Workflow
高端智能化电解铜箔成套装备
icon
Search documents
宋清辉:IPO首发申请被暂缓表决 说明企业出现可能影响上市的问题
Sou Hu Cai Jing· 2025-09-20 03:44
Core Viewpoint - The temporary suspension of the IPO review for companies does not indicate a complete halt on their path to listing, as it allows time for clarification of issues that may affect the listing process [1][9]. Company Summary - Xiamen Youxun Chip Co., Ltd. (Youxun Co.) has had its IPO review on the Sci-Tech Innovation Board temporarily suspended as of September 19, 2023. The company specializes in optoelectronic chips and was established in February 2003 [3]. - Youxun Co. submitted its IPO application in June 2023 and has quickly progressed through two rounds of inquiries within three months [3]. - Key concerns raised by the exchange include risks related to declining gross margins, sustainability of operating performance, changes in control by the actual controller, and accounting treatment of share-based payments during the reporting period [3][6]. Accounting Treatment Issues - A significant issue involves the accounting treatment of share-based payments related to a transfer of shares from an employee to one of the actual controllers, which was not accounted for as a share-based payment [4][5]. - The company claims that the transferred shares will be granted back to eligible incentive recipients within three years, and thus, according to relevant regulations, do not require accounting treatment as share-based payments [5]. - Youxun Co. estimated a share-based payment expense of 102,900 yuan, asserting that it has a minimal impact on operating performance during the reporting period [6]. Financial Projections - For the first half of 2025, Youxun Co. projects revenue of 238 million yuan, representing a year-on-year growth of 20.19%, with a net profit attributable to shareholders of 41.69 million yuan [6]. - The company aims to raise 889 million yuan through its IPO to fund projects related to next-generation access networks, high-speed data center chips, and other advanced chip developments [6]. Industry Context - In 2023, three companies, including Youxun Co., have experienced temporary suspensions in their IPO reviews on the Sci-Tech Innovation Board [7]. - Other companies facing similar situations include Hengkun New Materials and Taijin New Energy, both of which have also had their IPO applications temporarily suspended due to various concerns [7][10].