Core Viewpoint - The company, Zhongcheng Consulting, is preparing for its IPO on the Beijing Stock Exchange, aiming to raise approximately 200 million yuan, significantly reduced from the previously planned 330 million yuan, with a focus on engineering consulting service network construction and R&D projects [1][2]. Fundraising and Project Summary - The initial fundraising plan included four projects: engineering consulting service network construction, R&D and information technology construction, EPC business expansion, and working capital supplementation, totaling approximately 329.9 million yuan [7]. - The revised plan retains the engineering consulting service network construction project but removes the EPC business expansion project and working capital supplementation [10][12]. Company Experience and Market Position - Zhongcheng Consulting claims to have a strong technical team and project experience, providing services such as engineering cost estimation, bidding agency, project supervision, and management [5]. - Despite the claims, the company has no successful experience in engineering general contracting projects, raising concerns during the IPO review process [8][9]. Financial Performance and Dividend Distribution - The company has engaged in significant financial investments, holding trading financial assets amounting to 172 million yuan by the end of 2024, which constitutes a substantial portion of its total assets [12][13]. - From 2021 to 2023, the company distributed a total of 85.43 million yuan in dividends, with a significant portion benefiting the controlling shareholder, Xu Xuele [14][15]. Control and Governance - The controlling shareholder, Xu Xuele, holds a direct stake of 57.4% and an indirect stake of 29.58%, giving him control over 86.98% of the voting rights [15][17]. - The company recently recognized Lu Jun as a co-controlling person, which has drawn scrutiny from the Beijing Stock Exchange during the IPO inquiry [17].

Core Viewpoint - Zhongcheng Consulting is set to undergo a review by the Beijing Stock Exchange for its IPO, aiming to raise approximately 200 million yuan, significantly reduced from the previously planned 330 million yuan [1][2]. Fundraising and Project Allocation - The company plans to allocate the raised funds primarily for the construction of an engineering consulting service network and research and information technology projects, with total investments of approximately 12.3 million yuan and 7.69 million yuan respectively [3][6]. - The initial fundraising plan included an EPC business expansion project with a proposed investment of 70 million yuan, which has now been removed from the updated plan [5][9]. Financial Background - Zhongcheng Consulting has a history of significant cash dividends, distributing a total of 85.43 million yuan from 2021 to 2023, with a substantial portion benefiting the controlling shareholder, Xu Xuele [12][13]. - The company has also maintained a considerable amount in financial products, with a balance of 172 million yuan as of December 31, 2024, indicating a strong liquidity position [11][10]. Regulatory Scrutiny - The Beijing Stock Exchange has raised concerns regarding the rationale behind the fundraising projects, particularly the EPC business expansion, given the company's lack of successful experience in this area [7][8]. - In response to inquiries, the company has emphasized the necessity of expanding into the EPC business due to industry policy support and existing project contracts, although the actual execution capability remains under scrutiny [8][9].

Core Viewpoint - Zhongcheng Consulting is set to undergo a review by the Beijing Stock Exchange for its IPO, aiming to raise approximately 200 million yuan, significantly reduced from the previously planned 330 million yuan [1][2]. Fundraising and Project Summary - The company plans to allocate the raised funds primarily for the construction of an engineering consulting service network and research and information technology projects, totaling approximately 199.9 million yuan [3]. - The initial fundraising plan included an EPC business expansion project with a budget of 70 million yuan, which has now been removed from the proposal [4][8]. - The company has no prior successful experience in executing EPC projects, raising concerns about the feasibility of this business expansion [5][7]. Financial Performance and Dividend Distribution - Zhongcheng Consulting has engaged in significant financial investments and cash dividends, with trading financial assets amounting to 172 million yuan by the end of 2024, representing 28.55% of total assets [10][11]. - The company has distributed a total of 85.43 million yuan in dividends from 2021 to 2023, with a substantial portion benefiting the controlling shareholder, Xu Xuele [12][13]. Shareholding Structure - The controlling shareholder, Xu Xuele, holds a direct stake of 57.4% and an indirect stake of 29.58%, collectively controlling 86.98% of the voting rights [14]. - The company recognized Lu Jun as a co-controlling person since January 31, 2019, which has drawn scrutiny during the IPO inquiry process [15][16].