The revised draft of the major asset restructuring report disclosed by Xinbang Intelligent shows that the target company, Wuxi Indie Microelectronics Technology Co., Ltd., has issues including delayed disclosure of nominee shareholding, hidden nominee chains involving end-customer shareholders, and a clear decline in performance. In this transaction, Xinbang Intelligent plans to acquire 100% equity of the target company through share issuance and cash payment, with a transaction price of 2.856 billion yuan. The Shenzhen Stock Exchange accepted the application on November 28, 2025. The revised draft adds multiple nominee shareholding records, and the relevant nominee arrangements were not terminated until June 2026. Wu Jiawen, the mother of Wei Yimin, a director and board secretary of the target company, was the main nominee channel, involving shareholder entities holding more than 5% of the shares. In addition, Zhang Chongling, a shareholder of the target company's end customer Wuhan Atmosphere Automotive Technology Co., Ltd., indirectly held shares in the target company through multiple layers of nested nominee arrangements, raising doubts about benefit transfer and the de-association of related-party transactions. The target company's operating revenue in the first half of 2026 was 338 million yuan, up 17.3% year on year, but net profit was only 11 million yuan, down 35.29% year on year, and gross margin fell from 40.9% in the same period last year to 33.36%. After the completion of this transaction, Xinbang Intelligent's goodwill will reach 2.149 billion yuan, accounting for 48.81% of total assets and 75.41% of net assets respectively.
Delayed disclosure of nominee shareholding and hidden nominee chains raise regulatory concerns
