On November 27 and the week of December 3 (the same below), a total of 5 companies planning to IPO on the Shanghai and Shenzhen Stock Exchanges announced the termination of the review, and all 2 companies on the Beijing Stock Exchange that planned to issue to the public terminated the review, all of which withdrew the materials.
Among them, there are 2 companies that have declared the Shanghai Stock Exchange, namely Quzhou Nanfeng Chemical Co., Ltd., hereinafter referred to as "Nanfengfeng"), 3 Aishiwei Technology Co., Ltd., Guangzhou Tenglong Health Industry Co., Ltd., Ningbo Huaci Communication Technology Co., Ltd., Guangzhou Deconi Clothing Co., Ltd., and 2 companies that have applied to the Beijing Stock Exchange are Shenzhou Energy Group Co., Ltd., hereinafter referred to as "Shenzhou Energy"), Zhejiang Kaihong Logistics Co., Ltd., respectively
The company's controlling shareholder and actual controller plan to raise 300 million yuan to supplement liquidity after the dividend fund exceeds 500 million yuan, which has aroused doubts in the market. Shenzhou Energy was questioned by the Beijing Stock Exchange for doubtful authenticity of its financial data.
The front foot of the South Peak dividends, and the back foot raises funds to replenish the flow.
After the full registration system, Nanfeng's IPO application was accepted on February 28 this year, entered the inquiry link on March 20, and disclosed the company's and intermediaries' replies to the first round of inquiry letters on August 31, until November 27, when the IPO was terminated due to the cancellation of the order.
According to the reply to the inquiry, during the reporting period (2019, 2021 and the first six months of 2022) and the early part of the reporting period, the controlling shareholder of Nanfeng, Beifengfeng, and the actual controllers, Cheng Yangyan, Cheng Hongbo, and Cheng Hao, have paid dividends many times, and the amount of dividends announced is as high as 54.6 billion yuan, and the actual dividend amount after tax deduction is 5$1.6 billion. Among them, the dividend amount announced by the North Summit is 36.1 billion yuan, Cheng Hongbo announced that the dividend amount was 13.8 billion yuan, Cheng Yangxiang announced a dividend amount of 35.33 million yuan, and Cheng Hao announced a dividend amount of 1228430,000 yuan.
Among them, during the reporting period, the cash dividends of Nanfeng were 7122600,000 yuan, 7122600,000 yuan, 23.7 billion yuan and 42 million yuan, and the company's net profit in the same period was 9287970,000 yuan, 6566830,000 yuan, 29.4 billion yuan, 12.6 billion yuan, and the proportion of cash dividends is as high as .61%。
The controlling shareholders and actual controllers of the company mainly flow to the above-mentioned dividend funds after obtaining them, including the purchase of financial assets, the repayment of the principal and interest of loans, the external lending of funds, the lending of funds and equity investment to affiliated enterprises, and share repurchase.
The actual dividend funds obtained by the controlling shareholder and actual controller of the company are 51.6 billion yuan, of which 30.8 billion yuan flowed to financial asset investment, accounting for about 6 percent;7780.650,000 yuan is used to repay the principal and interest of the loan and lend funds to the outside world4465.000,000 yuan is used to lend funds to affiliated enterprises;5011.360,000 yuan for equity investment and share repurchase;2911.740,000 yuan was used to purchase fixed assets;The remaining 651760,000 yuan will be used to pay for daily operating expenses.
After the high dividends, South Summit intends to raise 14Among the 1.7 billion funds, 300 million yuan is used to supplement liquidity, which has also aroused great concern in the market.
In addition, there is also a risk of a decline in operating performance. In 2019 and the first half of 2022, the company's operating income was 60.4 billion yuan, 52.3 billion yuan, 94.4 billion yuan, 46.2 billion yuan, and the net profit attributable to the parent company after deducting non-profits was 8473060,000 yuan, 5595850,000 yuan, 22.9 billion yuan, 9240320,000 yuan, and the operating performance fluctuated greatly due to multiple factors.
The authenticity of Shenzhou Energy's financial data was questioned.
DCE's application for a proposed public offering was accepted on June 29 this year, the first review inquiry letter was issued on July 21 this year, the content of the reply was disclosed on October 10, and the second round of review inquiry letter was disclosed on October 23.
Shenzhou Energy is an integrated urban natural gas operator engaged in gas sales business including urban gas filtration, pressure regulation, metering and other transmission and distribution processes, as well as user supporting gas installation business.
From 2020 to 2022 (reporting period), Shenzhou Energy's operating income was 2200 million yuan, 22.9 billion yuan, 27.2 billion yuan;The net profit attributable to the parent company was 3782460,000 yuan, 1225120,000 yuan, 3782460,000 yuan.
According to the application documents, in the first quarter of 2020 and 2023, the percentage change in revenue of China Energy was .26%；The percentage change in net profit was .40%。Net profit increased significantly, while revenue did not increase significantly year-on-year.
In this regard, the Beijing Stock Exchange asked Shenzhou Energy to explain the reasonableness of the substantial increase in profits at the end of the reporting period. Shenzhou Energy replied that its net profit in 2022 increased by 2,645 compared with 2021290,000 yuan, an increase of 23453%, mainly due to the operating loss of Dacheng Shenzhou in 2021 and the loss on equity disposal.
At the same time, according to the application documents, the sales expense ratio of China Energy is less than 1%, and the average sales expense ratio of comparable companies in the same industry is 4%, and the sales expense ratio of China Energy has increased while the sales expense ratio has decreasedThe management expense ratio of China Energy in each period is .49%, revenue increased while administrative expense ratio decreased.
As a result, the Beijing Stock Exchange required Shenzhou Energy to explain the reasons and reasonableness of the mismatch between the growth of sales expenses and operating income, the significant lower sales expense ratio than comparable companies in the same industry, and the reasons and reasonableness of the decline in the management expense ratio.
In addition, the authenticity of the increase in R&D expenses has also been questioned by the Beijing Stock Exchange. According to the application documents, during the reporting period, DCE's R&D expenses increased from zero to 168940,000 yuan, of which nearly 60% is employee salary. Shenzhou Energy explained that the increase in the company's R&D expenses is mainly due to the increase in R&D investment in the intelligent gas safety management system, the hiring of new R&D personnel, and the improvement of the company's R&D capabilities.
In this regard, the Beijing Stock Exchange asked Shenzhou Energy to explain the difference between the identification of R&D personnel and production personnel, and whether there is a mix of personnelThe matching of R&D materials and project schedule, and whether the collection of R&D expenses is accurate.
It is worth noting that, following the first inquiry, the Beijing Stock Exchange asked Shenzhou Energy to explain the authenticity of the income in the context of gas customer dispersion, in the second inquiry, the authenticity of the gas sales and installation revenue was again questioned.