According to the Shanghai Stock Exchange, the Listing Committee of the Shanghai Stock Exchange will consider the application for the initial offering of Laplace New Energy Technology Co., Ltd. (hereinafter referred to as "Laplace") on December 27. The sponsor of the company is Huatai United**.
Laplace disclosed in the prospectus that the company plans to be listed on the Science and Technology Innovation Board of the Shenzhen Stock Exchange, and the number of new shares to be issued to the public this time does not exceed 4053260,000 shares, to raise 1.8 billion yuan, respectively for photovoltaic high-end equipment R&D and production headquarters base project, semiconductor and photovoltaic high-end equipment R&D and manufacturing base project and supplementary working capital.
The data shows that in more than three years, Laplace has gone from insolvency to a net profit of more than 100 million, and its performance is relatively brightHowever, after an in-depth understanding, it can be seen that the company still has many questions in terms of financial data, related relationships, and fundraising projects.
"Fights" with the data disclosed by customers, financial problems are questioned
Laplace is a provider of high-efficiency photovoltaic cell core process equipment and solutions, whose main business is the R&D, production and sales of high-performance thermal process, coating and supporting automation equipment required for photovoltaic cell manufacturing, and can provide customers with semiconductor discrete device equipment and supporting products and services.
During the reporting period (2020-the first half of 2023), Laplace's operating income was 04.1 billion yuan, 10.4 billion yuan, 126.6 billion yuan, 108.6 billion yuan, and the net profit in the same period was -04.6 billion yuan, -05.7 billion yuan, 11.9 billion yuan, 12.5 billion yuan. In the last draft, the company's annual operating income in 2023 will increase by more than 129% year-on-year, and the net profit attributable to the parent company will increase by more than 246% year-on-year.
During the reporting period, the total proportion of the main business income of the company's top five customers was as follows. 67% and 9792%, the concentration of major customers is relatively high;Among them, the proportion of JinkoSolar's revenue is as follows: 55% and 5807%；The proportions of LONGi's sales revenue are as follows: 39。
The prospectus disclosed that as of June 30, 2023, among the important contracts with a single amount of more than 200 million yuan signed by Laplace and customers that are being performed and have been fulfilled during the reporting period, there are 2 contracts about Zhuhai Aixu, involving an amount of 50,458 respectively$300,000 and $42,816760,000 yuan.
Zhuhai Aiko is a subsidiary of Shanghai Aiko New Energy Co., Ltd. *** hereinafter referred to as "Aiko Co., Ltd."), according to the supplementary legal opinion of Aiko Co., Ltd.'s application for issuance of ** to specific objects, as of June 30, 2023, the company is performing or will perform 2 major equipment purchase contracts with a transaction amount of more than 200 million yuan, and there are 2 contracts involving Laplace and Zhuhai Aiko in the order, with an amount of 48,133 respectively200,000 yuan and 42,816760,000 yuan.
It can be seen from the comparison that in the contract data disclosed by Laplace and Aiko shares, one of the amounts is 2,325$100,000 difference.
In addition, the prospectus disclosed that Laplace's fifth largest supplier in 2020 was Bulang Ke Strontium (Shanghai) Measuring Equipment*** Laplace's purchase amount from it was 315170,000 yuan;The fourth largest merchant of that year was Shanghai Philip Shichuang Technology Co., Ltd., and Laplace purchased from it with an amount of 319640,000 yuan.
The prospectus also discloses that Chongqing Dazheng Instrument Co., Ltd. (hereinafter referred to as "Dazheng Instrument") is one of the largest Laplace merchants, according to the 2020 annual report of Dazheng Instrument, the company's sales to Laplace that year was 341990,000 yuan.
What is strange is that in 2020, the sales amount of Taizheng Instrument to Laplace was higher than the sales amount of Laplace and the company's fourth and fifth largest merchants that year, but it was not included in the list of the top five largest merchants that year.
