四方精创拟A+H上市 市场质疑“左手分红、右手募资”

Core Viewpoint - Shenzhen Sifang Jingchuang Information Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange for an "A+H" dual-platform listing, revealing multiple risks in customer and supplier concentration, R&D investment, operational status, and compliance in its prospectus and financial reports [1] Group 1: Customer Concentration Risks - The company has a high customer concentration, with a significant portion of revenue coming from a small number of clients. The loss or significant reduction in business from any of these clients could have a major adverse impact on the company's operations and financial performance [1] - Sales revenue from the top five customers accounted for 87.8%, 90.1%, 93.7%, and 89.4% of total revenue for the years 2022 to 2024 and the first three quarters of 2025, indicating an upward trend in customer concentration [1] Group 2: Dividend and Fundraising Concerns - There are concerns in the market regarding the company's fundraising strategy, described as "left hand dividends, right hand fundraising." Since its A-share listing, shareholders have received continuous and high cash dividends [1] - From 2022 to 2024, the company achieved a cumulative net profit attributable to shareholders of approximately 160 million yuan, while the total cash dividends during the same period approached 120 million yuan, resulting in a dividend payout ratio of around 75% [1]