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 ...