Core Viewpoint - Nanjing Qingtian Quanshui Information Technology Co., Ltd. (Qingtian Quanshui) has submitted its listing application to the Hong Kong Stock Exchange, planning to go public on the main board, while also distributing a significant cash dividend prior to the listing, raising concerns about its financial health and operational performance [1][2][14]. Financial Performance - The company has declared a cash dividend of 230 million RMB, which accounts for 144.65% of its net profit during the same period, indicating a potential depletion of its retained earnings [1][6]. - As of the end of 2024, the company's undistributed profits will be only 14.6 million RMB, suggesting that most of its profits accumulated over 13 years have been exhausted [1][6]. - Revenue growth has significantly slowed, with 2024 and the first half of 2025 showing revenue growth rates of only 6.39% and 4.50%, compared to 34.70% in 2023 [15][17]. - The net profit for 2024 and the first half of 2025 has dropped by 26.43% and 74.87%, respectively, primarily due to increased system integration costs and declining gross margins [17]. Client Base and Market Position - The number of enterprise clients has decreased from approximately 34,013 in 2022 to 27,260 in 2024, indicating a declining trend in client acquisition [17]. - Qingtian Quanshui ranks first in the Chinese cross-border enterprise intelligent tax solutions market with a market share of 1.7% and second in the broader digital solutions market with a 1.2% share [2]. Shareholder Actions - Prior to the listing application, three early shareholders collectively cashed out 80 million RMB, raising questions about the timing and motivations behind the dividend distribution and the IPO [3][14]. - The actual controller, Xin Yingmei, holds approximately 78.17% of the company's shares, with significant portions of the dividend expected to flow to her [2][4]. Regulatory Concerns - The company’s dividend distribution practices may violate new regulations that classify "clearance-style" dividends as negative listing behaviors if they exceed certain thresholds [7][8]. - Qingtian Quanshui has reached the threshold for "clearance-style" dividends, which could impact its IPO prospects [8]. Debt and Liquidity - As of June 30, 2025, the company has a total of 127 million RMB in payable dividends and 177 million RMB in broad monetary funds, indicating a potential liquidity crisis post-dividend distribution [9][10]. - The company has recently taken on a 10 million RMB bank loan, which must be repaid within a year, raising concerns about its financial stability [13]. Operational Challenges - The gross margin has declined from 83.5% in 2022 to 67.3% in the first half of 2025, reflecting operational inefficiencies and increased costs [17]. - The company’s net profit margin has plummeted from 94.70% in 2023 to 11.30% in the first half of 2025, indicating a severe drop in profitability [17].
擎天全税通赴港上市前突击“清仓式”分红2.3亿 成立13年来累计利润几乎被掏空 上市是否为了圈钱？
Xin Lang Cai Jing·2025-10-31 08:29