Core Insights - The IPO prospectus of Shenzhen Baiwei Storage Technology Co., Ltd. reveals significant deficiencies in information disclosure, particularly in core financial data, making it difficult for investors to assess the company's profitability and financial health [1][8][12] - The company operates in the storage chip sector, with a complete industrial chain from chip packaging to end products, and has a vertical integration business model [2][3] Financial Disclosure Issues - Key financial metrics such as revenue, net profit, and gross margin trends for the past three years are missing, hindering the evaluation of profitability stability [1][8] - The prospectus mentions that financial data for the six months ending June 30, 2025, will be disclosed in the accountant's report, but specific figures are not provided [1] Business Model and Operations - Baiwei Storage focuses on storage chips, including SSDs, embedded storage, and mobile storage, with applications in consumer electronics, industrial control, and automotive electronics [2][3] - The company has filed 54 invention patents and 53 software copyrights, indicating a commitment to R&D, but lacks detailed information on the use of raised funds from the H-share issuance [2][6] Capital Operations - The company has shown frequent capital operations, with a notable 1900% increase in registered capital for its subsidiary, Qincheng Hanqi, raising questions about the rationale behind such expansion [3] - The lack of disclosed performance data for these capital increases makes it challenging to assess their impact on overall performance [3] Shareholding Structure and Governance Risks - The chairman holds a significant portion of shares directly and indirectly, leading to potential risks of decision-making concentration and possible harm to minority shareholders [4][5] - The complex shareholding arrangements may pose risks of non-fair related party transactions, with insufficient disclosure on transaction pricing mechanisms [5] Intellectual Property Assessment - The company has a relatively weak early core technology accumulation compared to industry leaders, with only 54 patents, of which 31 were filed after 2021 [6] - The lack of key indicators such as patent implementation rates and sales revenue from patented products raises concerns about the company's technology commercialization capabilities [7] Regulatory Compliance Risks - The prospectus fails to meet the Hong Kong Stock Exchange's requirements for disclosing audited financial data for the past three years, which may constitute a violation of listing rules [8] - The company faces potential cross-border regulatory conflicts due to its dual listing in A-shares and H-shares, necessitating compliance with both Chinese and Hong Kong regulations [9] Technology and Innovation Risks - The rapid technological evolution in the storage industry poses risks of obsolescence for the company's existing patents, with undisclosed R&D investment intensity raising concerns about ongoing innovation capabilities [10] Incentive Plan Risks - The company has implemented a restricted stock incentive plan, with a significant portion allocated to the chairman, which may lead to potential conflicts of interest [11]