这家陕企，第三次站到了IPO门前

Core Viewpoint - Shaanxi Jiahe Biotechnology Co., Ltd. has officially initiated the listing counseling record, with Guojin Securities as the counseling institution, marking its third attempt at an IPO after two previous withdrawals due to regulatory issues and concerns over financial disclosures [1][7]. Group 1: Company Background - Jiahe Biotechnology was established in 2000 and specializes in the research, production, and sales of natural plant extracts and health foods, making it one of the larger companies in this sector in China [2]. - The company has multiple production facilities, employs over 2,000 staff, and holds more than 200 authorized patents [2]. Group 2: Previous IPO Attempts - The company first attempted to list on the Shanghai Stock Exchange in December 2017 but withdrew its application shortly after [5]. - In June 2021, Jiahe shifted its focus to the ChiNext board but faced two rounds of inquiries from the exchange, leading to another withdrawal in July 2022 [7][8]. Group 3: Regulatory Challenges - In April 2023, the company faced regulatory actions due to issues identified during its previous ChiNext application, including discrepancies in financial disclosures and inventory management [1][9]. - The Shenzhen Stock Exchange highlighted significant concerns regarding the company's overseas sales and inventory, which raised questions about the accuracy of its financial statements [9][10]. Group 4: Current Listing Strategy - This time, Jiahe is adopting a more cautious approach by entering the counseling phase first, focusing on improving its governance, financial, and legal structures before formally applying for an IPO [1][13]. - The implementation of a comprehensive registration system in the A-share market has made the entry more inclusive but has also tightened the scrutiny on the authenticity and accuracy of information disclosures [1][13]. Group 5: Governance and Business Integrity - The company is controlled by its founders, who hold approximately 68% of the shares, raising concerns about governance effectiveness and independence [3][15]. - There are doubts regarding the authenticity of the company's overseas business, which previously accounted for about 80% of its sales, as regulatory investigations suggested potential sales fraud [16].