Zhong Guo Jing Ji Wang·2025-12-19 03:19Core Viewpoint - Wuxi Chuangda New Materials Co., Ltd. has been approved for its initial public offering (IPO) on the Beijing Stock Exchange, marking it as the 96th company to receive approval this year [1]. Company Overview - Chuangda New Materials specializes in the research, production, and sales of high-performance thermosetting composite materials, with key products including epoxy molding compounds, liquid epoxy encapsulants, organic silicone gels, phenolic molding compounds, and conductive silver pastes [1]. - The company’s products are widely used in semiconductor, automotive electronics, and other electronic packaging fields, and it also provides epoxy engineering materials and services for cleanroom projects in the electronics industry [1]. Shareholding Structure - The major shareholders of Chuangda New Materials include Zhang Jun, Xixin Investment, Lu Nanping, and Mianyang Huili, with respective holdings of 15.87%, 11.11%, 7.67%, and 17.22% [2]. - Zhang Jun and Lu Nanping are the actual controllers of the company, holding over 50% of the voting rights through their direct and indirect shareholdings [2]. IPO Details - The company plans to publicly issue up to 12,329,345 shares on the Beijing Stock Exchange, with an option to issue an additional 1,849,401 shares through an over-allotment option [3]. - The total funds to be raised are expected to be 300 million yuan, allocated for the construction of a production line for semiconductor packaging materials, a research and development center, and to supplement working capital [3]. Review Opinions - The review committee has requested the issuer to analyze and justify the necessity and reasonableness of the 63 million yuan for working capital, considering the cash flow from operating activities and future capital expenditures [4]. Inquiry Issues - The review raised questions regarding the authenticity of the company's operating performance, including the reasons for revenue increases and the rationale behind revenue recognition for epoxy engineering services [5]. - The necessity and reasonableness of the proposed projects, particularly the construction of the production line for semiconductor packaging materials and the working capital requirement, were also questioned [5].