需要13亿来“改善生活”？毛戈平家族的上市财富盛宴

Core Viewpoint - The article discusses the financial maneuvers of the Mao Geping family following their company's IPO in Hong Kong, highlighting significant cash withdrawals and questioning the alignment of their actions with the company's stated growth strategies and investor interests [1][4][6]. Group 1: IPO and Financial Maneuvers - Mao Geping withdrew its IPO application from A-shares three times, citing "business prospects, future development strategy, and market environment" as reasons [1]. - After the withdrawal, the Mao Geping family repurchased 10% of shares from Jiuding for 730 million yuan and distributed dividends totaling 1 billion yuan within three months, exceeding the previous year's net profit [1][6]. - The company successfully listed on the Hong Kong Stock Exchange, raising approximately 2.1 billion yuan, while the family has since cashed out over 2 billion yuan through dividends and share sales [1][6][7]. Group 2: Shareholder Actions and Market Reactions - Recently, the family announced plans to sell up to 17.2 million H-shares, representing 3.51% of the total shares, with a potential value of 1.41 billion HKD (approximately 1.3 billion yuan) [4][5]. - Investors have expressed skepticism regarding the rationale behind the family's cashing out, questioning the need for personal financial improvement when substantial dividends have already been distributed [5][15]. - The family's actions have raised concerns about the alignment of their financial interests with those of minority shareholders, especially given the significant amount of cash withdrawn from the company [15]. Group 3: Business Model and Governance Structure - Mao Geping's business model relies heavily on outsourcing production, with a low investment in R&D (only 0.59% of revenue), raising questions about the sustainability of its "high-end" branding [8][12]. - The company has a family-dominated board, with six out of nine directors being family members, leading to potential conflicts of interest between family and corporate goals [13][14]. - The governance structure suggests that the family's financial interests are prioritized, as evidenced by their substantial compensation and the timing of their cash withdrawals [14][15].