理奇智能子公司股权交易价格混乱，高管人员履历披露存在重大差错

Core Viewpoint - Wuxi Riqi Intelligent Equipment Co., Ltd. focuses on the research, manufacturing, and sales of customized and intelligent material handling systems, with a wide application in industries such as lithium battery manufacturing, fine chemicals, and composite materials. The company is currently applying for an IPO [1]. Group 1: Equity Transactions - On November 17, 2020, an agreement was signed confirming the transfer of 35% equity of Wuxi Ross from Deyida to Riqi Intelligent, with a transaction price of $19.25 million based on a total valuation of $55 million for Wuxi Ross [1]. - On December 28, 2020, Deyida signed an agreement to transfer the same 35% equity to Wuxi Ross for $600,000, indicating a valuation of less than $1.8 million for Wuxi Ross. Concurrently, Wuxi Ross's 51% equity was sold to Riqi Limited for $12.6 million, reflecting a valuation of approximately $25 million [2]. Group 2: Valuation Discrepancies - The acquisition of Wuxi Ross by Riqi Intelligent involved a higher valuation due to the inclusion of a control premium, despite the company claiming that Wuxi Ross should be treated as jointly controlled based on its articles of association, leading to inconsistencies in information disclosure [2]. Group 3: Management Discrepancies - Lu Wenzhou, the head of the technology center at Wuxi Ross, has discrepancies in his disclosed employment history compared to public records, raising concerns about the accuracy of the information provided in the IPO prospectus [4]. Group 4: Production Capacity and Utilization - The production capacity of Riqi Intelligent is constrained by the area of production facilities and the number of assembly and debugging staff. The actual working hours of assembly and debugging personnel have consistently exceeded theoretical working hours, with a capacity utilization rate of 140.09% in the first half of 2025, indicating that actual working hours were 40% above the standard market [6]. - The theoretical and actual working hours for assembly and debugging personnel from 2022 to 2025 show a trend of increasing actual hours, with the following data: - 2025 (Jan-Jun): Theoretical hours: 185,576; Actual hours: 259,980.5 - 2024: Theoretical hours: 416,448; Actual hours: 514,108 - 2023: Theoretical hours: 447,904; Actual hours: 596,688 - 2022: Theoretical hours: 277,384; Actual hours: 354,405 [6].