Core Viewpoint - Tongling Technology's IPO application faces unprecedented regulatory scrutiny due to issues related to family control and financial internal control deficiencies, hindering its attempts to enter the capital market since 2016 [1][2]. Group 1: Company Control Structure - As of December 2024, the actual controllers, Xiang Chunchao, Xiang Jianwu, and Xiang Jianwen, control 75.88% of the voting rights through multiple "joint action agreements," creating a highly concentrated control system [1]. - In December 2022, the company retroactively changed its actual controller from Xiang Chunchao alone to include the three Xiang family members, coinciding with the year prior to its IPO application, raising questions about the timing [1]. Group 2: Financial Internal Control Issues - In 2021, the company issued bonuses totaling 7.1795 million yuan to executives, including Chairman Xiang Jianwu, citing "tax avoidance" as the main reason, which raised regulatory concerns about potential violations such as disguised dividends and fund occupation [2]. - In 2024, the company made two significant accounting error corrections, affecting over 40 items and leading to a maximum net profit impact of -11.70%, which undermined investor trust in the authenticity of financial data [2]. Group 3: Revenue Trends - The company's domestic revenue declined while overseas revenue surged, with overseas revenue figures of 166.5454 million yuan, 148.5899 million yuan, 378.4345 million yuan, and 207.3208 million yuan, accounting for 19.81%, 16.74%, 37.56%, and 42.52% of total revenue respectively [3]. - The North Exchange requested the company to clarify the reasons and rationale behind the continuous growth of overseas revenue and the decline in domestic revenue, as well as to analyze the background and legitimacy of the significant increase in revenue and profit during the reporting period [3].
通领科技IPO：财务内控问题频现 境外收入快速增长
Xin Lang Zheng Quan·2025-11-21 06:48