A leading company went public and raised 8 billion yuan. After deducting various fees, they were left with 7.57 billion yuan. Sounds like a lot, right? But the result was—全部75亿投进理财产品，只剩下7千万用于日常运营和研发。

This move is truly clever. Investing 7.5 billion in bank wealth management products, with a conservative annual return of several hundred million, allows the company to turn losses into profits. So I want to ask, since they aren’t short on money, what exactly is the purpose of going public?

Even more outrageous is that when the prospectus was issued, the fundraising use was clearly stated, accurate to the fen. Technical R&D, product upgrades, market expansion… all listed clearly. Investors looked at this plan and invested their money accordingly.

But once the money was in hand, everything changed. The fundraising commitments became empty words, and the funds turned into fixed deposits. What were they thinking? Is the project dead? Or did they never intend to truly invest?

From the investors’ perspective, you hand over your hard-earned money to the company expecting technological innovation, business expansion, and product iteration. Not for the money to sleep in the bank. They have their own bank cards; why must they go through the company’s wealth management?

This kind of fundraising not following the promises made in the prospectus is a clear sign that they need to reflect on what it means to respect investors.