Ofilm Group Co., Ltd. (002456.SZ) has denied reports that its controlling shareholder, Cai Rongjun, siphoned funds through affiliated entities, including New Ficonn Communication Technology Co., Ltd. (New Ficonn) and New Think Motor Co., Ltd. (New Think). The company issued a clarification on August 9, calling the allegations "online rumors" and stating it has sent a retraction notice to the media, filed a police report, and initiated legal proceedings. The controversy centers on three key claims: unfair related-party transactions that may have shifted profits, questionable R&D expenditures potentially benefiting external companies, and an opaque cost-sharing mechanism that could have transferred expenses to the listed firm.
Ofilm's financial reports reveal cumulative R&D spending of 8.086 billion yuan over the past five years. Critics allege that the fruits of this massive investment, including core processes like WLG wafer-level glass and high-precision optical coupling, were transferred to New Ficonn, a company controlled by the actual controller, without proper licensing or technology transfer fees. This would allow the affiliated entity to benefit from mature, proven technologies at the listed company's expense, while the high-growth AI optical module market is captured solely by the controller's external firm, leaving minority shareholders without a share of the industry's upside. Ofilm has denied this, stating its R&D focuses on its own business areas like optical lens modules and camera module packaging, and that its R&D system is independent, with no shared technology or patents with New Ficonn or New Think.
However, an investigation into New Ficonn's patent inventors reveals a potential conflict. Founded in 2020, New Ficonn holds 26 patents, with inventors including Cai Shupeng and Huang Meifeng. Public records show that both individuals were listed as core technical staff or incentive recipients in Ofilm's equity incentive plans from 2016 and 2021. This raises the question of why key employees of the listed company appear as inventors on patents held by a controller's affiliated entity established in 2020. Furthermore, Ofilm's R&D capitalization rate has remained above 30% since 2020, up from 0% in 2019, yet no new patents have been filed by the company since 2022. This disconnect has prompted speculation about the efficiency of R&D conversion and whether there is a risk of patent transfer, or if the related patents are simply not being filed under the parent company.
New Think, another company controlled by the actual controller, has also filed for an IPO on the Hong Kong Stock Exchange. Its prospectus shows strong revenue growth, with a compound annual growth rate of 51.3% from 2023 to 2025. This growth is heavily tied to Ofilm, which contributed 37.9%, 27.6%, 30.4%, and 41.7% of New Think's total revenue in 2023, 2024, 2025, and the first four months of 2026, respectively. Ofilm argues that these related-party transactions are standard for the supply chain, as New Think is an upstream supplier of motor products used in camera modules. The company states that purchases are made at market prices, determined by end customers, and have been properly disclosed and approved by the board and shareholders. It denies any instances of unfair benefits, technology transfer, or cost shifting.
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