Text |Li Delin.
Gao Haiqing is afraid that his intestines are repentant, Mingzhe Group's IPO is yellow, and the 1.4 billion he wants to raise has not been completed. As the absolute controller of Mingzhe Group, how can a family of three explain to other shareholders?If you want to make money from an IPO, and you want to share the company's profits, how can A shares get used to you?The point is that there are still many bosses who eat alone and want to IPO, which is just a joke.
Gao Haiqing, the boss of Mingzhe Group, and his wife and daughter all have permanent residency in Singapore, and they directly hold 80 shares of Mingzhe Group7786% of the shares, a total control of 917115% of the shares, Gao Haiqing's younger brother and brother-in-law are also among the top ten shareholders, holding 19% and 15% of the shares, and the entire Gao family holds a total of 95 shares1115%。Mingzhe Group's net profit from 2020 to 2022 will be 17.9 billion, 16.7 billion and 2900 million, with a dividend of 3800 million, 11.9 billion, 34.5 billion.
The company's three-year profit is 63.6 billion, dividends of 84.4 billion, this is not a clearance, it is an excess dividend of 20.8 billion. So why did Boss Gao have to eat it all before the IPO?Boss Gao feels that his company is making money and has confidence. Mingzhe Group's net profit after deducting non-profits from 2020 to 2022 will be 27.6 billion, 24.8 billion, 27.8 billion. From the perspective of net profit after deducting non-profits, the net profit of Mingzhe Group's main business is quite stable. The total profit for the three years after deducting non-profits is 80.2 billion, and the dividend is still over 42 million.
Mingzhe Group's net cash flow from operating activities from 2020 to 2022 was 39.8 billion, 13.5 billion, 16.9 billion, which means that the cash content of the net profit after deducting non-profits is not high. Why does Mingzhe Group want to clear the position and dividends?The company's revenue from 2020 to 2022 is 300.7 billion, 334.2 billion, 361.7 billion, the balance of accounts receivable was 5500 million, 6900 million, 87.8 billion, accounting for the highest revenue ratio of 2241%。The balance of bad debt provision receivable was 3391460,000 yuan, 4463210,000 yuan and 6772460,000 yuan.
Obviously, Mingzhe Group seems to be on the rise in revenue, but accounts receivable and bad debt provision balances are also rising, but the net profit after deducting non-profits is showing a box trend, which means that the bottleneck of Mingzhe Group's profitability is obvious. In addition, the company mainly provides services for office buildings and canteens, and customers are obtained through bidding, once the customer changes, the impact on the company's performance is very obvious. Therefore, the Gao boss family, who has the right of abode in Singapore, wants to settle down before the IPO.
The company always has to continue, so Mingzhe Group wants to make money through IPO. They want to raise 1.4 billion, of which 1900 million to replenish liquidity. Boss Gao's abacus is really shrewd, according to the dividend calculation, Boss Gao's family of three took nearly 6 in three years8.2 billion, plus the other shareholders of the family, the entire Gao family took nearly 7500 million. When the net cash flow from operating activities is less than 200 million, they want to use shareholders' money to supplement liquidity.
Boss Gao is not a clearance dividend, but a hollowing out dividend. The boss family holds the right of permanent residence in Singapore, and the company's accounts receivable are increasing year by year. What's more, the sponsor actually pushes this kind of company to the market, what do you want to do?Now, Mingzhe Group's IPO is yellow.
Clearance dividends are not only coming to IPO again Mingzhe Group. Red Oriental, the husband and wife hold 9807%, the company's net profit after deducting non-profit in 2021 is 34.1 billion, 73.5 billion, and the dividends of Red Oriental in two years were 46.1 billion and 35.9 billion. It means that Red Oriental paid 8200 million, the husband and wife went 80.4 billion. And the company wants to raise 129.1 billion, then dividends account for 635%, and the couple split up to account for 6227%, and asked shareholders for money.
Qianyang Technology wants to raise 23.6 billion, before submitting IPO materials, the company paid dividends of 1 twice4.5 billion, accounting for 65% of the funds raised. Grandview Technology has a dividend of more than 200 million yuan and wants to raise 600 million, and the boss wants to use 300 million of the raised funds to supplement working capital. Without exception, whether it is Mingzhe Group, or Red Oriental, Qianyang Technology, and Zhengjia Technology, they all pay dividends in large proportions, or even excessive dividends, so that the company wants to expand, and there is no liquidity, so they come to the IPO and want shareholders to give them money to play.
The capital market is not a place where people are stupid and have a lot of money, it is a platform for the allocation of China's economic resources, and shareholders give money to listed companies in the hope of sharing the dividends of the company's development with the development of listed companies. No one will get used to you, now it's okay, the yellow dream is broken, and the IPO is yellow. In the face of the IPO after the clearance dividend, perhaps, the people will say that they are all old bachelors dreaming of marrying their daughters-in-law and children, and they want good things!