股权乱局藏代持，狂募20亿！视涯科技IPO遭拷问

Core Viewpoint - The upcoming IPO of Visionary Technology on December 24 has sparked significant controversy due to its financial performance and capital raising strategy, raising questions about its valuation and operational sustainability [1][13]. Group 1: Shareholding and Governance Issues - Visionary Technology, established on October 13, 2016, has its actual controller, Gu Tie, holding 61.79% of voting rights through special voting arrangements, which raises concerns about share stability during the IPO process [2]. - The company’s shareholding structure and pricing details have prompted market discussions, indicating potential governance issues [2]. Group 2: Financial Performance and Profitability - The company reported cumulative losses of 921 million yuan from 2022 to mid-2025, with an average annual loss of 129 million yuan since its inception, primarily due to high R&D expenditures [7]. - Revenue figures for 2022 to mid-2025 were 190 million yuan, 215 million yuan, 280 million yuan, and 150 million yuan, with a compound annual growth rate of approximately 21.27%, failing to meet the conventional growth indicators required for IPO [6][12]. - R&D expenses during the reporting period were 237 million yuan, 287 million yuan, 269 million yuan, and 121 million yuan, indicating that R&D investments exceeded annual revenues in 2022 and 2023, reflecting the long development cycle and high costs associated with silicon-based OLED technology [7]. Group 3: Capital Raising and Financial Position - As of June 30, 2025, the company held 1.565 billion yuan in cash and cash equivalents, which accounted for 36.64% of total assets, raising questions about the necessity of raising an additional 2.015 billion yuan [9]. - The proposed fundraising is intended for the expansion of high-resolution silicon-based OLED microdisplay production lines and R&D center construction, which aligns with core business expansion rather than a "crying poverty" narrative [12]. - The company’s debt-to-asset ratio was reported at 51.88%, slightly lower than its competitor BOE, indicating a strong debt repayment capability [12].