赛英电子IPO：上会稿新增募投产能无法消化风险 独董“适格性”被现场问询

Core Viewpoint - Jiangyin Saiying Electronics Co., Ltd. has received approval from the listing committee for its IPO on the Beijing Stock Exchange, with key inquiries raised during the review process regarding profit margin risks, customer collaboration stability, and the qualifications of the independent director Huang Zhenyu [2][3]. Group 1: Company Overview - Jiangyin Saiying Electronics was established in 2002 and specializes in the research, development, manufacturing, and sales of key components for power semiconductor devices, including ceramic shells and packaging heat dissipation substrates [5]. - The company primarily serves semiconductor manufacturers, providing critical components for devices such as thyristors, IGBTs, and IGCTs, which are used in ultra-high voltage transmission, renewable energy generation, industrial control, and new energy vehicles [5]. Group 2: IPO Details - The company aims to raise 270 million yuan through its IPO, which will be allocated for expanding heat dissipation substrate production, building a research and development center, and supplementing working capital [5]. - The IPO review document includes a new risk warning regarding the potential inability to absorb the additional production capacity and achieve expected benefits from the fundraising projects [5]. - Upon completion of the fundraising projects, the company plans to add 12 million flat-pack heat dissipation substrates and 6 million pin-type heat dissipation substrates to its production capacity [5]. Group 3: Management and Governance - Huang Zhenyu, born in 1983 and holding an EMBA degree, has held various sales and management positions in the industry, including roles at Shanghai Shengjing and Beijing Shengjing Jiacheng [4]. - Huang Zhenyu has been serving as an independent director of Saiying Electronics since March 2025, and the Beijing Stock Exchange has requested verification of his qualifications due to his connections with the company's actual controller [2][4].