On March 27, the listing committee of the Beijing Stock Exchange reviewed the public listing application of Shenzhen Qian'an Technology Co., Ltd. The company plans to issue no more than 24.25 million shares, aiming to raise 480 million yuan, a 20% reduction from the initially declared 600 million yuan, with Industrial Securities acting as the sponsor.
Although the company's revenue grew from 1.4 billion yuan to 1.981 billion yuan between 2023 and 2025, and its net profit attributable to shareholders increased from 96.426 million yuan to 219.5066 million yuan, achieving profit growth for three consecutive years, the prospectus and regulatory inquiries reveal multiple risks. These include over-reliance on a single sales platform, global tax compliance issues, questionable rationale for fundraising, and an expected post-period performance decline, which have become focal points of the IPO inquiry.
Sustained Growth From 2023 to 2025, the company reported revenues of 1.400 billion yuan, 1.667 billion yuan, and 1.981 billion yuan, representing year-on-year increases of 19.09% in 2024 and 18.82% in 2025. Net profits were 96.426 million yuan, 144.1868 million yuan, and 219.5066 million yuan, with year-on-year growth of 49.53% in 2024 and 52.24% in 2025. During this period, the company's gross profit margin for its main business was 39.88%, 41.51%, and 43.54%, showing steady improvement.
Qian'an Technology is a cross-border e-commerce enterprise engaged in the research, development, design, and sales of its own branded products. Its primary sales markets are in Europe and the United States, with Amazon.com being its main sales platform.
Due to industry characteristics and business model, the company's operational performance is susceptible to factors such as international trade policies, platform policies, inventory management, international shipping costs, and exchange rate fluctuations, creating uncertainty and potential risks for future performance.
According to the prospectus, the company operates multiple brands across four main product categories: art creation, digital electronics, sports and outdoors, and home and garden.
Specifically, its art creation products are primarily under the Ohuhu brand, including items like drawing pens and sketchbooks. Digital electronics products are mainly under the iClever and Tribit brands, with iClever focusing on children's headphones and keyboard mice, and Tribit specializing in Bluetooth speakers and headphones. Sports and outdoor products are centered around the Sportneer brand, covering training equipment, outdoor gear, and cycling accessories for fitness and recreational activities. Home and garden products are also under the Ohuhu brand, featuring items for yard and household use.
Over 85% Dependence on Amazon.com It is important to note that the revenue contribution from these four categories fluctuated annually between 2023 and 2025.
In the latest period, art creation products, primarily Ohuhu drawing pens, were the largest revenue source, accounting for approximately 41.58% of revenue, with a gross margin as high as 50.15%.
Notably, all of the company's main business revenue comes from overseas markets.
During the reporting period, overseas revenue accounted for 99.56%, 99.57%, and 99.68% of total main business revenue, with key markets including the United States, Canada, and Europe. Revenue from the United States alone represented 53.08%, 51.01%, and 51.40% in respective years.
Sales are primarily conducted through a B2C model via third-party e-commerce platforms, mainly Amazon.com, supplemented by the company's own website, accounting for over 90% of total sales.
Amazon.com plays a critical role as the primary sales platform.
Revenue generated through Amazon.com accounted for 93.42%, 90.30%, and 85.55% of main business revenue during the reporting period, indicating high concentration and presenting risks associated with reliance on a single platform and market.
Frequent Global Tax Violations During the reporting period, Qian'an Technology and its overseas subsidiaries faced penalties from tax authorities in multiple countries, including Germany, France, the United States, the United Kingdom, and Canada, totaling 16 instances. Violations involved issues such as tax underpayment, late filing, insufficient payments, and labeling non-compliance.
Authorities required the company to pay back taxes, late fees, and fines related to various taxes, including value-added tax, sales tax, and corporate taxes.
In one case, German tax authorities demanded additional VAT and late fees from the company and its Hong Kong subsidiary due to input tax credit discrepancies for 2019-2020. The late fees alone amounted to 158,200 euros.
Qian'an Technology attributed this penalty to insufficient documentation submitted by its former European tax agent, leading to disputes with German authorities. Initially, late fees notified in 2023 totaled 52,900 euros, but after objections and communications in 2024, the amount increased to 158,200 euros, which has since been paid.
Although these penalties did not meet the threshold for "major" violations, the frequency of cross-border tax irregularities highlights systemic weaknesses in the company's global tax control and compliance management, posing ongoing risks for post-listing rectification and potential additional payments.
Dividends and Working Capital The IPO aims to raise 480 million yuan, allocated to projects including product development center construction, supply chain and operational center system enhancement, brand building, channel promotion, and supplementing working capital.
Of this, 86 million yuan is designated for working capital.
Despite having ample cash reserves—with monetary funds of 164.827 million yuan, 290.1314 million yuan, and 384.5997 million yuan at the end of each reporting period—and positive operating cash flows of 207.2064 million yuan, 171.8749 million yuan, and 229.8178 million yuan, the company maintained a healthy balance sheet with a 26% debt-to-asset ratio by the end of 2025.
Concurrently, the company distributed nearly 60 million yuan in cash dividends to shareholders for profits from 2022 to 2024, amounting to 10 million yuan, 20 million yuan, and 29.973 million yuan, respectively.
Notably, the company's preliminary report for the first quarter of 2026 indicates a shift: while revenue is expected to grow by 4.31% to 10.00%, net profit attributable to shareholders is projected to decline by 10.13% to 17.41%, signaling a trend of revenue growth without corresponding profit increases and raising concerns about sustainable growth and profitability.
In summary, while Qian'an Technology meets financial benchmarks, significant concentration risks and compliance shortcomings remain. Its success in securing listing approval will depend on transparent disclosures regarding internal control improvements, risk mitigation, and long-term performance sustainability.
The upcoming review outcome will determine whether this cross-border e-commerce contender can access capital markets and set a regulatory precedent for similar enterprises.
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