Core Viewpoint - The IPO of Guangzhou Huigu New Materials Technology Co., Ltd. (Huigu New Materials) is under scrutiny due to concerns about its financial practices and safety history, despite its promising performance in the polymer materials sector [3][10]. Financial Performance - Huigu New Materials focuses on the research, production, and sales of functional resins and coatings, aiming to become a global leader in functional material technology [3]. - The company has shown impressive financial results, but there is a significant increase in accounts receivable, raising concerns about its revenue recognition practices [3]. - The prices of products in major business segments, except for electronic materials, have been declining during the reporting period, suggesting a potential strategy of sacrificing price for volume [3]. Research and Development - The company's R&D expenses are heavily weighted towards employee compensation, with over 80% allocated to salaries, while direct materials and depreciation account for only about 8% of total R&D costs [4]. - More than 50% of the R&D personnel hold a college degree or lower, raising questions about the capability of the team to support future growth [4][5]. Safety Concerns - A significant safety incident in September 2019 at a subsidiary resulted in two fatalities and was deemed the deadliest chemical accident in the province's history, highlighting serious safety management issues [6][7]. - The parent company, Huigu New Materials, may still face safety risks due to the unresolved issues from the subsidiary's past [7][8]. IPO Fundraising and Use of Proceeds - The company plans to raise 900 million yuan through its IPO, with 250 million yuan earmarked for working capital, which is questioned given the company's strong cash position [10][12]. - The asset-liability ratio was only 12.18% at the end of 2024, and the company had 270 million yuan in cash with no short-term or long-term debt as of mid-2025 [12]. - The company has engaged in significant related-party transactions, indicating a robust financial position, which raises further questions about the necessity of raising additional funds [12][14]. Dividend Policy - Huigu New Materials has consistently paid cash dividends, totaling 82.2041 million yuan from 2022 to mid-2025, which contrasts with its current fundraising efforts [12][14]. - The company's commitment to dividends amidst its IPO fundraising raises concerns about potential over-financing and compliance with regulatory guidelines [14].

Group 1 - The core viewpoint of the article is that four companies are set to present their IPO applications, with a focus on their fundraising goals and business operations [1][2][3] Group 2 - Huigu New Materials plans to raise 900 million yuan for projects including the expansion of an environmentally friendly coating and resin production facility, working capital, and a research center [1][2] - Jintai Co., Ltd. aims to raise 405 million yuan, while Mirui Technology seeks to raise 314 million yuan through their IPOs [1][3] - The companies are distributed across different provinces, with one company each from Guangdong, Hunan, Liaoning, and Zhejiang [1]

Group 1 - The Shenzhen Stock Exchange will hold its 28th listing review committee meeting on December 9, 2025, to review the initial public offering (IPO) of Guangzhou Huigu New Materials Technology Co., Ltd. (referred to as "Huigu New Materials") [1] - Huigu New Materials plans to raise 900 million yuan for various projects, including the expansion of an environmentally friendly paint and resin production facility with an annual capacity of 130,000 tons, a research and development center, and production line technology upgrades, as well as to supplement working capital [1] - The sponsor for Huigu New Materials' IPO is CITIC Securities Co., Ltd., with Dai Shun and Li Ning as the sponsoring representatives [1] Group 2 - The company has no controlling shareholder. As of the signing date of the prospectus, Tang Jing is the actual controller, holding 11.80% of the shares directly and controlling 59.02% of the voting rights through other entities [2] - Tang Jing has maintained a voting rights control ratio of no less than 59.02% over the past two years and has served as the chairman and general manager since the beginning of the reporting period [2] - Tang Jing's spouse, Huang Guangyan, is a director and senior management personnel, holding indirect shares through various entities, contributing to a total of 2.72% of the company's shares [2]