Core Viewpoint - Zhishang Technology has announced significant delays in the progress of its IPO fundraising projects, with less than 30% of the investment completed, raising concerns about the company's financial management and project execution [2][3]. Group 1: IPO and Fundraising Details - Zhishang Technology went public on July 14, 2023, issuing 32.17 million shares at a price of 57.66 yuan per share, resulting in a total fundraising amount of 1.855 billion yuan, with a net amount of 1.689 billion yuan after deducting issuance costs [3]. - The company planned four main investment projects and one supplementary working capital project, with a total expected investment of approximately 1.312 billion yuan [4]. Group 2: Project Progress and Delays - As of the end of 2023, Zhishang Technology had invested 442 million yuan in its fundraising projects, which was considered acceptable given the short time since its IPO [4]. - By the end of 2024, the company had invested a total of 702 million yuan, with project completion rates ranging from 29.43% to 49.99% [5][6]. - On July 11, 2025, the company announced the postponement of three projects' completion dates from July 7, 2025, to July 7, 2026, indicating further delays in project execution [7][9]. Group 3: Financial Management and Investment Strategy - Approximately 1 billion yuan of the raised funds has been allocated to high-yield financial products, contributing to about 25% of the company's total profit in 2024 [6]. - The company also used part of the excess funds (130 million yuan) to acquire a 52% stake in Shenzhen Xike Industrial Co., Ltd. [6]. - As of June 30, 2025, the company had a remaining balance of 976 million yuan in its fundraising account, indicating a significant amount of idle funds [6][10]. Group 4: Financial Performance - Zhishang Technology's net profit dropped by 37.72% in 2023 and further declined by 7.85% in 2024, reflecting poor financial performance since its IPO [10]. - As of July 14, 2025, the company's market capitalization stood at 8.712 billion yuan [10].

Core Viewpoint - The article highlights the significant delays in the investment projects of Zhishang Technology following its IPO, with less than 30% of the investment progress achieved, raising concerns about the company's financial management and project execution [2][9]. Group 1: IPO and Fundraising - Zhishang Technology went public on July 14, 2023, issuing 32.17 million shares at a price of 57.66 yuan per share, resulting in a total fundraising amount of 1.855 billion yuan, with a net amount of 1.689 billion yuan after deducting issuance costs [4]. - The company planned four main investment projects and one supplementary working capital project, with a total expected investment of approximately 1.312 billion yuan [5]. Group 2: Project Progress and Delays - As of the end of 2023, Zhishang Technology had invested 442 million yuan in the fundraising projects, which was considered acceptable given the short time since the IPO [6]. - By the end of 2024, the company had only invested 702 million yuan in the projects, with progress ranging from 29.43% to 49.99% for the four main projects, indicating a slowdown in project execution [6][10]. - On July 11, 2025, the company announced the postponement of three investment projects' completion dates from July 7, 2025, to July 7, 2026, while one project was concluded with a significant portion of funds transferred to the surplus fund account [9][13]. Group 3: Financial Management - The company has allocated nearly 1 billion yuan of its funds to purchase structured financial products, which accounted for about 60% of the total raised funds, generating approximately 31.49 million yuan in net income, contributing to about 25% of the company's total profit in 2024 [7][8]. - A small portion of the surplus funds, amounting to 130 million yuan, was used for the acquisition of a 52% stake in Shenzhen Xike Industrial Co., Ltd. [8]. Group 4: Financial Performance - Since its IPO, Zhishang Technology has experienced a significant decline in net profit, with a year-on-year decrease of 37.72% in 2023 and a further decline of 7.85% in 2024 [15]. - As of July 14, 2025, the company's market capitalization stood at 8.712 billion yuan [16].

Core Viewpoint - Shenzhen Zhishang Technology Co., Ltd. has decided to postpone the expected completion dates for certain fundraising projects, specifically the "Core Components Expansion Project for Game Consoles," "5G Components Expansion Project," and "R&D Center Construction Project," to July 7, 2026, to ensure effective resource allocation and project outcomes [5][10]. Fundraising Overview - The company raised a total of RMB 185,493.95 million by issuing 32,170,300 shares at a price of RMB 57.66 per share, with a net amount of RMB 168,924.74 million after deducting issuance costs of RMB 16,569.21 million [1][2]. - The total expected investment for the fundraising projects is RMB 131,217.83 million, with actual usage amounting to RMB 130,217.83 million as of June 30, 2025, indicating a usage rate of 48.37% [4][10]. Project Delay Details - The postponement of the projects is due to external macroeconomic conditions, changes in industry dynamics, and shifts in client demand, leading to a cautious approach in utilizing the raised funds [4][10]. - The company has completed the basic infrastructure for the projects but has decided to implement dynamic control over equipment procurement and capacity expansion [4][10]. Industry Context - The global game console accessories market is projected to grow from USD 16.49 billion in 2024 to USD 34.24 billion by 2031, with a CAGR of 11.2% from 2025 to 2031, indicating a robust growth opportunity for the game console components industry [6]. - The 5G components expansion project aligns with the increasing demand for optical communication products, driven by the growth of artificial intelligence and cloud computing, which are critical for data transmission and processing [7][8]. R&D Center Importance - The R&D Center Construction Project aims to enhance the company's research capabilities and technological level, thereby improving its competitive edge in the precision electronic components sector [9][10]. - The company has invested significantly in R&D, with expenditures of RMB 30.28 million, RMB 34.99 million, and RMB 61.71 million from 2022 to 2024, respectively, supporting the project's feasibility [9]. Approval Process - The decision to postpone the projects has been approved by the company's board of directors and supervisory board, ensuring compliance with relevant regulations and maintaining shareholder interests [10].