我见过太多创始人，明明项目做得不错——产品有市场，团队有能力，营收也在涨，但一到融资就栽跟头：路演时把投资人关心的点全漏了，尽调时才发 现股权藏着代持，签TS时没看清条款给自己挖了坑……最后要么融不到钱，要么融到钱却留了一堆后遗症，甚至把好项目拖黄了。 每次遇到这种情况，我都想跟创始人说一句：别再以为自己什么都行、什么都懂了。融资不是"做产品、搞业务"，它是一门需要懂资本规则的技术活，不 是你靠"经验""感觉"就能搞定的。就像你不会让设计师去做财务报表，不会让程序员去谈客户一样，融资这件事，也需要专业的人来帮你。 今天就跟你掏心窝子聊聊：为什么你必须找一位懂资本的融资辅导顾问，把他当成"融资陪跑合伙人"，陪你走完创业全周期直达IPO。别心疼那点顾问 费，跟你能拿到的融资、能避开的坑比起来，这点钱根本不算什么。 先醒醒：你以为的"懂融资"，可能全是错的 很多创始人觉得"我看过几本融资书，听过几场融资课，跟几个投资人聊过，就懂融资了"。但实际情况是，你懂的那点"皮毛"，在真正的资本游戏里， 连"入门"都算不上，甚至可能因为这些"错误认知"，把融资路彻底堵死。 1.你以为"路演就是讲好故事"，其实是"讲对资本想听的 ...

策略研究 /[Table_Date] 2025.10.27 5 港股、美股、A 股市场上市制度特点 ——股市制度比较研究系列 1 本报告导读： ①中国资产在选择融资地时往往首选 A 股，港股、美股也是备选，三地上市制度存 在不同的特点。②财务标准上，美股注重分层管理、条件设置灵活，港股次之，A 股强调业绩。②公司架构上，美股对 VIE、WIX 架构最包容，港股接纳 WIX、对 VIE 有限接受，A 股强调股权清晰、仅有限接纳 WIX。③申请流程及上市途径上，美股、 港股审批效率较高，上市途径多元，A 股则严把上市"入口关"，以 IPO 上市为主。 投资要点： 风险提示：上市审核流程测算存在误差；对政策的理解不到位。 证 券 研 究 报 告 策 略 研 究 请务必阅读正文之后的免责条款部分 海 外 策 略 研 究 2025-10-27 [Table_Summary] 财务标准上，美股最灵活、港股次之、A 股最严。美股注重资本市 场分层管理，对不同类型企业提供不同的上市财务标准，在指标设 置上为高增长企业留出更大空间。纽交所作对于非美企业提供多套 上市财务标准，其中允许市值不低于 2 亿美元的企业上市，即企业 只 ...

Core Viewpoint - Banu International is facing significant regulatory scrutiny regarding its IPO process, with the China Securities Regulatory Commission (CSRC) raising nine key questions about its corporate governance, employee compliance, and dividend distribution practices [2][10]. Group 1: Corporate Governance and Control - The ownership structure reveals that the founder and his spouse control 83.38% of the voting rights through offshore entities, but the company has not recognized the spouse as a co-controlling person, raising concerns about governance and potential future conflicts [4][5]. - The CSRC has requested clarification on the reasons for the ownership structure, the compliance of offshore investments, and the rationale behind not recognizing the spouse as a co-controlling person [4][5]. Group 2: Employee Compliance Issues - As of March 2025, Banu International employs 1,789 full-time employees, supplemented by 3,168 part-time and 6,124 outsourced workers, totaling 9,292 non-formal workers, which raises questions about labor compliance [7]. - The company has accumulated unpaid social insurance and housing fund contributions amounting to 3.6 million yuan over the years, indicating potential risks in employee rights protection [7][8]. Group 3: Dividend Distribution Concerns - Despite ongoing issues with unpaid social insurance, Banu International distributed 70 million yuan in dividends to shareholders just five months before its IPO, with the controlling family receiving over 58 million yuan [8][9]. - This dividend payout represents 56.9% of the company's net profit for 2024, raising questions about the appropriateness of such a distribution given the company's financial situation, including a significant amount of current liabilities [9][10].

