IPO审1过1

Core Viewpoint - Zhejiang Jinhua New Materials Co., Ltd. has received approval for its IPO application from the Beijing Stock Exchange, indicating a significant step towards public listing and potential capital raising for business expansion [1]. Group 1: Company Overview - The company primarily engages in the research, production, and sales of ketoxime series fine chemicals, including silane crosslinking agents, hydroxylamine salts, methoxyamine hydrochloride, and acetaldehyde oxime [4]. - Jinhua New Materials is recognized as a leading enterprise in the domestic market for silane crosslinking agents and hydroxylamine salts [4]. - The company was established in December 2007 and transitioned to a joint-stock company in July 2009, with a total share capital of 98 million shares prior to the IPO [4]. Group 2: Shareholding Structure - The controlling shareholder of the company is Juhua Group Co., Ltd., which holds 82.49% of the shares. The actual controller is the Zhejiang Provincial State-owned Assets Supervision and Administration Commission, which directly holds 76.49% of Juhua Group and indirectly holds 13.51% through Hangzhou Steel Group Co., Ltd., totaling 90.00% ownership of Juhua Group [5]. Group 3: Financial Performance - During the reporting period, the company's operating revenues were 993.97 million yuan, 1,114.51 million yuan, and 1,239.48 million yuan, respectively. The net profit attributable to the parent company, excluding non-recurring gains and losses, was 78.42 million yuan, 172.81 million yuan, and 205.83 million yuan [6]. Group 4: Inquiry Issues Raised - Questions were raised regarding the authenticity and reasonableness of the operating performance, particularly concerning the differences in gross profit margins across sales channels and the authenticity of terminal sales by traders [7]. - The company was asked to clarify its operational independence from the controlling shareholder, Juhua Group, in terms of assets, personnel, finance, and business operations [7]. - Concerns were also expressed about environmental compliance and safety production, specifically regarding whether overcapacity has led to environmental pollution and whether the internal control mechanisms for environmental compliance and safety production are effective [7].