原力数字过会：今年IPO过关第92家 中泰证券过2单

Core Viewpoint - Jiangsu Yuanli Digital Technology Co., Ltd. has been approved for its initial public offering (IPO) on the Beijing Stock Exchange, marking it as the 92nd company to pass the review this year [1] Company Overview - Yuanli Digital is a high-tech enterprise in the 3D digital content production industry, primarily providing 3D digital content production services that transform design into 3D digital images and animations based on customer needs [1] - The company utilizes digital information technology to offer services including original image construction, 3D digital model creation, and digital character binding, delivering these as digital assets to clients for compensation [1] Shareholding Structure - The controlling shareholder and actual controller of Yuanli Digital is Zhao Rui, who directly holds 12.14% of the shares and indirectly controls 18.12% through investment partnerships, totaling 30.26% [2] IPO Details - Yuanli Digital plans to publicly issue up to 8,018,900 shares on the Beijing Stock Exchange, with a potential total of 9,221,735 shares if the overallotment option is fully exercised [2] - The company aims to raise approximately 487.96 million yuan for projects including a technology innovation industrial base, a digital content innovation technology platform, and a 3D real-time digital animation application platform [2] Review Opinions - The review committee has requested the issuer to assess the impact of the low shareholding ratio of the actual controller on the stability of the company's operations and control [3] - The issuer is also required to clarify the accuracy and reasonableness of revenue recognition for projects with a production cycle exceeding one year [3] Inquiry Issues - The review raised questions regarding the authenticity of the company's operating performance, including the reasons for discrepancies in performance compared to comparable companies and the revenue recognition for long-term projects [4] - Concerns were also expressed about the stability of control, including the potential risks associated with the actual controller's debt obligations and any arrangements with lenders [4]