ElectricEel Finance | CaiKe Technology IPO: Minor Children Hold Nearly 30% of Stakes, Financial Data Shows Obvious Anomalies

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《Electric Eel Finance》 / Electric Eel Channel

Hebei Caike New Material Technology Co., Ltd. (hereinafter referred to as “Caike Technology”) was approved for IPO review on March 10. On March 20, the company disclosed an updated version of the first and second round inquiry response documents (2025 annual report financial data update). Our investigation found that regulators are directly questioning issues such as the sustainability behind the company’s high growth, the authenticity of sales, and the fairness of related-party transactions. There are many doubts in the company’s prospectus, and this repeated disclosure of inquiry responses does not dispel public concerns.

Two minor children indirectly hold 27.5% of shares

Through equity structure analysis, it is found that Goyi, the actual controller of Caike Technology, is also the actual controller, CEO, executive director, and chairman of Caike New Energy Technology Co., Ltd., responsible for the overall business strategy of the entire Caike New Energy Group. Previously, the Beijing Stock Exchange required clarification on whether the actual controller designation was accurate, based on Goyi and his spouse Qilin’s usual residence, shareholding in the company and its controlling shareholders, participation in company management, etc.

Goyi’s spouse, Qilin, is the actual controller, controlling shareholder, and chairperson of Beijing Chexun Internet Co., Ltd., responsible for the overall strategic operations of Chexun Internet.

The company responded that, for work and living convenience, Goyi and Qilin currently reside mainly in Beijing.

As of June 30, 2025, Goyi did not directly hold shares in the company but indirectly held 13.73% of the shares of the controlling shareholder Caike Hong Kong; Qilin did not directly hold shares but indirectly held 13.73% of Caike Hong Kong. Goyi and Qilin are a married couple. Their minor children, Gochengyu and Gochenghui, do not directly hold shares but each indirectly hold 13.73% of Caike Hong Kong, totaling an indirect shareholding of 27.46%.

Goyi has no specific position in Caike Technology. Through the above voting rights transfer arrangements, Goyi controls 67.9923% of the voting rights of Caike Hong Kong, enabling control over shareholder meetings, nominations and appointments of directors, supervisors, and senior management, and influencing major operational decisions directly or indirectly.

The advantage of family businesses is concentrated control and high efficiency; however, the downside is that excessive internal power concentration can lead to supervision difficulties. Industry insiders say that such high concentration of equity (also known as “one share dominance”) has negative impacts, often resulting in hollowing out the listed company,利益输送, financial fraud, and other illegal activities harming small investors. As ordinary investors, we must ask: within family ties, can a company truly find a path that ensures development while balancing interests?

Financial data shows obvious anomalies

From the first half of 2022 to 2025, Caike Technology’s related-party procurement amounts were 69.12 million, 75.16 million, 66.76 million, and 35.67 million yuan, accounting for 28%–33% of operating costs. Among these, purchases of steam and sewage treatment from related parties Caike Huayu accounted for 75% of related-party procurement.

Regulators require Caike Technology to explain the reasons and reasonableness for maintaining high related-party procurement during the reporting period, and whether the company’s measures to reduce related-party transactions in the future are feasible. The company should clarify the pricing principles for steam, sewage treatment, electricity, and para-toluene sulfonic acid purchased from related parties, reasons for changes during the reporting period, and whether there are significant fluctuations before and after adjustments, and whether such fluctuations are reasonable. It should also compare third-party quotations with related-party procurement prices for steam and sewage treatment to assess fairness.

Additionally, the company is asked to quantify whether the revenue growth in 2024 and the first half of 2025 matches the growth in related-party procurement of steam, sewage treatment, electricity, and para-toluene sulfonic acid.

In the response, the company insists that maintaining high related-party procurement from 2022 to 2025 is reasonable, and that it has taken steps such as gradually reducing related-party transactions through independent electricity payments.

《Electric Eel Finance》 also notes that Caike Technology’s gross profit margin is unusually high, surpassing industry peers and showing an opposite trend.

During the reporting period (2022-2024), Caike Technology’s operating income was 360.7581 million, 376.9603 million, and 454.4598 million yuan, with net profits attributable to parent after non-recurring gains and losses of 75.54 million, 78.70 million, and 113.37 million yuan, respectively, showing rapid growth. The main business gross profit margins were 30.63%, 33.12%, and 36.12%, higher than the industry average (22.32%, 20.75%, and 19.83%). By the 2025 annual report, the gross profit margin reached as high as 40.09%.

Chairman faces over a hundred risks

According to Tianyancha data, Chairman Liu Wei currently has four listed positions, serving as a shareholder in one company and as an executive in two.

Of particular concern are 17 surrounding risks and as many as 141 warning alerts.

In terms of surrounding risks, he previously served as a shareholder of Shaanxi Zhongxin Construction Group Co., Ltd., which experienced changes in shareholder equity; the company has a final judgment case; it is listed as a dishonest company by the Supreme People’s Court; and it has serious illegal activities during production and operation.

In litigation, Shaanxi Zhongxin Construction Group Co., Ltd. was sued for labor victim liability disputes and contract disputes, among others.

How to protect investor interests and ensure a smooth IPO are issues Liu Wei needs to consider.