11月18日，浙江振石新材料股份有限公司主板IPO申请获得上交所上市委审核通过。值得一提的是，振石股份曾于2015年在香港联交所主板上市，2019年私 有化退市。那么这家曾在香港上市后又退市，6年后选择主板上市的公司的股权合伙是怎么安排的呢？本文结合该公司招股说明书申报稿进行简要分析介 绍。 三、股权合伙的历史沿革情况 （1）恒石有限公司（振石股份前身）设立 恒石有限成立于2000 年 9 月，设立时的注册资本为 310.00 万美元，全部由唐兴华出资。恒石有限设立时的股权结构如下: 一、主要业务、主要产品或服务 | 序号 | 股东名称 | 出资额(万美元) | 出资比例(%) | | --- | --- | --- | --- | | 1 | 唐兴华 | 310.00 | 100.00 | | 序号 | 股东名称 | 出资额(万美元) | 出资比例(%) | | | 合计 | 310.00 | 100.00 | 浙江振石新材料股份有限公司是一家主要从事清洁能源领域纤维增强材料研发、生产及销售的国家级高新技术企业。公司自成立以来，围绕清洁能源领域的 前沿应用，从材料端为下游应用持续提供高品质、创新性的解决方案 ...

Core Viewpoint - Xi'an Yiswei Materials Technology Co., Ltd. (stock code: 688783) has become the first unprofitable company to list on the Sci-Tech Innovation Board, injecting strong vitality into the capital market despite accumulating losses exceeding 2 billion yuan over three years [3][5]. Group 1: Main Business and Products - The company focuses on the research, production, and sales of 12-inch silicon wafers, aiming to become a respected enterprise in the semiconductor silicon materials field. It ranks first in mainland China and sixth globally in terms of monthly shipment volume and production capacity, accounting for approximately 6% and 7% of the global market, respectively [4]. - Its products are utilized in various types of chips, including NAND Flash, DRAM, CPU, GPU, and more, serving applications in smartphones, personal computers, data centers, IoT, smart vehicles, and robotics [4]. Group 2: Financial Data and Indicators - The company reported revenues of 1.055 billion yuan, 1.474 billion yuan, and 2.121 billion yuan for the years 2022, 2023, and 2024, respectively. Corresponding net losses were approximately 411.82 million yuan, 577.97 million yuan, and 737.64 million yuan, with a cumulative loss exceeding 2.067 billion yuan during the reporting period [5]. - As of June 30, 2025, total assets amounted to 17.44 billion yuan, with a debt-to-asset ratio of 52.51% for consolidated statements [6]. Group 3: Historical Development of Equity Partnership - In 2015, a management team with industry background established the Beijing Chip Dynamics Fund to focus on investments in the integrated circuit industry, particularly in display driver chips [7]. - The company underwent a strategic shift from overseas acquisitions to self-operation, with core management and strategic investors taking equity stakes [8][10]. Group 4: Shareholding Structure - As of March 15, 2023, the company transitioned to a joint-stock company with a diverse shareholding structure, including 45 investment partners [12][13]. - By October 22, 2025, the shareholding structure showed that Yiswei Group held 12.73% of shares, while other significant shareholders included Ningbo Yixin and Shaanxi Integrated Circuit Fund [14][15]. Group 5: Incentive and Control Arrangements - The company has implemented an employee incentive program, with 342 employees receiving stock options, representing 2.20% of the total share capital [17]. - The control structure involves a complex arrangement where four individuals control Yiswei Group, which in turn controls the company, highlighting the intricate nature of its governance [18][19].