According to the announcement of the Shanghai Stock Exchange, the Listing Review Committee will review the initial offering of Brite Semiconductor (Shanghai) Co., Ltd. on January 18, 2023. It is worth mentioning that Brite Co., Ltd., as a chip company developed by SMIC, a major shareholder, was suddenly suspended on the eve of the previous meeting, which attracted a lot of attention in the industry.
Based on the analysis of the implementation letter of the opinions of the Listing Committee meeting and the ** report, the fairness of the huge related party transaction is the main reason for the suspension of the review of Brite shares. However, in the process of research, Hui Fujun carefully compared the company's multiple application materials and found that there were "interesting" changes in the changes of Brite's major customers.
One of the key points is that the company's largest customer in the reporting period quietly disappeared from the company's top five customers in the first half of 2023. According to the prospectus, Anlu Technology is the main customer of Brite Chip's chip mass production business, and it is also the company's largest customer during the reporting period. From 2020 to 2022, the company's sales to Anlu Technology were 6,988480,000 yuan, 14,387210,000 yuan, 19,662290,000 yuan.
However, Anlu Technology, as the largest customer of Brite Co., Ltd., did not enter the ranks of the company's top five customers in the first half of 2023, and according to the inquiry response, the company's sales amount to it in the first half of 2023 was only 265320,000 yuan.
Moreover, judging from the disclosed major contracts, the company's major contracts to Anlu's customers have been fulfilled, and no new major sales contracts have been signed. This also means that Brite has lost its largest customer before it is officially listed, which does not seem to be a good sign for Brite in the critical stage of IPO.
However, it is more amazing that the "disappearance" of the largest customer, which accounted for about 15% of the sales amount during the reporting period, did not affect the performance of Brite shares. According to the disclosure in the prospectus, from January to September 2023, the company achieved an operating income of 100,492750,000 yuan, an increase of 3 over the same period last year95%。
Hui Fujun is very curious, how did Brite do it?And the answer may lie in the company's new large customers in the same period. The company's disclosure shows that in the first half of 2023, there will be a new face among the top five customers, and the company's third largest customer in the current period, Shenzhen Tiansheng Technology***
Interestingly, in the first half of 2023, it contributed 4789Shenzhen Tiansheng Technology, the third largest customer with a sales amount of 830,000 yuan, was only registered in May 2020 with a registered capital of only 1 million yuan.
According to the disclosure, Brite signed a major sales contract with Shenzhen Tiansheng Technology on December 24, 2020, and it is still being performed. The strange thing is that there was no transaction between the two parties within two years after the contract was signed and came into effect, until three years later, the two suddenly traded between the twoMoreover, Shenzhen Tiansheng Technology, which has a registered capital of only 1 million yuan, paid 4,399 to the company in 2022The advance payment of 620,000 yuan is also a little weird. What's even more strange is that such an important customer can't be retrieved in the company's declaration draft!At the end of the meeting, the draft appeared at the right time.
Hui Fujun is also more curious about whether there is an unknown trick behind the change in the information disclosed by Brite shares
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