After half a year of queuing for IPO, Shanghai Yingshuang Motor Technology Co., Ltd. (hereinafter referred to as "Winshuang Technology") recently disclosed a round of inquiries and responses. According to the prospectus, Yingshuang Technology specializes in the research and development, production and sales of resolver products, and the company plans to raise 84.7 billion yuan. However, it seems that it is not easy to go public smoothly, and there are many doubts behind the IPO of Yingshuang Technology.
Binyi Precision began to cooperate before it was established.
In the list of large business companies of Yingshuang Technology, Shanghai Binyi Precision Mould (hereinafter referred to as "Binyi Precision") is one that has to be mentioned.
According to the prospectus, Yingshuang Technology is one of the earliest private enterprises specializing in the research and development and production of resolvers in China, and the raw materials purchased by the company mainly include iron cores, skeletons, installation wires, enameled wires, etc., among which the procurement of iron cores and skeletons is concentrated in individual enterprises.
Binyi Precision is the main supplier of Yingshuang technology framework, and the cooperation with the company began in 2013. It is worth mentioning that Binyi Precision was established in 2016 with a registered capital of only 500,000 yuan.
On March 21, 2016, Ji Xiaobing and Ji Dongmei decided to jointly invest 500,000 yuan to set up Binyi Precision, and on March 28 of that year, Binyi Precision completed the registration of industrial and commercial establishment, and Ji Xiaobing and Ji Dongmei respectively held % of the shares of Binyi Precision.
The above situation has also aroused the attention of the regulators, and the Shanghai Stock Exchange requires Yingshuang Technology to explain the historical evolution of Binyi Precision, the reasons why the company's cooperation with Binyi Precision was earlier than the establishment of Binyi Precision, whether the registered capital of Binyi Precision, its own operation and the scale of the company's cooperation match, and whether the pricing of relevant transactions is fair.
In this regard, Yingshuang Technology said that before the company cooperated with Binyi Precision, it had cooperated with Shanghai Xueli Machinery Technology Co., Ltd. (hereinafter referred to as "Xueli Machinery") to purchase skeleton products from it. Ji Xiaobing, the legal representative of Binyi Precision, once worked in Xueli Machinery, responsible for the mold design business, and was the person in charge of the company's cooperation with Xueli Machinery at that time.
In 2016, Ji Xiaobing founded Binyi Precision after resigning from Xueli Machinery, and Yingshuang Technology began to establish cooperation with Binyi Precision based on the good cooperative relationship with Ji Xiaobing in history and the recognition of his personal professional and technical ability.
Binyi Precision's revenue depends on Winshuang Technology.
The purchase volume or purchase amount of Yingshuang Technology accounts for the proportion of sales revenue of the first business as a whole, and only Binyi Precision mainly provides services for Yingshuang Technology, and according to the data, about 85% of Binyi Precision's revenue comes from Yingshuang Technology.
In the list of the main businessmen of Yingshuang Technology, there are Wanyao Precision, Shanghai Shenyuan High Temperature Line, Hangzhou Elektrisola Fine Line, Zhejiang Sichuan Electric Steel Plate Processing, Ningbo Yamato Iron Core, etc., during the reporting period, the purchase amount of Yingshuang Technology accounted for less than 25% of the sales revenue of the above-mentioned businessmen, of which the purchase amount of Hangzhou Elektrisola Fine Line accounted for less than 3% of its sales revenue, and only the purchase amount of Binyi Precision accounted for about 85% of its sales revenue.
As for the reason for the high proportion of the company's procurement volume in the total sales of Binyi Precision, Yingshuang Technology said that in recent years, with the gradual mass production and sales of the company's related model products, the purchase volume of related skeletons has increased significantly, and the company's purchase amount of the skeleton of Binyi Precision has increased significantly. Due to the company's good business reputation in the process of cooperation with Binyi Precision, there is no arrears of payment, in order to reduce the risk of payment collection and protect the company's technical secrets, Binyi Precision basically no longer carries out skeleton business cooperation with other customers, mainly to provide the company with skeleton and other products.
According to the data, from 2020 to 2022, the purchase amount of Yingshuang Technology from Binyi Precision is about 17270,000 yuan, 769020,000 yuan, 173020,000 yuan, the proportion of the purchase amount is. 58%, all of which are the largest business of Yingshuang Technology.
Bu Naxin, vice president of the Science and Technology Industry Investment Branch of the China Association for the Promotion of International Science and Technology and executive director of the strategic investment think tank, told the Beijing Business Daily reporter that the main revenue of a single business depends on the issuer, in this case, it is necessary to check whether the first business is set up specifically to serve the issuer and whether there are other interests between relevant shareholders.
The equity relationship shows that the actual controller of Yingshuang Technology is Cai Yi, who controls 38 companies in total1% of the voting rights, and serve as the chairman and legal representative of the company.
Hongshen Precision became a first-class business in the year of its establishment.
Another company of Yingshuang Technology, Hongshen Precision Mould (Changzhou), hereinafter referred to as "Hongshen Precision"), also has doubts, and the company cooperated with Yingshuang Technology in the year of its establishment.
According to the data, Hongshen Precision was established in April 2019, and the controlling shareholder is Zhou Jufeng, with a shareholding ratio of 99%. The actual controllers are Zhou Jufeng and Chao Bo. In 2019, Yingshuang Technology began to purchase from Hongshen Precision, but the purchase amount in 2019 and 2020 was relatively small, accounting for a relatively low amount, and it did not enter the top five first-class merchants of Yingshuang Technology.
In 2021, due to the significant increase in the sales of J37, J52 and other models of Hongshen precision mold opening commissioned by Yingshuang Technology, the company's purchase volume from it increased significantly, and it entered the company's top five leading merchants in that year.
According to the data, in 2021 and 2022, the purchase amount of Yingshuang Technology from Hongshen Precision will be about 291760,000 yuan, 528840,000 yuan, the proportion of the purchase amount is. 6%, all of which are the fourth largest business providers of Yingshuang Technology in the current period. Xu Xiaoheng, an investment and financing expert, told a reporter from Beijing Business Daily that the company cooperated with the issuer as soon as it was established, and the relevant background and reasonableness, as well as the fairness of the pricing of the relevant transactions, are generally the focus of the regulator's questioning.
Yingshuang Technology said that in 2019, the company plans to cooperate with Changzhou Zhanxiang Precision Mould Factory (hereinafter referred to as "Zhanxiang Mould") and entrust it to provide mold development and core processing services for the companyDue to the influence of the nature of Zhanxiang Mould's own enterprise, the management team of Zhanxiang Mould newly set up Hongshen Precision, designated by Hongshen Precision and the company to cooperate, the company based on the recognition of Zhanxiang Mould cooperation and its team, decided to establish cooperation with Hongshen Precision.
Flush ifind shows that Zhanxiang Mould is 100% controlled by Chaobo, established in 2004, with a registered capital of only 50,000 yuan. In response to related questions, a reporter from Beijing Business Daily sent an interview letter to Yingshuang Technology, but as of press time, the other party did not reply.
Beijing Business Daily reporter Ma Changchang.