Analysis of Bangze Chuangke’s Outsourced Procurement Information Disclosure Discrepancy Incident

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Bangze Chuangke (Guangdong Bangze Chuangke Electric Co., Ltd.) is an enterprise focusing on the R&D, production and sales of office electrical appliances and household electrical appliances, with main products including paper shredders, laminators, vacuum sealers, etc. The company plans to list on the Beijing Stock Exchange, with Dongguan Securities as its sponsor [1][2].

In January 2025, multiple media outlets reported on the information disclosure discrepancies in Bangze Chuangke’s outsourced procurement, attracting regulatory attention [1][2].

• Regulatory authorities believe that Bangze Chuangke has
  misstated financial data in its listing application
  , constituting information disclosure violations [1][2]
• The main issues focus on discrepancies in the disclosure of
  outsourced procurement amounts
  and
  business categories
  [1][2]

Public information shows that the involved outsourced suppliers include:

• Choudong Packaging
  (highlighted)
• Dongguan Honghui Electronic Technology Co., Ltd.
• Dongguan Feidong Packaging Products Co., Ltd.

Some of these suppliers also have issues such as abnormal operations [3].

• There are discrepancies in outsourced procurement data between the
  prospectus
  and the
  public transfer statement
• The disclosed outsourced procurement amount for 2022 is inconsistent with actual data
• There are doubts regarding the allocation of procurement proportions among suppliers

• Received
  regulatory work reminders
• Required to correct prior-period accounting errors
• Required to re-verify and disclose information related to outsourced procurement [1]

Dongguan Securities, as the sponsor, also faces questions:

• Invested in Bangze Chuangke shortly before the IPO
  , raising doubts about the independence of its sponsorship
• Dongguan Securities has
  been repeatedly named by regulators
• In November 2025, it was found to have inadequate management of abnormal client trading behaviors [2][4]

• IPO process hindered
  : The listing review on the Beijing Stock Exchange has been affected
• Decline in investor trust
  : Information disclosure issues have triggered market concerns
• Stock price volatility
  : The company’s stock price fluctuated after the news broke

• Impaired listing credibility
  : May affect subsequent capital operations
• Increased compliance costs
  : Need to strengthen internal control and information disclosure management
• Damaged brand image
  : Adversely impacts relationships with suppliers and customers

• Correcting prior-period accounting errors may affect key financial indicators such as
  net profit
• Need to retroactively adjust
  outsourced procurement costs
  , which will affect gross margin calculations
• May involve financial risks such as
  supplementary tax payments

• Non-standard management processes for outsourced procurement
• Incomplete supplier access and review mechanisms
• Lack of an information disclosure review mechanism

• Dongguan Securities’ pre-IPO investment in the company creates conflicts of interest
• The sponsor’s due diligence was not thorough enough, failing to detect the information disclosure issues
• Failed to rectify the issues in a timely manner during the continuous supervision period

• Track the company’s supplementary disclosures regarding information disclosure discrepancies
• Pay close attention to the final decisions of regulatory authorities
• Monitor the financial impact of the company’s accounting error corrections

• Re-evaluate the company’s investment value
• Pay attention to
  related party transaction risks
  associated with similar outsourced procurement models
• Consider the historical performance quality of the sponsor

• It is recommended to
  participate cautiously
  in the company’s IPO subscription
• Consider investing only after the issues are fully resolved
• Monitor regulatory attitudes and market reactions

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[1] Sina Finance - “Bangze Chuangke Faces Doubts Over Outsourced Procurement Information Disclosure, Dongguan Securities Repeatedly Named by Regulators” (https://finance.sina.com.cn/jjxw/2026-01-16/doc-inhhpfkp2456161.shtml)

[2] Eastmoney - “Bangze Chuangke Faces Doubts Over Outsourced Procurement Information Disclosure, Dongguan Securities Repeatedly Named by Regulators” (https://finance.eastmoney.com/a/202601163622129236.html)

[3] Relevant disclosure documents in the prospectus

[4] Media reports including Securities Times

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: The above analysis is based on public information. Investors should closely follow the latest announcements from regulatory authorities and make investment decisions based on the official information disclosed by the company. For more in-depth analysis, it is recommended to enable the in-depth investment research mode to access more detailed financial data and technical analysis support.