尚水智能IPO：实控人曾资金占用超400万，曾触发对赌协议

Core Viewpoint - Shenzhen Shangshui Intelligent Co., Ltd. is set to hold its listing meeting on the ChiNext board, with Guolian Minsheng Securities as the sponsor, focusing on micro-nano powder processing and related technologies for various industries including new energy batteries and semiconductors [1] Company Overview - Shangshui Intelligent's main business includes micro-nano powder processing, precise measurement of powder-liquid mixtures, and functional film preparation, with applications in new energy batteries, new materials, chemicals, food, pharmaceuticals, and semiconductors [1] - The company was established in August 2012, with key shareholders including Liu Xiaobao (60%), Huang Sihong (20%), and Zhang Shubo (20%) at its inception [1] - As of December 2022, the company underwent a shareholding reform, with Jin Xudong holding 35.07%, Jiangsu Bozhong 28.09%, Shangshui Business 16.08%, and BYD 7.69% [1] Shareholding Structure - Jin Xudong is the controlling shareholder and actual controller, holding a direct stake of 35.07% and controlling 51.15% of the voting rights through Shangshui Business [1] - The shareholding structure has seen frequent transfers, with significant transactions occurring prior to the share reform, including a 29.24% stake sold to Jiangsu Bozhong for 134 million yuan [4] Financial Transactions - In 2022, Jin Xudong had a fund occupation amounting to 4.2353 million yuan, with an additional 122,000 yuan added during the period, leading to a total repayment of 4.4106 million yuan [3][4] - To address the fund occupation issue, the company issued a targeted dividend of 4.0571 million yuan to Jin Xudong in September 2022, which was justified as necessary for the smooth progress of the share reform and IPO [4] Investment Agreements - Investors including BYD and Jiangsu Bozhong signed a betting agreement with the company, granting them special rights such as preemptive rights and anti-dilution rights, although these special terms were not executed and have since been terminated [5] - The betting agreement was triggered in December 2016 when the company failed to meet performance commitments, leading to share compensation clauses being activated [6][7]