Core Viewpoint - Suzhou Lain Precision Alloy Co., Ltd. is restarting its IPO plan targeting the Beijing Stock Exchange after failing to list on the ChiNext due to financial internal control issues three years ago [1] Group 1: Financial Issues and Regulatory Actions - The company faced regulatory scrutiny from the Shenzhen Stock Exchange due to illegal loan transfers during its previous IPO attempt, which involved signing contracts without real transaction backgrounds to obtain bank loans [4] - As of the end of 2020, the company had borrowed 113 million yuan through its subsidiaries, with some loans still outstanding [4] - In August 2022, the Shenzhen Stock Exchange issued a regulatory letter to the company, resulting in a written warning and self-discipline measures due to these financial control issues [4] Group 2: Ownership Structure and Management Changes - The company's ownership structure is highly concentrated, with actual controllers Zhang Jianyuan and Zhang Xiuzhu holding all voting rights [3] - Zhang Xiuzhu, born in May 1985, has taken over the company's management as both Chairman and General Manager since August 2020 [5] - Significant changes in shareholding occurred in January 2024, when Zhang Xiuzhu transferred 88% of her shares in the Fulein Group to her mother for temporary holding during her divorce proceedings [5] Group 3: Client Concentration and Market Risks - Sales to Tricam accounted for over 40% of the company's revenue from 2022 to 2024, with over 60% of revenue coming from the U.S. market in 2024 [5] - The company highlighted risks related to trade policy adjustments in the countries of its major clients, particularly the impact of U.S. tariffs on its products [5]