飞速创新“带病”二闯港股：内控缺陷遭深交所警示 递表前夕突击分红2亿 财务疑似出现“存贷双高”现象

Core Viewpoint - Shenzhen Feisu Innovation Technology Co., Ltd. has submitted an IPO application to the Hong Kong Stock Exchange after facing internal control issues during its A-share IPO process, which led to a warning from the Shenzhen Stock Exchange [1][3][4]. Group 1: Company Overview - Feisu Innovation specializes in information communication technology products and solutions, focusing on HPC, data centers, enterprises, and telecommunications [2][18]. - The company has faced significant scrutiny regarding its internal controls, particularly concerning data authenticity and financial reporting [3][19]. Group 2: Financial Performance - From 2022 to 2024, Feisu Innovation's revenues were 19.88 billion, 22.13 billion, and 26.12 billion, with net profits of 3.65 billion, 4.57 billion, and 3.97 billion respectively [11][24]. - In 2024, the company experienced a "revenue without profit" situation, with an 18.03% revenue increase but a 13.02% decline in net profit due to rising operational costs [11][24]. Group 3: Internal Control Issues - The Shenzhen Stock Exchange identified three core internal control issues: deficiencies in the information system, incomplete logging of system operations, and lack of management protocols for financial operations [5][19]. - The company received a regulatory letter from the Shenzhen Stock Exchange highlighting concerns about the accuracy and completeness of its financial disclosures [4][19]. Group 4: Capital Structure and Financing - Feisu Innovation has engaged in multiple rounds of financing since 2015, with a C-round valuation of approximately 6.6 billion based on a share price of 18.33 [19][20]. - The company has a significant redemption obligation of 664 million due to agreements with investors in case of IPO failure [20]. Group 5: Dividend Distribution - Just five days before its IPO application, Feisu Innovation approved a cash dividend distribution of 2 billion, which accounted for 50.38% of its projected net profit for 2024 [21][8]. Group 6: Financial Management Concerns - The company exhibits a "high savings and high debt" phenomenon, with 11.5 billion in financial assets and a bank loan increase to 573 million, despite having a low proportion of restricted funds [17][26]. - Interest expenses have exceeded interest income since 2024, raising questions about the rationale behind accumulating debt while holding substantial cash reserves [29].