Core Viewpoint - Tangxing Technology focuses on the underground space engineering excavation equipment sector, specializing in the R&D, design, manufacturing, sales, maintenance, and leasing of non-excavation complete equipment and key components, primarily full-face tunnel boring machines [1][2] Group 1: Company Overview - Tangxing Technology is a high-tech enterprise engaged in the underground space engineering excavation equipment field, with main products including complete sets of tunnel boring machines (TBM) and their key components [1] - The actual controllers of Tangxing Technology are Tang Suwen, Tang Ximing, and Ma Yunshu, who collectively control 95.94% of the voting rights of the company [1] Group 2: Governance and Compliance Issues - The company has acknowledged governance irregularities during the reporting period, including incomplete board meeting records and lack of pre-approval for bank wealth management decisions, and has initiated rectification measures [3] - The Beijing Stock Exchange has requested Tangxing Technology to explain the subsequent rectification of governance irregularities, the effectiveness of internal control systems, and the qualifications of related party personnel [2] Group 3: Related Party Transactions - The company has established two employee shareholding platforms, and the reasons, background, and compliance of these platforms are under scrutiny, including differences in core terms such as lock-up periods and exercise conditions [2] - A detailed list of personnel related to the actual controllers has been provided, indicating their roles and qualifications within the company, ensuring they possess the necessary knowledge and skills for their positions [4]

Core Viewpoint - Anhui Tangxing Equipment Technology Co., Ltd. (referred to as "Tangxing Technology") has received acceptance for its IPO application on the Beijing Stock Exchange, with a focus on underground space engineering excavation equipment [1][2]. Company Overview - Tangxing Technology specializes in the research, design, manufacturing, sales, maintenance, and leasing of non-excavation complete equipment and key components, primarily producing full-face tunnel boring machines (including pipe jacking machines, shield machines, and TBMs) [2]. Shareholding Structure - As of the signing date of the prospectus, the controlling shareholders and actual controllers are Tang Suwen, Tang Ximing, and Ma Yunshu, holding 31.09%, 31.09%, and 20.73% of the shares respectively. Together, they control 95.94% of the voting rights [4][5]. Management Team - Tang Suwen serves as the Chairman and General Manager, while Tang Ximing and Ma Yunshu hold positions as Directors and Deputy General Managers, significantly influencing the company's operational decisions [4][5]. Financial Performance - The company's projected revenues for 2022, 2023, and 2024 are 323 million yuan, 390 million yuan, and 373 million yuan, with net profits of 66.95 million yuan, 76.79 million yuan, and 69.01 million yuan respectively. A decline in both revenue and net profit is expected in 2024 [6]. - For the first quarter of 2025, the company achieved a revenue of 90.23 million yuan, representing a year-on-year growth of 49.98%, with a net profit of 15.43 million yuan, up 35.32% from the previous year [7].