**: Yicaixin
Author: Zhu Hongyan
On November 17, the Shenzhen Stock Exchange issued a second round of review inquiry letter to Liangang Optoelectronics Technology Co., Ltd. (hereinafter referred to as Liangang Optoelectronics). The latest developments show that Liangang Optoelectronics updated the declaration draft (hereinafter referred to as the prospectus) and a round of inquiry response documents (updated version of the financial data of the 2023 semi-annual report) on November 15. In this application for the GEM IPO, the sponsor of Liangang Optoelectronics is CITIC**, and the auditor is Rongcheng.
Liangang Optoelectronics is a national high-tech enterprise, and has now formed a business model of "ODM model, supplemented by OEM model and independent R&D model", and has entered the first chain of Samsung Electronics, BOSE, DJI, Greenlink Technology and other enterprises.
1. ** business has 0 social security for two consecutive years
According to the prospectus, Liangang Optoelectronics takes photoelectric signal transmission technology as the core, and is mainly engaged in the research and development, production and sales of signal transmission connection products, electroacoustic products and 3C supporting products.
Previously, it was noted that Liangang Optoelectronics had pollution prevention and control facilities that were put into use without being accepted by the environmental protection department.
During the reporting period, the first business of Liangang Optoelectronics had 0 social security for two consecutive years.
In each period of the reporting period (2020 to January-June 2023), the main raw materials purchased by Liangang Optoelectronics include connectors, wires, connecting wires, plastic products, etc. During the reporting period, the company's wire rod raw materials accounted for a high proportion of the total raw material procurement, respectively. 51% and 2815%。During the reporting period, the company's wire rod raw material purchase unit price was 108 yuan m, 118 yuan m, 131 yuan m, 139 yuan meters, showing a fluctuating trend.
Shenzhen Baoxin wire and cable manufacturing *** hereinafter referred to as: Shenzhen Baoxin) is the fifth largest business of Liangang Optoelectronics in 2021 and the second largest in 2022, and Liangang Optoelectronics purchases wire rods from it, and from 2021 to 2022, the purchase amount of Liangang Optoelectronics from Shenzhen Baoxin is 2,478490,000 yuan, 2,422870,000 yuan.
Yicaixin" inquired about the annual report of Qixin Network for Industry and Commerce and found that the number of social security payers in Shenzhen Baoxin in 2021 and 2022 is 0. And the enterprise investigation shows that Shenzhen Baoxin has no other controlled enterprises and foreign investment enterprises, and the legal representative and executive director is Deng Li.
Screenshot from Qixin.com).
There are doubts about the disclosure of information in many places
After further browsing the prospectus, it was also found that the information disclosure of Liangang Optoelectronics may also be worth paying attention to.
First of all, the issue of the disclosure of the academic qualifications of Chairman Xu Yaoli. According to the prospectus, other directors, supervisors, and senior managers have disclosed their academic qualifications, but Xu Yaoli has not disclosed his academic qualifications, only disclosing that he graduated from Wuhan Urban Construction College.
Secondly, the prospectus disclosed by Liangang Optoelectronics is incorrectly calculated.
Up to now, Liangang Optoelectronics has disclosed a total of three versions of the prospectus, and the amount of office expenses in the composition of the basic situation of management expenses in 2022 disclosed in the first two versions of the prospectus is 316440,000 yuan, accounting for 338%；The amount of the utility bill is 114780,000 yuan, accounting for 329%；The amount of the car cost is 111770,000 yuan, accounting for 226%；The amount of travel expenses is 76510,000 yuan, accounting for 150%；The amount of business entertainment expenses is 50900,000 yuan, accounting for 082%；The amount of the repair fee is 27820,000 yuan, accounting for 152%；The amount of other expenses is 51450,000 yuan, accounting for 4398%。
It was not until November 2023 that Liangang Optoelectronics corrected the proportion of relevant management expenses, and adjusted the proportions of office expenses, water and electricity expenses, car expenses, travel expenses, business entertainment expenses, maintenance expenses, and other expenses in the management expenses to . 52%。
In addition, Liangang Optoelectronics may have copied the wrong data of comparable peers.
The prospectus disclosed that Chaoyang Technology was listed on the main board of the Shenzhen ** Stock Exchange in April 2020, and ** was 002981.
When comparing the gross profit margin with comparable companies in the same industry, Liangang Optoelectronics disclosed that the gross profit margin of Chaoyang Technology during the reporting period was respectively. 73%。
Yicaixin inquired about Chaoyang Technology's public annual report and found that the gross profit margin of its 2020 annual report was inconsistent with the prospectus of Liangang Optoelectronics was 1668%, and the data disclosed in the prospectus of Chaoyang Technology in other years are consistent.
Screenshot from Chaoyang Technology's 2020 annual report).
Finally, there may be discrepancies in the information content between the project filing documents and the EIA documents of Liangang Optoelectronics.
According to the prospectus, Liangang Optoelectronics plans to raise 54,075 yuan in this IPO360,000 yuan will be used for the construction project of intelligent manufacturing center (hereinafter referred to as the intelligent manufacturing project), the construction project of the R&D center (hereinafter referred to as the research and development project) and the supplementary working capital project.
According to the prospectus, the project record number of intelligent manufacturing projects and R&D projects is 2020-441900-39-03-097345. According to the official website of the project filing document, the project name corresponding to this record number is the R&D and Manufacturing Industry Center of Liangang Optoelectronics Headquarters, and the total planned land area of the project is 35,62682 square meters with a total floor area of 152,89262 square meters, with a total investment of 62 billion yuan. The project will run from November 1, 2021 to December 1, 2024, i.e. 37 months.
The screenshot is from the official website of the project filing document).
After checking the corresponding EIA documents of the project, Yicaixin found that the construction period of the project was 18 months. The prospectus discloses the construction period of both intelligent manufacturing projects and R&D projects, both of which are 24 months.
Screenshot from EIA document).
It can be seen that the quality of information disclosure work of Liangang Optoelectronics still needs to be further improved, and the gatekeeper responsibility of the sponsor also needs to be strengthened.