募资3亿却要买8千万理财？揭秘瑞尔竞达的“不差钱”式IPO

Core Viewpoint - The IPO journey of Mingguang Rier Jinda Technology Co., Ltd. is fraught with contradictions, including the company's idle funds of 80 million yuan for financial products while seeking to raise 335 million yuan through the IPO, and the controlling shareholders receiving significant rental income while aiming for greater benefits from the listing [1][3]. Group 1: Company Financials and IPO Challenges - The company plans to raise 335 million yuan in its IPO, a reduction of nearly 30% from the initial target of 473 million yuan [10][13]. - The company intends to use 80 million yuan of idle funds for financial investments, raising questions about the actual need for the raised capital [17]. - The company has a high reliance on its top five customers, which accounted for 42.65% of sales in 2024, indicating potential stability issues in its revenue stream [26][27]. Group 2: Business Structure and Product Concerns - The company's business is heavily skewed, with two traditional products making up 85% of revenue, while new products have generated little income in recent years [7]. - There are concerns regarding the technology source, as the subsidiary claims to have introduced "French ceramic cup technology," which overlaps significantly with products from the controlling shareholder's former employer, Saint-Gobain [7][9]. - The sales contribution from the core subsidiary, Beijing Rier, accounted for 93.38% of the company's revenue in 2024, raising concerns about operational dependency [26]. Group 3: Governance and Related Party Transactions - The controlling shareholder, Xu Ruitu, and the general manager, Tong Xiaoping, have backgrounds in Saint-Gobain, which raises questions about the company's technological independence [18][20]. - The company has significant related party transactions, including a rental agreement for properties owned by the controlling shareholder and executives, totaling 1.224 million yuan in 2025 [21][22]. Group 4: Compliance and Debt Issues - The company faced an administrative penalty from the health committee in 2023, which could pose challenges during the IPO review process [22]. - The company's debt structure has deteriorated sharply, with total interest-bearing debt increasing nearly fivefold to 82.1048 million yuan in the first three quarters of 2025 compared to the previous year [24][25]. - Long-term debt surged from 198,400 yuan in 2024 to 64.5221 million yuan in 2025, raising concerns about potential financial "packaging" ahead of the IPO [25][34]. Group 5: Regulatory Scrutiny and Future Outlook - The company faces multiple inquiries from the North Exchange regarding its technology independence, revenue sustainability, and the rationale behind its financial management practices [33]. - The juxtaposition of plans to invest in production and R&D while simultaneously allocating funds for financial products raises significant questions about the necessity and efficiency of the fundraising [34]. - The upcoming IPO review will require the company to address these concerns comprehensively to alleviate regulatory doubts [34].