Although Shanghai Yutian Guanjia Technology Co., Ltd. (referred to as "Yutian Guanjia") has recently received approval for its initial IPO application on the Shenzhen Stock Exchange's Growth Enterprise Market, the various problems behind it make people wonder about its future per

Although Shanghai Yutian Guanjia Technology Co., Ltd. (referred to as "Yutian Guanjia") has recently been approved for the initial launch of the Shenzhen Stock Exchange GEM IPO, the various problems behind it have made people wonder about its future performance after listing. Create doubt. Although this auto sports parts manufacturer, whose main product is automobile sunroofs, seems to be growing steadily, its strong family background, equity ownership disputes, insufficient R&D investment, and flaws in financial operations have all hindered its path to an IPO. Added a layer of shadow.

Yutian Guanjia’s “family business” label is particularly eye-catching. The actual controller Wu Jun and his two daughters Wu Hongyang and Wu Yuyang control a total of 82.70% of the company's shares through direct and indirect means. If coupled with his spouse and younger brother, Wu Jun's family holds nearly 90% of the shares. This highly concentrated shareholding structure not only raises concerns about the transparency and fairness of its corporate governance, but may also lead to the risk of damage to the interests of small and medium-sized shareholders.

What is even more concerning is that in the early days of Yutian Guanjia’s establishment, in order to obtain the status of a “foreign enterprise”, she asked her Canadian relative Zhao Yeqian to hold shares on her behalf. This operation not only triggered equity holding disputes, but also plunged the company into a quagmire of legal proceedings. Although the agency relationship was eventually confirmed and the dispute was resolved through court mediation, this incident undoubtedly exposed the compliance issues that existed at the beginning of the company's establishment. In addition, the regulatory attention on this incident also shows that Yutian Guanjia has many loopholes in compliance operations.

As a high-tech enterprise, Yutian Guanjia’s investment in research and development is obviously insufficient. From 2021 to 2023, the company's R&D expense rates are only 3.95%, 3.08%, and 2.75% respectively, which are far lower than the industry average. During the same period, the average industry R&D expense rates were 3.90%, 4.97%, and 4.69% respectively. This makes people doubt the technical content and market competitiveness of its products. In the increasingly competitive auto parts market, if Yutian Guanjia cannot continue to increase investment in research and development and improve product competitiveness, its future market position will face severe challenges.

What is even more bizarre is that Yutian Guanjia also borrowed funds from related parties while paying dividends. This seemingly contradictory operation actually reveals the company's lack of rigor and randomness in financial management. In 2020 and 2021, the company distributed dividends of 10 million yuan and 50 million yuan respectively, but at the same time it borrowed funds from the related party Anshan Yutian Housing Development Co., Ltd. This kind of financial operation not only affects the company's capital utilization efficiency, but may also harm the interests of small and medium shareholders. Regulators’ doubts about this also indicate that Yutian Guanjia has serious problems with its financial health.

In addition to the above problems, Yutian Guanjia also has many hidden dangers in production safety. In the past year, the company has been punished three times by relevant departments. These penalties not only exposed the company's deficiencies in safety production management, but also exacerbated its business risks. For a company that is about to go public, if these security risks and violations cannot be effectively resolved, its market performance after listing will be difficult to predict.

In summary, although Yutian Guanjia successfully obtained the IPO initial application approval, the family holding mystery behind it, frequent compliance issues, insufficient R&D investment, doubtful financial health, and frequent security issues are all problems for it. Future post-IPO performance casts a shadow. Investors should carefully consider these factors when making decisions to avoid unnecessary losses.