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].