这家公司曾被口头警告！换审计机构、换会计师、换交易所！

Core Viewpoint - Shengruan Technology Co., Ltd. is seeking to list on the Hong Kong Stock Exchange for the second time after its initial application expired due to a six-month deadline, having previously withdrawn its application from the Beijing Stock Exchange just three months prior [1][4]. Company Overview - Shengruan Technology, established in January 2002 and located in Dongying, Shandong Province, focuses on providing information technology services for oil and gas enterprises, government units, and small to medium-sized manufacturing companies, with business areas including smart oilfields, smart cities, and industrial internet [3]. - The company was listed on the New Third Board on August 14, 2015, with the code 833339 [3]. Audit and Financial Issues - The company has changed its auditing firms three times in five years, raising concerns about its financial controls. It faced scrutiny from regulators due to three consecutive accounting errors from 2022 to 2023, leading to retrospective adjustments of net profits by -62.24% and -15.34% [3][5]. - The company has switched its auditing firm multiple times, with the latest change occurring in January 2024 when it appointed KPMG Huazhen as its auditor for the 2024 fiscal year [4]. Financial Performance - Shengruan Technology reported revenues of approximately CNY 391 million, CNY 502 million, CNY 525 million, and CNY 31 million for the years 2022, 2023, and the first quarter of 2025, reflecting a compound annual growth rate (CAGR) of 15.96% [8]. - Net profits for the same periods were approximately CNY 38 million, CNY 54 million, CNY 59 million, and a loss of CNY 20 million, with a CAGR of 25.57% [8]. - The company's gross margin has declined from approximately 41.4% in 2022 to 24.6% in the first quarter of 2025, a decrease of 16.8 percentage points over the period [8][6]. Market Position - According to Frost & Sullivan, the Chinese smart energy solutions market grew from CNY 11.4 billion in 2018 to CNY 26.9 billion in 2023, with a projected CAGR of 17.2% from 2023 to 2028 [7]. - Shengruan Technology is the second-largest independent solution provider in the Chinese smart energy solutions market, holding a market share of 2.3% in 2024 [7]. Use of IPO Proceeds - The funds raised from the IPO will primarily be used for research and development, expansion into overseas markets, and to supplement working capital [11].