2026年A股首单、信胜科技IPO被暂缓审议，向子公司借款实施募投项目被追问

Core Viewpoint - Zhejiang Xingsheng Technology Co., Ltd. (hereinafter referred to as "Xingsheng Technology") has had its IPO application on the Beijing Stock Exchange postponed, marking the first such case for 2026 among the three major exchanges in China, with Guosen Securities as the sponsor [2] Group 1: IPO Application and Regulatory Requirements - The listing committee has requested the sponsor and the reporting accountant to further verify all sales customers with "cross-border foreign exchange payment capabilities," including agreements and execution regarding fund payments and business expenses, reasons for frequent changes in payers, annual foreign exchange quotas, and allocations to Xingsheng Technology to confirm the authenticity of the company's sales revenue [2] - The listing committee also requires Xingsheng Technology to disclose additional information regarding the main circumstances of borrowing from subsidiaries to implement fundraising projects, as well as measures to effectively control the use of raised funds, prevent benefit transmission, and protect the interests of the company and minority investors [4] - Furthermore, the committee has inquired about the authenticity and sustainability of operating performance, as well as the implementation of fundraising projects through controlling subsidiaries [5] Group 2: Financial Performance - For the years 2022 to 2024 and the first half of 2025, the company's operating revenues are projected to be CNY 600 million, CNY 704 million, CNY 1.03 billion, and CNY 655 million respectively; net profits attributable to the parent company are expected to be CNY 52.6 million, CNY 58.9 million, CNY 120 million, and CNY 87.8 million [6] - In 2025, Xingsheng Technology anticipates achieving operating revenues between CNY 1.35 billion and CNY 1.55 billion, representing a year-on-year growth of 31.07% to 50.49%; net profits attributable to the parent company are expected to be between CNY 195 million and CNY 225 million, with a year-on-year growth of 62.95% to 88.02% [6] Group 3: Company Profile - Xingsheng Technology specializes in the research, production, and sales of computer embroidery machines, boasting a long brand history and core technology; it is recognized as a "Little Giant" enterprise by the Ministry of Industry and Information Technology and is among the first batch of key "Little Giant" enterprises in the national specialized and innovative category [7] - The main products are categorized based on embroidery techniques, including flat embroidery machines and specialty machines [7] Group 4: Shareholding Structure - Wang Haijiang and Yao Xiaoyan hold 46.67% of the company's shares directly, while through Xingsheng Holdings and Haichuang Investment, they control 52.38% of the shares, collectively holding 99.05% of the voting rights, making them the actual controllers of the company [9]