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although shanghai yutian guanjia technology co., ltd. ("yutian guanjia") has recently obtained the approval of its initial public offering application on the shenzhen stock exchange's growth enterprise market, the various problems behind it have raised doubts about its future performance after listing. although the performance of this automotive sports parts manufacturer, whose main product is automotive sunroofs, seems to be growing steadily, its strong family color, equity holding disputes, insufficient r&d investment, and flaws in financial operations have cast a shadow on its ipo road.

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 82.70% of the company's shares directly and indirectly. if his spouse and younger brother are included, wu jun's family holds nearly 90% of the shares. this highly concentrated equity structure not only makes people worry about the transparency and fairness of its corporate governance, but also may lead to the risk of damage to the interests of small and medium shareholders.

what is even more noteworthy is that in order to obtain the status of a "foreign company" in the early days of its establishment, yutian guanjia asked its canadian relative zhao yeqian to hold shares on its behalf. this operation not only triggered a dispute over equity holding, but also plunged the company into a quagmire of legal proceedings. although the holding 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 authorities' attention to this incident also shows that yutian guanjia has many loopholes in its compliance operations.