创达新材IPO：子公司“摇身”变供应商，引入国资股东“先上车后补票”

Core Viewpoint - Wuxi Chuangda New Materials Co., Ltd. is set to hold its IPO meeting on December 18, aiming to raise 300 million yuan for the construction of a production line for semiconductor packaging materials, a research center, and to supplement working capital [1] Group 1: IPO and Fundraising - The company plans to raise 300 million yuan for projects including a production line with an annual capacity of 12,000 tons for semiconductor packaging materials [1] - The IPO process has raised concerns regarding the procedural irregularities in the introduction of state-owned shareholders [1][4] Group 2: Shareholder Structure and Control - The actual controllers of the company, Zhang and Lu, hold a combined voting power of 51.87% through direct holdings and controlled investment platforms [6] - The company has faced scrutiny over its relationship with Wuxi Shaohui, a former wholly-owned subsidiary that has become a significant supplier despite a reduction in shareholding [8][9] Group 3: Financial Performance and Tax Incentives - The company has shown a dependency on tax incentives, with tax benefits amounting to 12.54 million yuan, 16.36 million yuan, 17.52 million yuan, and 8.73 million yuan over the reporting periods, constituting 55.88%, 28.49%, 25.00%, and 23.46% of total profits respectively [2][12] - Accounts receivable have been steadily increasing, representing nearly 40% of total assets, with significant bad debt provisions impacting performance [2][12] Group 4: Related Party Transactions - The company has acknowledged "same address operation" and "exclusive supply" relationships with Wuxi Shaohui, raising questions about potential control and financial mixing [10] - The procurement amounts from Wuxi Shaohui have increased over the years, indicating a growing reliance on this supplier [8][10] Group 5: Regulatory Scrutiny and Compliance Issues - The North Exchange has requested clarifications regarding the company's control over Wuxi Shaohui and the nature of transactions between them [9] - The company faced an administrative penalty of 221,000 yuan for illegal construction and environmental violations related to a subsidiary's project [12]