After the IPO tightened, the refinancing seems to have tightened again.
On February 2, the Listing Committee of the Shenzhen Stock Exchange held the 7th review meeting in 2024. The refinancing application of Shandong Rike Chemical Co., Ltd. was rejected, and the initial offering application of Shandong Xintong Electronics Co., Ltd. was successfully passed.
The rationality of Nikke Chemical's refinancing and the prospect of the fundraising project were questioned
The results of the deliberations showed that the necessity and rationality of the refinancing of Nikke Chemical, as well as the profitability of the fundraising project itself, were questioned by the participating members.
According to the application materials, Nikke Chemical (300214) intends to issue convertible bonds to unspecified objects for financing51.5 billion yuan. 41.5 billion yuan will be used for the construction of an ACM project with an annual output of 200,000 tons, and 100 million yuan will be used to supplement working capital. The 200,000-tonne-per-year ACM project has been basically completed and is expected to reach usable status in March 2024, with an actual expenditure of 5$1.4 billion. During the reporting period, the asset-liability ratio of the issuer was .36%；During the period, idle funds were used to purchase bank wealth management products and carry out entrusted loans, with an average annual amount of more than 400 million yuan, of which 100 million yuan was at the end of the latest period. As of November 30, 2023, the unused credit line of the issuer and its holding subsidiaries was 9$9.6 billion.
In this regard, the Listing Committee meeting required the company to explain the necessity of using part of the raised funds to supplement liquidity in combination with the purchase of bank wealth management products and the development of entrusted loans; Combined with the fact that the basic construction of this fund-raising project has been completed, the asset-liability ratio is at a low level, the credit line is sufficient, and there is a large amount of idle funds to purchase bank wealth management products and carry out entrusted loans, it shows whether the necessity and rationality of this financing are sufficient, whether it is rational financing, and whether the financing scale is reasonably determined.
On the issue of the fundraising project itself. According to the issuer's application materials, during the reporting period, the proportion of the main business income of the ACM series products of Ri Tech Chemical was .42%, and the gross profit margin was .28%, sales revenue and sales volume are on a downward trend. The issuer has an existing production capacity of 160,000 tons of ACM series products per year, and will add 200,000 tons of ACM production capacity after the completion and operation of this fundraising project.
The Listing Committee meeting requested the company to explain the reasons and reasonableness of the downward trend in sales revenue, sales volume and gross profit margin of ACM series products; Combined with the issuer's existing capacity utilization rate and downstream customer expansion, it explains the reasons and reasonableness of the substantial expansion of ACM series products under the situation of fierce market competition and continuous decline in gross profit margin, whether there is a risk of overcapacity, and countermeasures for capacity digestion.
ICT was asked whether there was any commercial bribery or other transfer of benefits
For ICT Electronics, the Listing Committee meeting asked the company to explain the reasons and reasonableness of the business revenue growth rate of the transmission line intelligent inspection system being higher than that of Zhiyang Innovation; Combined with the competitive advantages and disadvantages of the issuer, the change trend of product structure, and the demand of downstream customers, it explains the reasons and reasonableness of the gross profit margin of the system business higher than that of Zhiyang Innovation, and whether there is a risk of further decline.
For the power engineering business, the Listing Committee meeting required ICT to explain the reasons and reasonableness of the new power engineering business during the reporting period and the fact that the power engineering business will not be carried out on a large scale in the later period in light of the market competition pattern, the competitive advantages and disadvantages of the issuer, and the geographical distribution of customers. Combined with the bidding process and the collection of business entertainment expenses, explain whether there is commercial bribery or other benefit transfer behavior; Combined with the amount and proportion of the payment collection of power projects and the third party up to now, the reasons and reasonableness of the payment through the third party are explained.
According to the previous draft, ICT Electronics is a provider of intelligent terminals and system solutions for the industrial Internet of Things with the operation and maintenance of specific industries such as power and communications as its core service objectives. The issuer's main business aims to solve the comprehensive intelligent operation and maintenance needs of customers in the operation and maintenance process through industrial Internet of Things intelligent terminals and system solutions.
During the reporting period, the company's main products include transmission line intelligent inspection system, mobile intelligent terminal and other products.