定西高强申报IPO前更换评级更低的投行辅导 近百人未足项缴纳社保“五险”变“四险”却称没有违规

Core Viewpoint - The IPO application of Dingxi High Strength Fasteners Co., Ltd. has been accepted by the Beijing Stock Exchange, but the path to listing has become complicated due to the recent investigation of its underwriter, First Capital Securities, by the China Securities Regulatory Commission for alleged negligence in continuous supervision [2][3]. Group 1: Company Background - Dingxi High Strength was established on August 15, 1997, and was transformed from a state-owned enterprise. It was listed on the New Third Board on October 9, 2023, with Dongfang Securities as its initial underwriter [3][4]. Group 2: Underwriter Change - Before applying for the IPO, Dingxi High Strength changed its underwriter from Dongfang Securities to First Capital Securities, citing "strategic development needs." This change is puzzling given that Dongfang Securities had been advising the company for nearly five years and had a higher classification rating for 2024 compared to First Capital Securities [2][4][5]. Group 3: Compliance Issues - Dingxi High Strength has significant compliance issues, particularly regarding the failure to fully pay social insurance for nearly 100 employees. The company reported that it did not provide maternity insurance, which is a legal requirement, while claiming no violations of labor laws in its prospectus [5][7][9]. - The number of employees not receiving full social insurance has decreased from 268 in 2022 to 82 in mid-2025, but the company still has a substantial number of employees without proper coverage [6][7]. Group 4: Legal Obligations - According to the Social Insurance Law of the People's Republic of China, employers are required to participate in and pay social insurance for their employees. Dingxi High Strength's claim that many employees voluntarily waived their rights to social insurance does not exempt the company from its legal obligations [8][9][10]. - The company's prospectus misleadingly states that it provides "five insurances," but it effectively only offers "four insurances" as it does not include maternity insurance, which is a violation of legal requirements [9][10].