INVENGO(SZ:002161) Xin Lang Cai Jing·2026-01-16 09:06Core Viewpoint - The company, Yuanwanggu, plans to raise 690 million yuan through a private placement to fund various projects, including the construction of an RFID electronic tag production line and a new IoT terminal project, with concerns about the compliance and transparency of the funding allocation [1][18]. Group 1: Fundraising Details - Yuanwanggu intends to issue up to 221,927,220 shares to no more than 35 specific investors, raising a maximum of 690 million yuan for several projects, including 190 million yuan for the RFID electronic tag production line and 200 million yuan for working capital [2][19]. - The total investment for the RFID electronic tag production line is approximately 209.86 million yuan, with 190.34 million yuan allocated from the raised funds [3][20]. - Compared to a previously terminated fundraising plan of 300 million yuan, the new plan's total fundraising amount has doubled, with significant increases in the funding amounts for various projects, particularly a 550% increase in working capital allocation [3][21]. Group 2: Project Specifics - The new IoT terminal project, which has a funding allocation of 135 million yuan, lacks detailed descriptions regarding whether it focuses on production expansion or research and development [4][21]. - The RFID electronic tag production line project is expected to increase production capacity by 2 billion tags upon completion, while the innovation center project is aimed at research and training for vertical application models [4][21]. - The lack of clarity regarding the nature of the IoT terminal project raises questions about its classification as either a capital expenditure or a working capital allocation, which could affect compliance with regulatory limits on funding usage [8][25]. Group 3: Related Party Transactions - The fundraising plan includes several projects that show signs of related party transactions, such as the innovation center project, which involves leasing facilities from a company controlled by the actual controller, Xu Yusuo [9][26]. - The rental and renovation costs for the innovation center project amount to approximately 8.9 million yuan, raising concerns about the necessity of leasing from a related party when the company has existing facilities [12][29]. - Previous transactions involving the company's assets and the actual controller have led to scrutiny regarding potential profit manipulation and benefit transfer to the controlling shareholder [13][30]. Group 4: Shareholder Actions - Prior to the announcement of the fundraising plan, the actual controller, Xu Yusuo, disclosed a significant share reduction plan, intending to sell up to 22,192,722 shares, which is about 3% of the total share capital [14][31]. - Since the company's listing, Xu Yusuo has cumulatively reduced his holdings by over 1.1 billion yuan and has pledged a significant portion of his shares, raising concerns about the motivations behind the fundraising and share reduction activities [16][32]. - As of December 12, 2025, Xu Yusuo had pledged 93.22 million shares, representing approximately 87.84% of his total holdings, indicating a high level of financial leverage [17][32].