Kejin Ming Beijing Stock Exchange IPO Prospectus Requires Improvement; Chairman Zhu Wenming and Spouse Control 91%, Son in His 90s Serves as General Manager

Crypto Finance Wu Wenting Recently, Shenzhen Kejinming Electronics Co., Ltd. (hereinafter referred to as “Kejinming”) disclosed the second round of inquiry letters for the IPO review on the Beijing Stock Exchange, with Zheshang Securities Co., Ltd. as the sponsor institution.

According to the application documents and inquiry responses, during the reporting period, the company failed to pay social security and housing fund contributions for some employees, with the proportion of unpaid employees increasing in the most recent period.

The Beijing Stock Exchange requires Kejinming to further explain the reasons and compliance of not paying social security and housing funds for some employees, and to simulate the impact of legally paying social security and housing funds for relevant employees on the financial data of each period during the reporting period.

Additionally, the exchange also requests Kejinming to improve the disclosure of information in the prospectus, including a comprehensive review of “Major Matters Reminders” and “Risk Factors,” highlighting materiality based on the company’s actual operations, enhancing relevance, strengthening risk orientation, removing less targeted statements, and eliminating similar statements that may mitigate risk factors. The company should also thoroughly review and verify whether the information disclosed in the prospectus and inquiry responses is true, accurate, and complete.

Kejinming mainly engages in the design, development, manufacturing, and sales of intelligent visual terminal products, focusing on innovation and application of new display technologies. Currently, the company’s product matrix centers on smart micro projectors, smart cloud photo frames, and smart portable players, dedicated to providing immersive visual experience solutions across scenarios for global users.

As of the date of signing this prospectus, Zhu Wenming directly holds 16.125 million shares of the company, accounting for 58.58% of the shares, making him the controlling shareholder and serving as the company’s chairman. Zhu Wenming and his wife Chen Ximei indirectly hold 32.69% of the company’s equity through Kejinming Enterprise Management, with a total of 91.27% of the company’s shares directly and indirectly held, making them the company’s common actual controllers.

According to available information, Zhu Wenming, born in 1968, is a Chinese national with no permanent residence abroad and has a college education. From August 1991 to December 1996, he served as Business Manager at Chaoyang Plastic Company; from January 1997 to December 2001, he was General Manager at Chaoyang Fuxiong Industrial and Trade Company; from February 2002 to January 2010, he was General Manager of Kejinming Electronics Factory in Xixiang Town, Bao’an District, Shenzhen; from February 2010 to May 2017, he served as Executive Director and General Manager of Kejinming Limited; from May 2017 to November 2021, he was Chairman and General Manager; and since December 2021, he has been Chairman of Kejinming.

Chen Ximei, born in 1971, is a Chinese national with no permanent residence abroad and has a high school education. From July 1989 to January 2010, she was a freelancer; from February 2010 to May 2017, she served as HR Manager at Kejinming Limited; from May 2017 to November 2021, she was a Director and HR Manager; and since December 2021, she has been an Administrative Assistant at Kejinming.

The company’s Director and General Manager, Zhu Xianxiong, is the son of Chairman Zhu Wenming.

Zhu Xianxiong, born in 1994, is a Chinese national with no permanent residence abroad and has a college education. From August 2013 to May 2017, he was Sales Manager at Kejinming Limited; from May 2017 to June 2018, he served as Secretary of the Board; from May 2017 to November 2021, he was a Director; and since November 2021, he has been a Director and General Manager. In August 2022, Zhu Xianxiong was recognized as a high-level industry talent (in the field of technological innovation) in Bao’an District, Shenzhen; in February 2025, he was approved by the Shenzhen Enterprise Innovation Record Review Committee as a prominent contributor to the 23rd (2024) Shenzhen Enterprise Innovation Record and was also recognized by the Guangdong-Hong Kong-Macao Greater Bay Area Enterprise Innovation Power List Expert Review Committee as an outstanding innovator in 2024, ranking on the 2024 Guangdong-Hong Kong-Macao Greater Bay Area Enterprise Innovation Power List. Besides his role at the company, Zhu Xianxiong also serves as Executive Director and General Manager of Shenzhen Juxiang Innovation Media Co., Ltd.