原力数字北交所IPO过会，控制权稳定性等遭追问

Core Viewpoint - Jiangsu Yuanli Digital Technology Co., Ltd. has successfully passed the IPO review on December 12, 2023, aiming to raise approximately 488 million yuan [1] Company Overview - Yuanli Digital is a high-tech enterprise in the 3D digital content production industry [1] - The company’s IPO was accepted on December 31, 2024, and entered the inquiry phase on February 5, 2025 [1] Fundraising Details - The company plans to raise around 488 million yuan through its IPO [1] Regulatory Concerns - The listing committee raised questions regarding the authenticity of the company's operating performance, particularly how it remained unaffected by market fluctuations that impacted comparable companies [1] - The committee requested clarification on the accuracy and reasonableness of revenue recognition for projects with production cycles exceeding one year [1] - There were inquiries about the differences in gross profit margins and credit policies between related and unrelated party projects, seeking explanations for these discrepancies [1] Control Stability - The listing committee asked Yuanli Digital to analyze whether existing measures can ensure the stability of its control rights [1] - The company was required to explain any potential risks related to the stability of its current control structure and whether the actual controller faces significant debt repayment risks [1] - The committee also inquired about any shareholding arrangements or commitments made by the actual controller to lenders [1]