QuakeSafe Technology(SZ:300767) Xin Lang Zheng Quan·2026-02-12 12:39Core Viewpoint - Zhenan Technology plans to raise up to RMB 740 million through a private placement, primarily for working capital and repaying bank loans, raising questions about the necessity and source of funds given the company's financial situation and past performance [1][2][5]. Group 1: Fundraising and Financial Situation - Zhenan Technology intends to issue up to 46,416,652 shares at a price of RMB 15.96 per share, aiming to raise no more than RMB 740.81 million [2]. - The company has raised a total of RMB 918 million through various means since its IPO, yet has only distributed RMB 89 million in dividends, indicating a significant disparity between fundraising and shareholder returns [12]. - As of the end of Q3 2025, Zhenan Technology reported RMB 596 million in cash, with total interest-bearing liabilities of approximately RMB 190 million, suggesting sufficient liquidity to cover short-term debts [7][8]. Group 2: Control and Governance Issues - The controlling shareholders, Ning Huaxiang and Zhou Jianqi, have pledged 100% of their shares in Zhenan Technology as collateral for loans, raising concerns about the stability of control and potential risks associated with high leverage [3][5]. - The recent acquisition of the controlling stake in Huachuang Sanxin by the same shareholders has led to increased control over Zhenan Technology, but the simultaneous pledge of shares for loans creates a paradox regarding the source of funds for the new share subscription [2][5]. Group 3: Past Investment Performance - Previous fundraising efforts have been marred by controversies, with projects failing to meet expected returns; for instance, the utilization rate of the intelligent damping equipment manufacturing base was only 13.3%, leading to significant asset impairment losses [9][10]. - The company has faced regulatory scrutiny due to issues related to accounting practices and internal controls, which have contributed to its ongoing financial losses [12][13]. Group 4: Future Performance and Incentives - Zhenan Technology has set ambitious performance targets for its new stock incentive plan, requiring significant revenue and profit growth over the next few years, which may be challenging given its recent financial history [14][15]. - The stock incentive plan includes granting 276,290 restricted shares to the new financial director at a price significantly below market value, raising questions about the rationale behind such incentives for a recently appointed executive [15].