信胜科技募投项目由控股子公司实施，境外客户设立时点信披前后矛盾

Core Viewpoint - Xingsheng Technology Co., Ltd. is applying for an IPO to fund significant projects, including the construction of embroidery machine frames and components, with total investments nearing 250 million yuan [1][6]. Group 1: Company Overview - Xingsheng Technology specializes in the research, production, and sales of computer embroidery machines, holding a leading position in the domestic market with a diverse range of products [1]. - The company is currently in the process of applying for an IPO, with key investment projects aimed at increasing production capacity [1]. Group 2: Investment Projects - The main fundraising projects include the "Annual Production of 11,000 Embroidery Machine Frames" and "Annual Production of 330,000 Sets of Embroidery Machine Components," with a total investment of approximately 250 million yuan [1]. - The "Annual Production of 11,000 Embroidery Machine Frames" project has a total investment of nearly 250 million yuan, with the implementation led by the subsidiary Xingsheng Machinery [1]. Group 3: Financial Arrangements - The company plans to finance these projects through loans to its subsidiaries, Xingsheng Machinery and Xingshun Precision, due to the high investment amounts and limited financial capacity of minority shareholders [1]. - The company has opted for a loan-based investment approach to avoid diluting minority shareholders' equity, which could impact their management motivation [1]. Group 4: Shareholding Changes - In August 2023, Xingsheng Technology transferred 10% of its shares in Xingsheng Machinery to a minority shareholder for 15.6 million yuan, despite the subsidiary's responsibility for major investment projects [2]. - The general manager of Xingsheng Machinery, Li Jiancheng, has a background in management and is expected to enhance the subsidiary's production and management capabilities [2]. Group 5: Client Relationships - LIBERTY is a major client of Xingsheng Technology and plays a crucial role in the company's exports to India, with a history of collaboration based on product quality recognition [4]. - There is a discrepancy in the reported establishment date of LIBERTY, raising questions about the consistency of the information disclosed in the prospectus [4]. Group 6: Contractual Agreements - Xingsheng Machinery intends to sign a construction contract with Zhejiang Zhenghao Construction Co., Ltd. for the "Annual Production of 11,000 Embroidery Machine Frames" project, with a total contract value of 63.32 million yuan [5]. - The estimated investment for the project is approximately 249.52 million yuan, with construction costs significantly exceeding the contract amount [6].