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Image source: Visual China

Recently, many companies waiting in the IPO queue have submitted updated financial information. A reporter from the People's Securities Daily noticed that Q Tai Micro, which had been "waiting in line" for more than two and a half years, saw its performance decline again, and the company also had the problem of making surprise "clearance-style" dividends.

The company's 2021 prospectus filing shows that QT Micro is mainly engaged in the design, research and development, manufacturing and sales of camera modules. From 2018 to 2020, QT Micro's net profit totaled 1.475 billion yuan, and the company's cumulative cash dividends during the same period amounted to 1.17 billion yuan, which is 79% of the total net profit for the three years. This figure almost touched the red line of a surprise "clearance-style" dividend.

Previously, the new "National Nine Articles" clearly stated that it is necessary to pay close attention to whether the listed companies have "clearance-style" dividends before listing. In response, the Shanghai and Shenzhen Stock Exchanges have also initially formulated the criteria for determining surprise "clearance-style" dividends: one of which is that the cumulative dividend amount of the issuer in the past three years accounts for more than 80% of the net profit in the same period. For companies (issuers) included in the negative list, the sponsor should conduct key inspections, prudently issue inspection opinions, and submit special inspection reports.