Core Viewpoint - The article discusses the recent developments surrounding Inner Mongolia Xibei Catering Group Co., Ltd. and its chairman, Jia Guolong, particularly in light of the ongoing dispute with internet celebrity Luo Yonghao regarding prepared dishes, which has drawn significant attention from the capital market [1][3]. Group 1: Shareholding Structure - Xibei's registered capital is 89.9029 million yuan, and it was established on October 10, 2017. The company has 11 executives, including 8 directors and 3 supervisors, with Jia Guolong serving as both chairman and general manager [6]. - Jia Guolong is the actual controller of Xibei, holding over 80% of the shares, with the main shareholders being Beijing Xibei Enterprise Management Co., Ltd. (40.61%), Jia Guolong (29.59%), and others [7][8]. - The shareholding structure includes 34 limited partnership enterprises as employee stock ownership platforms, allowing core executives and outstanding employees to share in the company's benefits while ensuring the founder's control remains unaffected [8][9]. Group 2: External Investment and Acquisition - The acquisition of Chengdu Xinchao Media Group Co., Ltd. by Focus Media (分众传媒) for 8.3 billion yuan will indirectly make Jiang Nan Chun, the media tycoon, a shareholder of Xibei, as Xinchao holds a 1% stake in Xibei [2][3][12]. - The acquisition is still pending completion, and once finalized, Focus Media will become the indirect shareholder of Xibei, further complicating the ownership structure [3][12]. - The external investment institutions include Qingdao Jingheng, Beijing Jingheng, and Xinchao Media, with the latter being a significant player in the media industry [12][13].

Group 1 - The core issue of a company's failed IPO application is its complex equity structure, despite having annual revenue exceeding 2 billion yuan [1][3][10] - For a successful IPO in China, the equity structure must meet three requirements: clear ownership, no significant disputes over control, and compliance with regulations [2][10] - The complexity of the equity structure can obscure the actual controller, leading to insufficient disclosure and non-compliance with regulations, which can result in a failed IPO [10][11][12] Group 2 - The company's equity structure involved multiple layers, with the chairman's holdings divided into five parts, complicating the ownership clarity [5][6][7] - The chairman's complex shareholding design raises questions about control and accountability, which are critical for investor confidence [8][12] - The company faced scrutiny over potential conflicts of interest and the risk of harming minority shareholders due to the convoluted ownership structure [13][15] Group 3 - Companies with multiple entities under the same actual controller engaging in similar businesses may violate anti-competitive regulations, leading to IPO rejections [18][19] - The presence of competing businesses controlled by the actual controller or significant shareholders can directly impact the IPO process, as seen in the case of a company with multiple overlapping interests [21][22] - Joint investments by the actual controller and the company can raise concerns about potential conflicts of interest, which are closely examined during the IPO review process [24][30][31] Group 4 - The article emphasizes the importance of a clear and transparent equity structure for companies aiming to go public, suggesting that complex designs can lead to significant setbacks [33]

Core Viewpoint - In the next decade, all companies should reconsider their equity structure, emphasizing the need for a skilled equity architect to establish a solid foundation for business growth [1]. Group 1: Importance of Equity Structure - A well-designed equity structure leads to legal tax savings, risk isolation, motivation activation, resource integration, and financing for public offerings, while a poor structure can result in tax risks, financial ruin, shareholder disputes, and funding interruptions [1]. Group 2: Course Details - The "Equity Architect Offline Course" will be held in Shanghai on August 9-10, 2025, organized by Wutong Classroom in collaboration with Liwei Equity [1][6]. - The course fee is 2980 yuan per person, with early bird benefits for the first 50 registrants, including a free retraining opportunity [5]. Group 3: Course Content Highlights - The course will cover various aspects of equity consulting, including the market size, common equity business types, and how to address client pain points from multiple dimensions such as partnership, motivation, tax savings, and financing [9]. - It will also provide practical tools for consultants, including a six-step equity design method, a dual relationship model for equity cooperation, and a dynamic equity incentive mechanism [9][12]. Group 4: Target Audience - The course is suitable for professionals such as lawyers, accountants, tax advisors, and financial directors who are interested in entering the equity consulting business [19]. - It also targets those looking to upgrade their consulting services to enter high-value markets and improve transaction rates and client satisfaction [20][21].

