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 - The company Xinyin Electronics is facing performance challenges and has announced a high-premium acquisition of Dongguan Guolian Electronics using 220 million yuan of IPO surplus funds, raising concerns about potential capital misallocation and the effectiveness of the acquisition strategy [1][6][11]. Group 1: Acquisition Details - Xinyin Electronics plans to acquire 80% of Guolian Electronics for 220 million yuan, representing a premium of 314.14% over the assessed value [6][7]. - Guolian Electronics reported a negative operating cash flow, with net profits of 1.63 million yuan in 2024 and 1.62 million yuan in the first five months of 2025, raising questions about the sustainability of its earnings [10][11]. - The acquisition is seen as controversial due to the significant premium and the small scale of Guolian Electronics, which may not provide the expected synergies [11][12]. Group 2: Financial Performance and IPO Progress - Xinyin Electronics has experienced a decline in revenue from 874 million yuan in 2022 to 787 million yuan in 2024, with net profits decreasing from 96 million yuan to 70 million yuan during the same period [11][12]. - The company's IPO fundraising has been slow, with only 8% of the planned projects completed within two years, leading to a two-year extension of the project timelines [3][5]. - The company has also allocated a portion of its idle funds for financial management, which has raised concerns about the effective use of IPO proceeds [5][11]. Group 3: Market Context and Challenges - The global laptop market has seen a decline in shipments, with a 24.36% drop from 2021 to an estimated 208 million units in 2024, impacting Xinyin's connector business, which relies heavily on this segment [12][13]. - The automotive connector market is dominated by foreign giants, holding 71% of the global market share, posing significant competitive challenges for Xinyin Electronics and its acquisition target [13]. - The high technical barriers in the automotive connector market may hinder Xinyin's ability to compete effectively, especially if the acquisition does not yield the anticipated benefits [12][13].