忧虑重重~ 真是活久见。 在递交IPO材料前一周，固德电材老板朱国来先接到了江苏证监局的警示函。 今年6月20日，江苏证监局对"固德电材时任董事长、总经理朱国来因知悉张爱娟与朱英、张爱娟与李响根之间的股权代持事项而未告知公司及其 他董事、监事、高级管理人员，导致公司2016年年度报告、2017年半年度报告等文件中存在股东信息披露不真实、不准确的情形采取出具警示函 的行政监管措施。" 上述证监局所说的代持行为发生在固德电材挂牌新三板期间，具体行为包括两次代持。 第一次代持发生时间为2016 年 8 月至 11 月，张爱娟通过全国股转系统购买的股票中6.5万股系代朱英持有；第二次代持时间为2016年9月，张爱娟 通过全国股转系统购买的股票中4.20 万股系代李响根持有。代持时间均集中于2016年下半年。 令人哭笑不得的是，固德电材的招股书竟然"明着写"第一次代持原因是："为提升公司在新三板股票交易的活跃度，朱英委托张爱娟通过全国股转 系统购买公司股票并代为持有"。 这算是涉嫌操纵市场的一种隐晦表达吗？ 上述两人中，张爱娟的身份除了是股东外则较为模糊。朱英是固德电材实控人朱国来的妻子。上述招股书披露的第一次代持原因 ...

Core Points - Keda Manufacturing Co., Ltd. has been criticized by the Shanghai Stock Exchange for multiple instances of false information disclosure and illegal fund operations, revealing significant deficiencies in its internal control systems [1][2] - The violations include off-the-books fund transactions, improper salary payments to executives without board approval, and undisclosed related-party transactions [1][2] Summary by Categories - **Off-the-Books Transactions** - The company engaged in off-the-books fund transactions through employees' personal bank accounts, leading to inaccurate financial reporting. This behavior affected the accuracy of total profit for multiple reporting periods, particularly impacting the profit total by 1.09% in 2024 [1][2] - **Improper Executive Compensation** - Keda Manufacturing improperly paid salaries to certain directors and senior executives without board committee review or shareholder approval. These payments were made through off-the-books accounts and were not disclosed as required. The company has since returned the total amount of these improper payments and interest by September 2025 [1][2] - **Related-Party Transactions** - The former chairman, Bian Cheng, occupied company funds under the guise of prepayments from specific suppliers between September 2017 and September 2018, with amounts representing 0.71% and 1.20% of the company's net assets at year-end for 2017 and 2018, respectively. These transactions were not disclosed [2] - **Financial Assistance Violations** - From August 2021 to June 2024, Bian Cheng and former general manager Zhang Zhonghua borrowed a total of 8.355 million yuan and 7.2 million yuan from off-the-books accounts, which have since been repaid. The company provided financial assistance to related parties without proper disclosure [2]