Core Viewpoint - Xinqiang Electronics (Qingyuan) Co., Ltd. has submitted an application for listing on the Shenzhen Stock Exchange's Growth Enterprise Market, aiming to raise approximately 962 million yuan for the expansion of high-density interconnect printed circuit board projects [1][3]. Company Overview - Established in August 2005, Xinqiang Electronics is located in Qingyuan, Guangdong Province, with a registered capital of approximately 459 million yuan [3]. - The main shareholders include YU FAMILY HOLDING PTE. LTD. and XINLI Investment (Shenzhen) Partnership [3]. Shareholding Structure - In December 2022, AKO BVI transferred its 100% stake in Xinqiang Electronics to its wholly-owned subsidiary YU FAMILY for approximately 88.14 million USD [5]. - The company underwent a capital increase in June 2023, introducing two new shareholders, Xincheng Investment and Xinli Investment, each contributing 1 million yuan [5]. - By May 2025, YU FAMILY transferred shares to Xincheng Investment, Xinli Investment, and Jinyou Company for employee incentives, with a total valuation of 1.285 billion yuan [6]. Business Operations - Xinqiang Electronics specializes in the R&D, production, and sales of printed circuit boards, including rigid boards, HDI boards, flexible boards, and rigid-flex boards, with applications in storage, communication, and consumer electronics [9]. Financial Performance - Revenue for 2022, 2023, and 2024 was approximately 869 million yuan, 1 billion yuan, and 999 million yuan, respectively, with net profits of approximately 86.01 million yuan, 131 million yuan, and 168 million yuan [9]. - The total assets as of December 31, 2024, were approximately 1.111 billion yuan, with a debt-to-asset ratio of 24.97% [10]. - The company has consistently paid cash dividends, amounting to 90 million yuan in 2022 and 90.56 million yuan in 2023 [10].

未来十年，所有公司的股权架构都值得重新做一遍；未来十年，每家公司都需要一名优秀的股权架构 师。 为什么要学股权架构？因为股权架构就是公司地基，唯有以终为始，打好地基，方能支撑商业大厦稳如 泰山。 好的股权架构意味着：合法节税、隔离风险、激活动力、整合资源、融资上市；坏的股 权架 构意味 着：税收隐患、倾家荡产、财散人散、股东打架、资金断裂。 为了帮助大家全方位掌握股权架构设计实务要点， 梧桐课堂 携手利威股权于 4月1 2日-13日在上海开 展"股权架构师线下大课"。 特邀嘉宾 李利威 专注股权咨询20年 个人 学习价 ：2980元/人 （仅限120人） 复旦大学客座教授 国家税务总局税校受邀讲师 拥有律师、注册会计师、注册税务师执业经历，服务过拉卡拉、数字政通、韶音科技、乔氏台球、细胞集 团、锐仕方达等256家细分赛道头部企业。 著有《一本书看透股权架构》《一本书看透股权节税》。私域拥有近10万读者，全国巡讲股权课程超过 200场，连续举办股权架构方案班16期，培训学员超过20000人。 如何报名？ 1.费用详情 （包含培训费、资料费、场地费、茶歇等，不包含交通费、食宿费） 早鸟福利： 前100名赠送复训名 ...

未来十年，所有公司的股权架构都值得重新做一遍；未来十年，每家公司都需要一名优秀的股权架构 师。 为什么要学股权架构？因为股权架构就是公司地基，唯有以终为始，打好地基，方能支撑商业大厦稳如 泰山。 好的股权架构意味着：合法节税、隔离风险、激活动力、整合资源、融资上市；坏的股 权架 构意味 着：税收隐患、倾家荡产、财散人散、股东打架、资金断裂。 为了帮助大家全方位掌握股权架构设计实务要点， 梧桐课堂 携手利威股权于 3月 8日-9日 在 上海 开 展 "股权架构师线下大课"。 特邀嘉宾 复旦大学客座教授 国家税务总局税校受邀讲师 拥有律师、注册会计师、注册税务师执业经历，服务过拉卡拉、数字政通、韶音科技、乔氏台球、细胞集 团、锐仕方达等256家细分赛道头部企业。 著有《一本书看透股权架构》《一本书看透股权节税》。私域拥有近10万读者，全国巡讲股权课程超过 200场，连续举办股权架构方案班16期，培训学员超过20000人。 如何报名？ 1.费用详情 个人 学习价 ：2980元/人 （仅限120人） 李利威 专注股权咨询20年 （包含培训费、资料费、场地费、茶歇等，不包含交通费、食宿费） 早鸟福利： 前100名赠送复 ...