corporate governance and internal control risks, despite plans to raise 1.205 billion yuan [2][5]. Group 1: IPO Details - Yijia Additive plans to raise 1.205 billion yuan, which accounts for 92.41% of its net assets [2]. - The funds will be allocated as follows: 464 million yuan for expanding metal 3D printing in Beijing, 442 million yuan for industrialization of additive manufacturing equipment in Hangzhou, 187 million yuan for a research and development center in Hangzhou, and 112 million yuan for building a technical service network [2]. Group 2: Ownership Structure - The actual controllers, Li Cheng and Li Jianhao, hold a combined 54.53% of the company's shares [3]. - Major institutional shareholders include Advanced Manufacturing Investment, Chuanghe New Materials, and Chuanghe Fund, with respective holdings of 3.58%, 3.10%, and 3.01% [3]. - Li Jianhao, the chairman, has a notably low salary of 1,200 yuan for 2024, raising questions about compensation practices [3]. Group 3: Governance Concerns - The high concentration of ownership may lead to a lack of decision-making participation from other shareholders, potentially resulting in nepotism and governance issues [3]. - Historical issues include shareholding proxies and financial practices that may challenge regulatory compliance, such as "loan transfers" to manipulate cash flow [5]. Group 4: Legal Risks - As of the end of 2024, the company and its subsidiaries face pending lawsuits totaling 21.19 million yuan [5]. - Specific lawsuits include claims against companies for unpaid debts, with amounts of 1.764 million yuan and 20.299 million yuan, respectively [6][7]. Group 5: Risk Profile of Executives - Li Jianhao has numerous positions and associated risks, with 20 directorships and 38 surrounding risks [7]. - Li Cheng has an even higher risk profile, with nearly 1,000 associated risks and multiple legal issues linked to companies he has managed [8].