兔宝宝参股企业IPO临考：产业协同背后的关联交易之辨

Core Viewpoint - The dual role of Rabbit Baby as both a shareholder and a core customer of its invested company, Jiangsu Jiashijia New Materials Group Co., Ltd., adds uncertainty to the IPO process of Jiashijia, attracting increased scrutiny from regulatory bodies [1][4]. Regulatory Scrutiny of Related Transactions - Regulatory rules emphasize the importance of related transactions during the IPO review process, focusing on commercial necessity, procedural compliance, and fair pricing [2][5]. - Rabbit Baby's role as a strategic shareholder and key raw material purchaser creates inherent related transaction attributes, raising concerns about potential conflicts of interest [2][5]. - Jiashijia must demonstrate to regulators that its ongoing transactions with Rabbit Baby are based on independent and fair commercial logic, rather than potential profit transfer [2][5]. Balancing Industrial Synergy and Independence - Rabbit Baby's investment in upstream suppliers like Jiashijia reflects a strategic intent to strengthen its core supply chain and build an industrial ecosystem, ensuring stable and quality raw material supply [3][7]. - The close relationship between Rabbit Baby and Jiashijia can validate commercial rationale, but excessive reliance on transactions may raise doubts about Jiashijia's independence and sustainable profitability [3][7]. - Jiashijia's ability to clearly define its business boundaries with Rabbit Baby in its prospectus will be crucial for passing the IPO review, demonstrating its capability to independently secure market orders [3][7]. - The situation highlights a classic market dilemma: encouraging industrial integration while ensuring the independence of listed companies and the fairness of transactions [3][7].