Core Viewpoint - The article raises concerns about potential fundraising misconduct by Kaige Precision Machinery during its IPO, highlighting the slow progress of core projects and the complete utilization of raised funds, which may indicate a "money-grabbing" suspicion [1][2]. Group 1: Fundraising and Project Progress - Kaige Precision Machinery's IPO raised a total of 880.27 million yuan, with a net amount of 819.97 million yuan after deducting issuance costs, exceeding the original plan by 307.09 million yuan [1]. - The main fundraising project, the Precision Intelligent Manufacturing Equipment Production Base Construction Project, has only progressed to 5.92% as of the end of the first half of 2025 [1][2]. - The company has completely utilized its supplementary funds, raising questions about the efficiency and allocation of the raised capital [1]. Group 2: Violations of Fund Usage - The company has been found to have violated fundraising regulations by exceeding planned salary payments for personnel in the R&D and Testing Center Project, totaling 17.88 million yuan [3]. - Additionally, the company improperly allocated 204,000 yuan from the raised funds to pay temporary and intern staff unrelated to the Precision Intelligent Manufacturing Equipment Production Base Construction Project [3]. - The violations included failure to follow pre-approval procedures and disclosure obligations, indicating a lack of adherence to proper fundraising protocols [3]. Group 3: Role of Underwriters - Guosen Securities, the underwriting firm, did not report the violations until September 2025, despite the company experiencing a significant decline in net profit attributable to shareholders, down 67.53% year-on-year due to intensified industry competition [3]. - The regulatory framework for fundraising has been strengthened, emphasizing the responsibility of intermediary institutions to ensure compliance with fundraising regulations [4].

Core Viewpoint - Keg Precision Machinery's IPO fundraising has raised concerns about potential misuse of funds, as the company's core projects are progressing slowly while all raised funds have been utilized. The recent reduction in holdings by the actual controller shortly after the lifting of the lock-up period raises further questions about the company's intentions [1][2]. Group 1: Fundraising and Project Progress - Keg Precision Machinery raised a total of 880.27 million yuan, with a net amount of 819.97 million yuan after deducting issuance costs, exceeding the original plan by 307.09 million yuan [2]. - The main fundraising projects, particularly the precision intelligent manufacturing equipment production base construction project, have seen minimal progress, with only 5.92% completion reported by mid-2025 [2][3]. - All supplementary working capital raised has been fully utilized, raising concerns about the company's financial management [2]. Group 2: Misuse of Funds - The company has been found to have violated regulations by exceeding planned salary payments for the "Research and Testing Center Project" by 26.91 million yuan, without following required approval procedures [6][7]. - Additionally, the company improperly allocated 522.53 million yuan in salaries for temporary and intern staff to the "Precision Intelligent Manufacturing Equipment Production Base Construction Project," which were unrelated to the project [7][10]. Group 3: Regulatory Oversight - Guosen Securities, the sponsoring institution, failed to identify and address these violations during its ongoing supervision until just before regulatory penalties were imposed [1][9]. - The recent regulatory changes emphasize the responsibility of intermediary institutions to ensure compliance and report any irregularities in the use of raised funds [10].