高特电子IPO：估值猛涨28亿，曾存在资金拆借

Core Viewpoint - Hangzhou Gaote Electronics Co., Ltd. is set to hold its listing meeting on the ChiNext board, marking it as the first company to do so in 2026, with CITIC Securities as the sponsor [1] Company Overview - Gaote Electronics specializes in energy storage BMS modules and related products, expanding into integrated control units and data services, with applications in high-voltage energy storage power stations, commercial and residential energy storage, new energy vehicles, and electric ships [1] - The company was founded in February 1998, originally as Gaote Limited, and underwent a shareholding reform in October 2016, increasing the number of shareholders to 13 [1] Shareholding Structure - The major shareholders include Guiyuan Holdings (51.14%), Wuer Investment (15.15%), Zhou Haibo (7.89%), and Hangzhou Yunlong (6.19%) [1] - Xu Jianhong holds over 46% of the voting rights and is the actual controller of the company through Guiyuan Holdings and Wuer Investment, controlling a total of 46.17% of the shares [1] Valuation Growth - The pre-IPO valuation of Gaote Electronics surged from 1 billion yuan to 3.8 billion yuan within a year, reflecting a significant increase in investor interest [4][7] - The company underwent multiple rounds of capital increases and share transfers, with the pre-IPO valuation reaching 3.8 billion yuan by December 2023 [7] Financial Transactions - In February 2023, Guiyuan Holdings transferred shares for 10 million yuan, and in April, further shares were transferred for 5 million yuan, both at a pre-valuation of 2 billion yuan [5] - The company has engaged in various capital increases, with notable transactions in July and September 2023, reflecting a growing investor base and increasing valuations [6][7] Related Risks - There are concerns regarding the financial transactions between Gaote Electronics and its major shareholders, including loans and payments for advisory services, which require scrutiny to ensure compliance and transparency [8][10]