Core Viewpoint - Zhejiang Zhongde Automation Technology Co., Ltd. (Zhongde Technology) has received an inquiry letter from the Beijing Stock Exchange regarding its IPO application, focusing on the company's governance and the relationships among its shareholders and management [2][4]. Group 1: Company Overview - Zhongde Technology was established in 2007 with a registered capital of 66.446 million yuan, primarily engaged in the research, production, and sales of industrial control valves and automation control systems, mainly serving the petrochemical industry [2]. - The company is sponsored by Zheshang Securities, with representatives Lu You and Wang Yi, and audited by Zhongshun Zhonghuan Accounting Firm [2]. Group 2: Governance and Shareholder Relationships - The inquiry raised concerns about the governance of Zhongde Technology, particularly regarding the familial relationships among the actual controllers, shareholders, directors, senior management, and employees [2][4]. - The actual controllers and founding shareholders, Zhang Zhongmin, Zhang Zhongyi, Zhang Zhongbiao, and Chen Xiaohua, collectively hold 53.4% of the company's shares and are related by family ties [4][5]. Group 3: Shareholding Structure - The shareholding structure includes: - Zhang Zhongmin (Chairman) holds 1,588,237.1 shares (23.90%) - Zhang Zhongyi (Director and General Manager) holds 532,612.4 shares (8.02%) - Zhang Zhongbiao and Chen Xiaohua each hold 529,812.4 shares (7.97%) [5][6]. - The total shareholding amounts to 6,644,607.2 shares, with 5,274,022.4 shares subject to restrictions [6]. Group 4: Family Ties Among Shareholders - Additional shareholders related to the Zhang family include Zhang Yi, Zhang Dechun, Zhang Deguang, and others, indicating a significant concentration of ownership within the family [8].

Core Viewpoint - Zhejiang Zhongde Control Technology Co., Ltd. (hereinafter referred to as Zhongde Technology) has been accepted for IPO on the Beijing Stock Exchange, aiming to raise 189.5 million yuan for various projects and working capital [1] Company Overview - Zhongde Technology was established in 2007 with a registered capital of 66.446 million yuan, primarily engaged in the R&D, production, and sales of industrial control valves and automation control systems, mainly applied in the petrochemical industry [1] Financial Performance - From 2022 to 2024, Zhongde Technology's operating revenue was 435 million yuan, 466 million yuan, and 469 million yuan respectively, showing slight fluctuations [3] - The net profit attributable to the parent company, after deducting non-recurring gains and losses, was 48.04 million yuan, 54.33 million yuan, and 45.72 million yuan for the same years [3] - The comprehensive gross profit margins were 37.21%, 35.62%, and 30.96% respectively, indicating a downward trend [3] - The asset total for the year ending December 31, 2024, is projected to be approximately 674.86 million yuan, with total equity of about 396.03 million yuan [3] Shareholding Structure - The company is jointly controlled by four individuals: Zhang Zhongmin, Zhang Zhongyi, Zhang Zhongbiao, and Chen Xiaohua, who collectively hold 53.4% of the shares [5] - Zhang Zhongmin holds 23.9% of the shares, while Zhang Zhongyi, Chen Xiaohua, and Zhang Zhongbiao each hold 8.0% [5] - Zhang Zhongmin has been the chairman of Zhongde Technology since December 2013, while Zhang Zhongyi has served as the director and general manager since October 2019 [5][6]