Hansong (Nanjing) Technology Limited (汉桑科技) has announced that its eighth-largest shareholder, an executive strategic placement plan, will be fully liquidated once the lock-up period expires. Public records show this stake was purchased by the company's senior management team during the IPO at 28.91 yuan per share.
As of midday trading today, the stock sits at around 36 yuan, leaving the asset management plan with roughly 25.8% in unrealized gains. However, the plan has explicitly stated its intention to reduce its entire holding of 1,591,144 shares through centralized bidding or block trades between October 13, 2026 and January 12, 2027. Should the share price continue to decline, these executives could find themselves trapped in a losing position.
The decision to offload the entire stake also stems from the company's disappointing first-year performance as a listed entity, with deducted non-recurring profits plunging 47.47% in the first half of the year. Further stock price declines would only compound the mounting difficulties.
Even before its IPO, Hansong (Nanjing) Technology Limited faced accusations of "treating the stock market as an ATM." In the lead-up to listing, the company executed two substantial dividend distributions in 2020 and 2021, totaling over 560 million yuan. Controlling shareholder Wang Bin and his spouse cashed out approximately 475 million yuan, while the fundraising plan allocated 280 million yuan for working capital replenishment — a move widely criticized as "emptying the company before raising more money." Industry commentator Pi Haizhou remarked that "such practices are truly disgraceful and raise suspicions of using the stock market as a cash machine."
Key Data Comparison
Strategic placement cost: 28.91 yuan per share. Latest intraday price: 36.38 yuan per share. Current profit-and-loss calculation: unrealized gain per share of 7.47 yuan, representing a cumulative investment return of approximately 25.84%.
Core Risk Warning
While the asset management plan still holds roughly 25.8% in paper gains, it has clearly announced plans to dispose of all holdings through centralized bidding or block trades during the period from October 13, 2026 to January 12, 2027. The Shenzhen Stock Exchange's issuance review website indicates that Hansong Technology's IPO passed the review committee meeting this Friday, with the exchange simultaneously publishing the company's response to the review center's implementation letter regarding its application for listing on the ChiNext Board. The response focuses on major customer concentration and earnings stability, though market attention appears centered on the dividend and fundraising issues.
Shenzhen media outlets reported that prior to the IPO, Hansong (Nanjing) Technology Limited executed two large dividend distributions in 2020 and 2021, cumulatively exceeding 560 million yuan. Controlling shareholder Wang Bin and his spouse extracted approximately 475 million yuan, while the fundraising plan included 280 million yuan for working capital — drawing accusations of "draining the company before raising fresh capital." Commentator Pi Haizhou further stated that "such practices are genuinely contemptible and suggest the stock market is being treated as a cash machine."
Given that CSRC Chairman Wu Qing has explicitly prohibited IPO companies from blindly "raising money" through listings and engaging in excessive financing, Hansong Technology's approach of distributing large dividends and then immediately seeking capital replenishment appears to conflict with regulatory requirements. With regulators emphasizing rigorous IPO scrutiny, market skepticism toward the company's listing is entirely understandable, and the review authorities should conduct a thorough examination of this application.
Review Process and Corporate Background
Hansong (Nanjing) Technology Limited submitted its ChiNext listing application in late June 2023 and quickly received its first inquiry on July 24, 2023. The company responded to the initial inquiry on January 19, 2024, more than five months later. According to Securities Times statistics, among 76 ChiNext-registered IPO companies that disclosed first-round inquiry responses as of September 20, 2020, the average response time was 42 days. For the 115 companies listed on ChiNext between 2023 and March 11, 2024, the average time from acceptance to listing was 691 days, with an average of 337 days from acceptance to review committee approval. By these benchmarks, Hansong Technology's IPO timeline has been relatively challenging. However, many previously stalled companies have recently resumed their listing processes, and Hansong Technology's progression to the review stage is a positive development.
The company is a family enterprise with cross-border ties — controlled by Chinese national Wang Bin, her Danish husband Helge Lykke Kristensen, and her sister. Interestingly, Wang Bin transferred shares at below-market prices to longtime friend Ji Xueqing on two occasions while also selling stakes to multiple private equity funds, prompting specific inquiries from the exchange regarding these transactions.
Wang Bin had entered into valuation adjustment mechanisms with Ji Xueqing and several private funds. While the IPO prospectus indicates that agreements with other private equity funds have been terminated without reinstatement, the arrangement with Ji Xueqing — though formally lifted — includes a clause whereby Wang Bin must repurchase shares if the listing fails. Specifically, if the listing application is not approved by the exchange or the CSRC, or if the company voluntarily withdraws its application, Ji Xueqing's redemption rights under the supplementary agreement automatically resume.
The prospectus shows Wang Bin was born in 1967, while Ji Xueqing graduated from university in 1998 — a roughly decade-long age gap that makes their friendship notably unusual and, by many accounts, admirable.
Technology Concerns and Dividend Controversy
As an audio ODM enterprise, the company possesses limited high-technology credentials. To align with ChiNext listing requirements, the company began assembling research and development efforts from the 2020 reporting period onward. This prompted the Shenzhen Stock Exchange to demand explanations "regarding why all invention patents were applied for in 2020, whether patent counts differ significantly from comparable industry peers, and whether any patent licensing arrangements exist. The exchange further requested comparative analysis with industry peers on technical characteristics and data metrics to substantiate the company's claims of 'industry leadership' as stated in the prospectus."
Notably, all invention patents were indeed filed in 2020, and the so-called R&D expenditure consists primarily of employee headcount costs. According to the prospectus, R&D expenses mainly comprise salary compensation, direct investment, share-based payments, and depreciation and amortization. These four categories accounted for 98.07%, 99.35%, 99.29%, and 99.36% of total R&D expenses across the reporting periods, with direct investments in individual projects amounting to only a few thousand yuan each.
The most contentious issue, however, concerns dividends. The company engaged in substantial dividend distributions before turning to large-scale fundraising for working capital. Hansong (Nanjing) Technology Limited executed two major dividends in 2020 and 2021, cumulatively exceeding 560 million yuan, with Wang Bin and her spouse extracting approximately 475 million yuan. The prospectus reveals that in December 2021 — the first year of the reporting period — the company distributed 108 million yuan in dividends, equivalent to that year's entire profit. Prior to the reporting period, the company also distributed dividends of 98 million USD and 500 million HKD to shareholders — an estimated total of approximately 1.3 billion yuan. The company then sought to raise 1 billion yuan in this offering, with 288 million yuan earmarked for working capital replenishment. Whether such arrangements truly serve the interests of the broader market remains a pressing question.
The company has responded to the exchange's implementation letter, primarily addressing concerns about its largest customer, earnings stability, and patent issues. The review also highlighted that the company's R&D spending is predominantly labor-related, with direct material costs remaining effectively negligible.