Zhong Guo Jing Ji Wang·2026-01-24 06:18Core Viewpoint - Shenzhen Toptech Technology Co., Ltd. has passed the IPO review by the Beijing Stock Exchange, marking it as the 12th company to receive approval in 2026, with a focus on smart controllers and products across various sectors [1][2]. Group 1: Company Overview - Toptech specializes in the research, production, and sales of smart controllers and smart products, which are widely used in consumer electronics, power tools, industrial automation, automotive electronics, and new energy sectors [1]. - The company has not changed its main business since its establishment [1]. Group 2: Shareholding Structure - Huaxin Holdings directly holds 37,963,900 shares, accounting for 82.11% of Toptech's shares, making it the controlling shareholder [2]. - Liu Xiaoxiong and Zou Jian hold 41.00% and 33.00% of Huaxin Holdings, respectively, collectively controlling 74.00% of the company’s voting rights [2]. - Liu Xiaoxiong and Zou Jian are recognized as the joint actual controllers of Toptech [2]. Group 3: IPO Details - Toptech plans to publicly issue up to 11,558,970 shares, or up to 13,292,816 shares if the overallotment option is fully exercised, ensuring that public shareholders will hold at least 25% of the total share capital post-issue [2]. - The company aims to raise approximately 313.75 million yuan for expansion projects related to smart controllers and the establishment of a research and development center [2]. Group 4: Review Opinions - The review meeting raised inquiries regarding the company's operating performance, including the background of cooperation with TeraCharge, reasons for negative gross margins, and the declining gross margin of sales from Zongheng Electromechanical [3]. - Questions were also posed about the authenticity and reasonableness of the significant growth in performance from the company's subsidiary in Vietnam [3].