强一股份IPO：融资15亿，实控人表决权过半，韩国强一遭立案调查

Core Viewpoint - Qiangyi Semiconductor (Suzhou) Co., Ltd. is preparing for its IPO on the Sci-Tech Innovation Board, focusing on the research, design, production, and sales of wafer testing probe cards, breaking the monopoly of foreign manufacturers in the MEMS probe card sector [1][3]. Financing and Ownership Structure - The company has undergone frequent equity financing, leading to a highly dispersed shareholding structure, with 44 shareholders as of the prospectus signing date [4][5]. - The actual controller, Zhou Ming, holds over 50% of the voting rights, with a direct shareholding of 27.93% and indirect control through partnerships [5][8]. - The company has completed multiple rounds of financing from various investors between 2020 and 2024, including significant contributions from Fengnian Capital and others [3][4]. Fundraising and Capacity Expansion - Qiangyi plans to raise 1.5 billion yuan through its IPO, with funds allocated for the development and production of probe cards and the construction of its headquarters and R&D center [10][12]. - The planned capacity expansion is aggressive, with expectations to increase production significantly, despite recent declines in capacity utilization rates [12][14]. Financial Performance - The company has shown steady revenue growth, with a compound annual growth rate of 58.85% over the past three years, primarily driven by sales of probe cards [19][22]. - The core products contribute over 88% of total revenue, with significant reliance on 2D/2.5D MEMS probe cards [19][21]. Related Party Transactions - The first major customer is a related party, with increasing sales concentration among the top five customers, raising concerns about dependency [19][22]. - The company has also been reducing its procurement from related parties, although a significant portion of purchases still comes from them [23][24]. Legal and Regulatory Issues - Qiangyi's subsidiary in South Korea is under investigation for alleged violations of competition laws, which could impact the company's reputation and operations [26][28]. - The company has sought legal opinions asserting that it and its executives are not in violation of any laws, which may mitigate potential legal risks [28].