With over 25 years in operation, Imperium Crown New Materials Technology Co., Ltd. (hereinafter referred to as "Imperium Crown") is making a push for an A-share listing. Recent filings on the Shenzhen Stock Exchange show that the company's mainboard IPO application has been accepted.

Backed by steadily growing annual net profits, Imperium Crown appears financially robust. However, prior to its IPO bid, the company distributed substantial dividends—totaling approximately 158 million yuan in 2023 and 2024. Despite this, the IPO plan includes raising funds to supplement working capital.

**Dividends and Fundraising** Founded in 2000, Imperium Crown specializes in functional composite materials, including industrial and electronic-grade adhesives, as well as functional films. Its products serve diverse industries such as consumer goods, home appliances, automotive manufacturing, new energy batteries, consumer electronics, IoT, and semiconductors.

Financial data reveals consistent growth: - **Revenue**: 2.567 billion yuan (2022), 2.895 billion yuan (2023), 3.159 billion yuan (2024), and 1.592 billion yuan (H1 2025). - **Net Profit**: 206 million yuan (2022), 278 million yuan (2023), 302 million yuan (2024), and 155 million yuan (H1 2025). - **Adjusted Net Profit**: 226 million yuan (2022), 275 million yuan (2023), 307 million yuan (2024), and 154 million yuan (H1 2025).

During 2023–2024, the company paid out dividends of 75.24 million yuan and 82.54 million yuan, respectively. Yet, its IPO prospectus outlines plans to raise 919 million yuan, including 100 million yuan earmarked for working capital.

This dual approach—distributing dividends while seeking liquidity funding—has drawn scrutiny. Regulators have emphasized tighter oversight of pre-IPO "sweeping" dividend payouts, urging companies to retain earnings for growth or post-listing shareholder benefits.

**Ownership and Governance Risks** Siblings Mai Huiquan and Mai Huixia collectively control 87.17% of Imperium Crown’s shares: - Mai Huiquan (Chairman and CEO) holds 25.92% directly, with additional stakes via investment vehicles, totaling 48.58%. - Mai Huixia (Vice Chair) owns 38.59% directly.

Analysts caution that concentrated ownership without checks could skew decisions toward insiders’ interests. Imperium Crown acknowledges this risk, stating that while governance structures aim to protect minority shareholders, conflicts may still arise.

**Operational Metrics** The company’s R&D spending (3.9%–4.81% of revenue) trails the industry average (4.42%–5.48%), while its sales expenses (2.01%–2.93%) exceed peers’ norms (1.74%–2.36%).

Requests for comment from Imperium Crown went unanswered at the time of reporting.