低价转让股权引国有资产流失质疑 港股IPO企业芯德半导体回应

Core Viewpoint - Jiangsu Xinde Semiconductor Technology Co., Ltd. is preparing for an IPO on the Hong Kong Stock Exchange, with concerns raised about the legitimacy of its equity transfers involving state-owned assets [1][12]. Group 1: Company Background - Xinde Semiconductor is a semiconductor packaging and testing solution provider, established in September 2020, focusing on advanced packaging technologies [2][13]. - The company has developed a range of packaging capabilities, including QFN, BGA, LGA, WLP, and 2.5D/3D technologies, and has accumulated significant technical experience in the field [2][13]. Group 2: Shareholding Structure - The largest shareholder group includes Zhang Guodong, Pan Mingdong, Liu Yixian, and two limited partnerships, Ningtai Xin and Ningpu Xin [2]. - In November 2020, Nanjing Pukou Industrial Investment Partnership became the largest shareholder with a 63.33% stake after investing 190 million RMB [3][9]. Group 3: Equity Transfer Issues - There have been multiple instances of equity being transferred at 1 RMB per registered capital, significantly lower than the market price, raising concerns about potential state asset losses [9][10]. - In 2023, Nanjing Pukou Industrial Investment transferred shares at 1 RMB per registered capital while the market price was around 5 RMB, indicating a substantial potential profit loss of up to 675 million RMB if priced at market rates [10][11]. Group 4: Financial Performance - Xinde Semiconductor has reported negative net profits during the reporting period, with figures of -360 million RMB, -359 million RMB, -377 million RMB, and -219 million RMB [17]. - The company's revenue growth rate has been declining, with a reported increase of only 22.1% in the first half of 2025, contrasting sharply with a 343.47% increase in total compensation for four executive directors [18]. Group 5: Future Outlook - The company aims to enhance its customer collaborations, expand production capacity, and improve technology to capture market opportunities, positioning itself for a successful IPO as a means to enhance value and financing channels [17][18].