83岁老板三冲创业板，IPO前突击转股给女儿

Core Viewpoint - The company, Green Biological Technology Co., Ltd., is attempting its third IPO on the ChiNext board, facing significant compliance issues and financial pressures that raise doubts about its viability and intentions in the capital market [3][6][8]. Financial Health - As of June 2025, the company's asset-liability ratio reached 62.13%, with short-term loans and liabilities due within one year amounting to 340 million yuan, while cash on hand was only 95.95 million yuan, indicating severe debt pressure [2][6]. - The company plans to raise 690 million yuan in its IPO, with 80 million yuan allocated for debt repayment, raising questions about its financial management [6][8]. Compliance Issues - Green Biological has faced multiple administrative penalties, with five out of seven penalties related to environmental violations, highlighting ongoing compliance challenges [4]. - The company has been criticized for inaccurate accounting of R&D expenses and declining production capacity, which raises concerns about its status as a high-tech enterprise [4][5]. R&D and Production Capacity - The R&D expense ratio from 2022 to the first half of 2025 was below the industry average, with a notable increase in personnel costs that raises suspicions of financial manipulation to meet listing criteria [5]. - The company's production capacity utilization has dropped significantly, with the main plant at 53.87% and a subsidiary at 68.3%, questioning the rationale behind expanding production capacity [5]. Ownership and Governance - The founder, at 83 years old, transferred 9 million shares to his daughter, increasing her stake to 9% and raising concerns about governance independence and potential family control issues [6][8]. - The company's governance structure, characterized by family control, has led to market skepticism regarding its independence and decision-making processes [6][8]. Dividend Payments - Despite financial strain, the company has issued substantial cash dividends, including 80 million yuan in both 2022 and 2024, which exceeded its net profit in 2022, raising questions about its financial priorities [7][8].