“专精特新”小巨人，还是实控人“私家库”？福建三星收六道监管函，北交所IPO前景蒙阴影

Core Viewpoint - Fujian Samsung Electric Co., Ltd. is facing significant regulatory scrutiny from the Fujian Securities Regulatory Bureau due to multiple violations, including off-the-books financial activities and related party fund occupation, which have raised concerns about the company's compliance and governance as it pursues an IPO on the Beijing Stock Exchange [1][11]. Financial Violations - From January 2022 to June 2025, Fujian Samsung engaged in off-the-books transactions totaling 12.6991 million yuan in income and 9.3563 million yuan in costs and expenses, leading to inaccuracies in financial disclosures [2][3]. - The company failed to disclose these financial irregularities in its public transfer documents and annual reports until August 2025, violating timely and accurate information disclosure requirements [4][11]. Related Party Transactions - The actual controllers of Fujian Samsung, including Wang Xingrong and Wang Shengmou, were found to have occupied company funds, with the highest daily balance of fund occupation reaching 477.90 thousand yuan [3][10]. - Additionally, the company charged fuel cards for nine related natural persons, resulting in further fund occupation, with a peak balance of 44.90 thousand yuan [3]. Independence Deficiencies - Fujian Samsung exhibited serious independence deficiencies by having personnel from four related companies intermixed, violating regulations regarding corporate independence [6][8]. - Wang Shengqiang, one of the actual controllers, was implicated in occupying company funds while failing to fulfill his responsibilities as vice chairman [9]. Regulatory Actions - The Fujian Securities Regulatory Bureau issued administrative regulatory measures, including warning letters to multiple key executives, including the chairman and vice chairman, for their roles in the violations [10]. - The regulatory actions cast a shadow over Fujian Samsung's IPO prospects, as the company had just shifted its listing application from the Shenzhen Stock Exchange to the Beijing Stock Exchange [11]. Company Background and Performance - Established in 2004, Fujian Samsung specializes in the research, development, manufacturing, and sales of precision metal components for power distribution and control equipment, recognized as a national high-tech enterprise [11]. - According to the company's Q1 2025 report, it achieved revenue of 97.1745 million yuan, a year-on-year increase of 19.26%, while net profit decreased by 10.82% to 13.3620 million yuan [11].