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[Original] IPO Radar | Performance doubled down! Gaotai Electronics' related-party transactions are in doubt, and the actual controller used nearly 300 million yuan in dividends to buy trusts

2024-08-15

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Shenzhen Business Daily·DuChuang Client Reporter Liang Jiatong

Gaotai Electronics, which submitted its application for registration on the Shanghai Stock Exchange's main board eight months ago, has not made any progress so far. The company's actual controllers, Ye Jian and Wang Yifang, control a total of 96.34% of the shares, making it a veritable "husband-and-wife shop." Nearly 300 million yuan in dividends over three years were used to buy trusts.

The prospectus shows that Suzhou Gotech Electronic Technology Co., Ltd. is a high-tech enterprise with functional new materials as its core, which develops, manufactures and sells composite functional materials, composite functional devices and electronic-grade traceability products. The company's products are mainly used in consumer electronics, 5G communications, IC semiconductors and new energy applications (automobiles, photovoltaics) and other fields.

In terms of finance, Gotech Electronics' performance in 2023 showed negative growth, and the sustainability of its revenue growth was questioned by regulators.From 2020 to the first half of 2023 (hereinafter referred to as the "reporting period"), the company's operating income was RMB 233 million, RMB 360 million, RMB 395 million, and RMB 133 million, respectively, and its net profit attributable to the parent company was RMB 109 million, RMB 176 million, RMB 227 million, and RMB 62 million, respectively. In its second round of responses, Gotech Electronics predicted that its net profit attributable to the parent company in 2023 would be between RMB 148 million and RMB 156 million.The year-on-year growth rate ranged from -34.72% to -31.09%.