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Source: Times Investment Research

Author | Chen Che

Editor | Sun Yiming

BRUCO Group Limited (hereinafter referred to as “BRUCO”) is rushing for an IPO on the Hong Kong stock market, but why did the actual controller sell off shares and cash out first?

As a manufacturer of role-playing toys, BRUKU is known as the "Chinese version of Lego". In the past two years, BRUKU's revenue has grown rapidly, and its net profit has turned a profit in the first quarter of this year, and its asset-liability structure has also improved.

With its performance as support, Bruco submitted an application for listing to the Hong Kong Stock Exchange on May 17 this year. However, Times Investment Research found that one month before the application was submitted, Bruco's actual controller cashed out a large amount of 75.8384 million yuan, and the equity transfer price was almost the same as the valuation of the investment institution's investment three years ago.

As the business is developing steadily, the large-scale reduction of holdings by the actual controller has attracted considerable attention. In the same month after the filing, the China Securities Regulatory Commission required Bruco to provide additional explanations on the pricing basis and tax payment of the actual controller's 2024 equity transfer.

On August 12 and August 19, Times Investment Research sent letters and made phone calls to Bruco to inquire about major issues such as the "cashing out" of actual controller Zhu Weisong on the eve of the IPO and the pricing basis of equity transfer prices. However, as of press time, the other party had not responded to the relevant questions.

Performance continues to improve