晨光电机IPO：夫妻表决权超93%，沈燕儿曾拆借资金超2600万元

Company Overview - Zhoushan Chenguang Electric Motor Co., Ltd. (Chenguang Electric) successfully passed the listing review on the Beijing Stock Exchange on January 5, with Guojin Securities as the sponsor [1] - Chenguang Electric specializes in the research, production, and sales of micro-special motors, primarily used in cleaning appliances such as vacuum cleaners, serving clients like Kate Li, Chuanou Electric, and others [1] Corporate Structure - The company was established in December 2001 as Chenguang Limited and completed its shareholding reform in September 2023, currently listed on the innovation tier of the New Third Board [2] - The controlling shareholders are Wu Yongkuan and Shen Yan'er, who together hold over 93% of the voting rights, with Wu directly owning 53.13% and Shen 35.42% [2] Governance and Control Risks - Despite having a relatively sound corporate governance structure, the actual controllers can significantly influence company decisions, which poses risks to minority shareholders [5] - The company plans to issue up to 2 million shares at a price of 12.8 yuan each to raise 25.6 million yuan for working capital, with a single natural person, Chen Qiwei, as the subscriber [5] Financial Position - As of the end of 2023, the company had cash reserves of 166 million yuan and no short-term or long-term borrowings, raising questions about the necessity of raising additional working capital [7] - The actual controllers have previously borrowed over 26 million yuan from the company for personal use, which raises compliance and governance concerns [7][9] Related Party Transactions - In 2022, Shen Yan'er borrowed 18.06 million yuan and later 8.3 million yuan from the company for personal financial needs, with repayments made within the same year [8][9] - The company needs to clarify the compliance of these related party transactions and ensure that similar occurrences are prevented in the future [9]