◎记者 郭成林 柴刘斌 出资来源迷雾笼罩 天普股份易主引监管追问 第二，海南芯繁增资资金来源未披露，出资能力存疑。 一份跨界"易主"方案，揭开了天普股份资本运作的迷局，也引来了监管方犀利问询。 8月22日，天普股份收到上海证券交易所监管工作函。上交所直指公司前一日披露的控制权转让方案， 要求就收购方资金来源合法性、内幕信息管控有效性等核心事项补充说明。 回溯此前公告，中昊芯英（杭州）科技有限公司（下称"中昊芯英"）拟以约3.45亿元自有资金或自筹资 金，从天普股份实控人尤建义及其控制的天普控股、天昕贸易合计受让天普股份10.75%的股份。此 后，中昊芯英和海南芯繁将通过增资，合计持有天普股份控股股东天普控股50.01%股权，中昊芯英实 控人杨龚轶凡通过控制中昊芯英和海南芯繁，成为天普股份新实控人。 彼时，上海证券报记者发现，天普股份在停牌前发生一系列"巧合"：股价在无利好支撑下多次涨停、神 秘的"80后"耗资逾2.5亿元突击入股、"潜在新主"中昊芯英本身近期也上演了突击增资扩股。据此，上 证报刊发《605255又涨停！"易主预案"疑云重重》，对此予以关注。 也就在22日，天普股份更新披露了详式权益变动报告书。 ...

Core Viewpoint - The control transfer plan of Tianpu Co., Ltd. has raised regulatory concerns regarding the legitimacy of the funding sources and the effectiveness of insider information management [2][9]. Group 1: Control Transfer Details - Zhonghao Xinying plans to acquire 10.75% of Tianpu's shares for approximately 345 million yuan using self-owned or self-raised funds [2]. - Following the acquisition, Zhonghao Xinying and Hainan Xinfan will hold a combined 50.01% stake in Tianpu's controlling shareholder, Tianpu Holdings [2]. - The Shanghai Stock Exchange has requested further clarification on the funding sources and compliance of the acquisition [2]. Group 2: Funding Source Concerns - The specific channels for Zhonghao Xinying's "self-raised funds" remain unclear, including whether they involve bank loans or other financing methods [3]. - Key details regarding the share pledge terms, such as the number of pledged shares and the pledge ratio, have not been disclosed, raising concerns about potential instability in control if stock prices fluctuate [3]. - Hainan Xinfan's funding sources for its capital increase have not been disclosed, leading to doubts about its financial capability [4]. Group 3: Business Integration and Synergy Issues - The proposed integration of Zhonghao Xinying's AI chip technology with Tianpu's polymer materials business lacks a clear operational plan, raising suspicions of "shell trading" [5]. - The announcement does not indicate any plans to change Tianpu's main business within the next 12 months, suggesting that the "chip empowerment" may be merely a slogan without substantial backing [5]. Group 4: Stock Price Volatility and Regulatory Scrutiny - Prior to the suspension, Tianpu's stock experienced unusual price fluctuations, including three consecutive trading days of price increases exceeding 20% [7]. - Following the announcement of the control transfer plan, Tianpu's stock price surged, closing at 29.3 yuan per share, a 9.98% increase on the first day of trading after the suspension [7]. - The stock price of Aibulu, which has a stake in Zhonghao Xinying, also saw significant increases around the same time, raising further regulatory concerns [8].