The association relationship is complex, and the number of insured employees of an affiliated customer is 0
According to the prospectus, Laplace has no controlling shareholder, and the actual controller of the company is Lin Jiaji in 1983, who directly and indirectly controls the company for a total of 33With 20% of the voting rights, he is currently the chairman and general manager of Laplace. In addition to Lin Jiaji, other major shareholders holding more than 5% of Laplace's shares are Liancheng CNC (holding 1687%), Anshi New Energy (86%), etc. Zhong Baoshen and Li Chunan are the actual controllers of Liancheng CNC.
In addition, public information shows that as of the end of September this year, Zhong Baoshen also held 13% of the shares. Zeng Jun, chairman of the company's board of supervisors, served as a human resources manager at JinkoSolar, the company's largest customer, in 2021.
Laplace disclosed in the prospectus that Shenzhen Vigens Technology *** hereinafter referred to as "Vigans") is a 60% shareholding enterprise held by Liu Shiqing, the father of the issuer's director Liu Qun, and the company is mainly engaged in the ** business of spare parts in the photovoltaic industry, which will be cancelled in May 2023.
During the reporting period, Laplace mainly sold spare parts such as flow meters to Wigans, with sales of 58450,000 yuan, 105590,000 yuan and 185450,000 yuan.
According to industrial and commercial data, Wiggins was established on October 11, 2019, with a registered capital of 5 million yuan, a paid-in capital of 0 yuan, and 0 people who paid social security. The company's business contact** is 0755-28329683, and the contact email is caiwu@laplace-techcn and 2813338105@qqcom。
It is worth noting that Wigans's above-mentioned industrial and commercial enterprises have similarities with many companies such as Shenzhen Descartes Enterprise Management Partnership (Limited Partnership) and Huizhou Laplace Energy Technology Shenzhen Fourier Enterprise Management Partnership (Limited Partnership) actually controlled by Laplace and Laplace Chairman Lin Jiaji.
As a company with 0 social security contributions, is the deal between Wiggens and Laplace real?Is Wiggens an enterprise actually controlled by Lin Jiaji?
The investment amount of the fund-raising project is "water injection".
In addition to the above problems, Laplace also has a number of problems in terms of information disclosure.
According to public information, on October 12, 2023, Dahua Certified Public Accountants (Special General Partnership) replied to the review inquiry letter of Guangdong Lingyi Zhizao Co., Ltd.'s application for the issuance of convertible corporate bonds to unspecified objects (Dahua Hezi [2023] No. 0014229 Review Inquiry Letter) shows that Jiaxing Chaoxi Hongtai Equity Investment Partnership (Limited Partnership) (hereinafter referred to as "Jiaxing Chaoxi") invested in Laplace with an amount of 20 million yuan.
Laplace disclosed in the prospectus that before the issuance, Jiaxing Chaoxi held 105% of the shares, according to the changes in Laplace's equity in August 2022 disclosed in the prospectus, the investment amount of Jiaxing Chaoxi can be queried as 6,37961.54 million yuan.
Why are there inconsistencies in the data disclosed in the above two documents?Which document discloses accurate information?
In Laplace's IPO fundraising project, the total investment in the R&D and production of high-end photovoltaic equipment ABP project is 7700 million yuan, and plans to use the raised funds of 600 million yuan, and plans to invest in the construction of a production base in Pingshan District, Shenzhen, Guangdong Province, covering an area of 25,42297 square meters.
However, according to the information of the investment project in Pingshan District, Shenzhen, Laplace plans to invest 5On April 13, 2023, the company won the industrial land No. G14311-8036 for 74.85 million yuan, with a land area of 25,42297, with a construction area of 109,000.
Laplace disclosed a total investment of 7700 million yuan, more than 5 disclosed in Pingshan District, ShenzhenThe investment amount of 500 million yuan is 2200 million yuan. Is there a situation of "water injection" in the company's fundraising and investment projects for more financing?