【导读】华脉科技易主事项终止，自10月27日开市起复牌 10月24日晚间，华脉科技（603042）发布公告称，交易双方决定终止筹划公司控制权变更事项。 华脉科技自10月20日开市起停牌，将于10月27日开市起复牌。截至10月17日收盘，华脉科技股价报15.98元/股，总市值为25.66亿 元。 交易双方核心事项未达成共识 实控人此前大比例质押股份 公告显示，华脉科技10月19日收到其实控人胥爱民通知，胥爱民正在筹划华脉科技部分股份协议转让事宜，可能导致华脉科技控 制权变更。 华脉科技公告称，交易双方终止筹划公司控制权变更事项，主要是涉及事项较多，以及与交易对方就核心事项未达成共识。 | 证券代码 | 证券简称 | 停复牌类型 | 停牌起 | 停牌期 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | | | | | 始日 | 间 | | | | 603042 | 华脉科技 | A 股 复牌 | | | 2025/10/24 | 2025/10/27 | | 报告期末普通股股东总数 | | 31, 948 总数(如有) | 报告期末表决权恢复的 ...

Core Viewpoint - Cambridge Technology is facing scrutiny over its upcoming Hong Kong IPO due to concerns about the timing of its fundraising in relation to significant share reductions by major shareholders and inconsistencies in its financial data [1][11][12]. Financial Performance - Cambridge Technology reported fluctuating revenues and net profits from 2022 to 2024, with revenues of RMB 3.786 billion, RMB 3.087 billion, and RMB 3.652 billion, reflecting year-on-year growth rates of 29.66%, -18.46%, and 18.31% respectively [2][3]. - The net profits for the same period were RMB 171 million, RMB 95 million, and RMB 167 million, with year-on-year growth rates of 154.93%, -44.59%, and 75.42% respectively [2][3]. IPO Fundraising Purpose - The company plans to use the proceeds from the Hong Kong IPO to enhance production capacity for optical modules, broadband, and wireless solutions, as well as to improve R&D capabilities and supplement working capital [2][6]. - The specific amount to be raised has not yet been disclosed [2]. Previous Fundraising Issues - Cambridge Technology's previous fundraising projects have faced delays and changes, with the most significant project, the optical module project, experiencing multiple extensions and currently being integrated into a new project [3][4][5]. - The optical module project was initially set to be completed in one year but has now been extended to five years without generating expected benefits [4][5]. Supplier Data Discrepancies - There are notable discrepancies between the procurement data reported in the company's annual report and the Hong Kong IPO prospectus, raising questions about the reliability of the financial data [8][9]. - For instance, the procurement amounts for the top five suppliers differ significantly between the two documents, with the annual report showing lower totals compared to the IPO prospectus [8][9]. Shareholder Actions - The controlling shareholders plan to reduce their holdings by up to 3% through block trades and open market transactions, which has raised investor concerns about the timing of the IPO and the potential implications for company governance [11][12][13]. - The company has stated that the reduction in shareholding is based on the shareholders' business needs and is not directly related to the IPO [12][13].