Enterprise News:
Dameng Data IPO on the Shanghai Stock Exchange
On December 20, the China Securities Regulatory Commission issued the "Reply on Agreeing to the Registration of the Initial Public Offering of Wuhan Dameng Database Shares". Dameng Data plans to be listed on the Science and Technology Innovation Board of the Shanghai Stock Exchange, and the IPO sponsor (lead underwriter) is China Merchants **, the joint lead underwriter is Huaying **, and the financing scale is 235.1 billion yuan. (*Zhitong Finance).
Long Sermon IPO terminated
Hunan Chiopt Optoelectronics Technology Co., Ltd. *** Chiopt") due to the withdrawal of the issuance and listing application by Chiopt and its sponsor, the Shanghai Stock Exchange terminated its issuance and listing review. As of the deadline, the issuer did not respond to the first round of inquiries. (*Investment Banking Business Information).
Corporate Public Opinion:
Cool-rich Electronics IPO: Left-hand dividends and right-hand fundraising, the proportion of R&D expenses is lower than that of peers
Qingdao Chem Electronics Research Institute Co., Ltd. (hereinafter referred to as "Pulcra Electronics") is mainly engaged in the research and development, production and sales of high-reliability microcircuit modules, including motor drivers, light source drivers, signal controllers and other microcircuit products.
The situation of IPO companies paying large cash dividends before filing has always been the focus of regulators. During the reporting period, the cash dividend amount of Coolcore Electronics was about 91.7 million yuan. In addition, in November 2022, Chemri Electronics formed a capital reserve of 2400 million yuan to all shareholders to increase share capital.
At the same time as cash dividends, Chemri Electronics also needs to raise funds to replenish the flow. According to the prospectus, Kekai Electronics intends to raise 100.1 billion yuan. Pulcra Electronics said that in the next few years, with the research and development of new products and the further development of market space, in order to ensure the needs of daily operations, the company's demand for working capital will further increase.
Compared with comparable companies in the same industry, the proportion of R&D expenses in operating income of Chemri Electronics is significantly lower than that of its peers. During the reporting period, the R&D expense ratio of Cooler Electronics was at the bottom of its peers. From 2020 to 2022 and the first half of 2023, the proportion of Chemri Electronics' R&D expenses will show an overall downward trend. R&D expenses are a very important indicator to measure the company's R&D and innovation capabilities, and if the R&D expense ratio continues to be lower than that of peers, it is likely to be at a disadvantage in market competition. (*Beijing Business Daily).
Huber&Ranner Precision IPO: The authenticity of gross profit margin attracts regulatory attention and doubts about the positioning of the gem, and there may be a possibility of inflating R&D expenses
Based on the field of machine vision, the core hardware industrial lens of machine vision is the main product. Recently, according to the official website of the Shenzhen Stock Exchange, Shenzhen Bona Precision Drug Delivery System Co., Ltd., which is sprinting to the GEM, disclosed the second round of inquiry responses and updated the prospectus.
According to the data, the gross profit margin of Huber&Ranner precision export sales is as high as 297%。Compared with the gross profit margin of the company's export sales, the gross profit margin of Huber&Ranner Precision domestic sales is low, which is 33 in 202362%。It is worth mentioning that in the latest second round of inquiry responses, Huber&Nex Precision disclosed that the gross profit margin rose to 43 from July to September 202313%, Huber&Ranner Precision attributed to the fact that its product types are quite different from those of comparable companies in the same industry, and the proportion of export sales is relatively high. The trend of gross profit margin is inconsistent with the industry and the gross profit margin of export customers is significantly higher than that of domestic customers, which has naturally become the focus of attention of the regulator.
In the second round of inquiry, the Shenzhen Stock Exchange raised questions about whether Huber&Ranner Precision's "product technology level meets the positioning of the GEM". Some analysts questioned that the spray delivery device, the core product of Huber&Ranner Precision, is not in the "Industrial Structure Adjustment Guidance Catalogue (2019)" issued by the state, and the aerosol and powder aerosol delivery devices with similar functions belong to the encouraged catalog, which questions the technological advancement of its spray delivery device.
In addition, PropNex Precision has a total of 14 invention patents, of which the latest patent application date is November 19, 2018, and PropNex Precision has not obtained any patented technology for nearly 5 years. However, in the first half of 2023, for example, the R&D expense data shows that the salary of employees accounts for more than 7%, and the average salary of R&D personnel is significantly higher than the average of comparable companies. In this regard, some analysts suspect that Huber&Ranner Precision may inflate R&D expenses in order to meet the conditions of R&D investment on the GEM. (*Insight IPO).
Orpheus IPO: **Chain stability is at risk, and there are as many as 19 administrative penalties, and the company's R&D expense rate is lower than that of the same industry
It has been half a year since the IPO was accepted, and the shares of Orpheus Group *** are referred to as "Orpheus") plans to be listed on the main board of the Shenzhen Stock Exchange, and the sponsor is GF**.
During the reporting period, the products sold by Orpheus include 6 categories, nearly 40 product categories and nearly 500,000 SKUs, and with the expansion of the category coverage of B2B direct sales business, the company's product library will be further expanded. Under the 2B direct sales model, the sales revenue of the orders delivered by the partners directly to the sales revenue of the B2B direct sales model are respectively. 46%。With the increasingly fierce competition in the industry and the expansion of the overall market size, if the company cannot give full play to its own customer base, information technology infrastructure and other related advantages to continue to develop high-quality partners and achieve long-term cooperation with them, it may threaten the stability of its own first-chain network, resulting in an adverse impact on the core business.
During the reporting period, Orpheus and its subsidiaries received a total of 19 administrative penalties, which involved failure to file tax declarations on time, loss of invoices, sales of substandard products, purchase of Class II medical devices (masks) but failure to provide first-class business qualification certificates and purchase inspection records, and failure to submit information on timeFailure to file individual income tax (wage and salary income) tax returns on time.
During the reporting period, the company's R&D expense rate was lower than the average of comparable companies in the same industry, and the R&D expenses were mostly for the construction of digital information systems for B2B direct sales of office supplies. 14% and 016%, which is lower than the average of comparable companies in the same industry. 88% and 084%。(Weighing Finance).