On January 12, the Listing Committee of the Shanghai Stock Exchange will hold the second review meeting in 2024 to consider the initial offering application of Zhejiang Shenghuabo Electric Appliance Co., Ltd. (hereinafter referred to as "Shenghuabo").
The main business of Shenghuabo is the R&D, production and sales of auto parts such as automobile wiper assemblies and seat motors, and the products are mainly used in the vehicle supporting market. The registered status of the company is Zhejiang Ruian International Automobile and Motorcycle Parts Industrial Park.
According to the prospectus, Shenghuabo plans to issue 40.8 million new shares and plans to raise 90.2 billion yuan, will invest in an annual output of 4.5 million sets of wiper expansion projects, an annual output of 15 million seat motor expansion projects, automotive wiper assembly key components intelligent transformation projects and supplementary working capital. The sponsor of the company is SDIC**.
According to the draft prospectus, during the reporting period (from 2020 to the end of June 2023), Shenghuabo's operating income was 192.8 billion yuan, 250.8 billion yuan, 319.4 billion yuan, 174.8 billion yuan;The net profit was 18.8 billion yuan, 20.2 billion yuan, 37.2 billion yuan, 20.9 billion yuan.
BrothersPeople controlEquity, family shareholding in upstream and downstream enterprises sneaking
The controlling shareholder of Shenghuabo is Shenghuabo Group, and the actual controllers are Wang Shangsheng, Wang Shanghua and Wang Shaobo, and the above three people directly and indirectly control 100% of the company's shares before the issuance. At present, Wang Shangsheng is the chairman of the company, and Wang Shanghua and Wang Shaobo are currently the directors of the company. Wang Shangsheng, Wang Shanghua and Wang Shaobo are brothers, and the three were born in 1957, 1958 and 1966 respectively.
Wang Te is the son of Wang Shangsheng, chairman of Shenghuabo. The reporter of the Economic Herald found through Tianyan that Wang Te currently holds about 9With 22% of the shares, the company is a digital technology company in the auto parts industry chain composed of a group of senior Internet, logistics, finance, auto parts and ** chain management elites. As for Wang Te's shareholding in Shanghai Lianji, Shenghuabo's prospectus (last draft) did not disclose.
In addition, Ruian Anbo Auto Parts *** hereinafter referred to as "Ruian Anbo") is a wholly-owned subsidiary of Shenghuabo, and public information shows that Ruian Anbo's industrial and commercial annual report mailbox is 1194472068@qqcom, and the mailbox is also the contact email address disclosed in the annual report of Zhejiang Zhongrun*** industry and commerce. Tianyancha shows that Zhejiang Zhongrun was established in July 2018 with a registered capital of 50.8 million yuan, and its registered address is No. 93, Xingnan Road, Hepu Town, Xiangshan County, Ningbo City, Zhejiang Province, with Dai Yiyu and Qian Lijun as shareholders and Tang Dandan as the legal representative.
Regarding whether the company is related to the above-mentioned enterprises and why the prospectus has not been disclosed, Shenghuabo replied to the Economic Herald that the company has no business and capital transactions with the above-mentioned enterprises, and has disclosed information in accordance with the relevant regulations in accordance with the law. However, as for the situation of Ruian Anbo and Zhejiang Zhongrun sharing mailboxes, Shenghuabo did not explain.
Former employees started their own businesses and turned into businessmenSpecific identity"Confusing".
According to the draft of the meeting, Yilin Enterprise Management Service (Kunshan) **hereinafter referred to as "Kunshan Yilin") is an enterprise in which Jin Donglin, a former employee of Shanghai Shenghuabo, holds 100% of the shares and serves as the executive director and general manager, and the company is the labor service provider of Shenghuabo in the reporting period. In 2020 and 2021, Shenghuabo's purchase amount from Kunshan Yilin was 6067900,000 yuan and 2380830,000 yuan.
At the same time, Kunshan Skerry Enterprise Management Service *** hereinafter referred to as "Kunshan Skerry") is an enterprise actually controlled by Jin Donglin, a former employee of Shanghai Shenghuabo, and his close family members, and the company is a labor service provider of Shenghuabo in the reporting period, which will be cancelled on July 21, 2023. In 2021 and 2022, Shenghuabo purchased 913 from Kunshan Skerry240,000 yuan and 428430,000 yuan.
Shenghuabo disclosed that Jin Donglin had been engaged in personnel recruitment and administration-related work in Shanghai Shenghuabo, and was familiar with the labor recruitment market, and he resigned from Shanghai Shenghuabo at the end of 2016 and started his own business to engage in labor management-related business.
However, according to public information, one of the inventors of a number of patents applied for by Anhui Shenghuabo Automobile Electric, a wholly-owned subsidiary of Shenghuabo, in 2017 is Jin Donglin.
In addition, on July 30, 2020, the official account of Jiading District, Shanghai, "Shanghai Jiading", released "The Only Suburban One!Jiading will guard this glory in this way", the article shows that Jin Donglin entered the "Jiading District Nomination Award List" as the deputy general manager of Shanghai Shenghuabo Automobile Electric.
In this regard, Shenghuabo replied to the Economic Herald that Jin Donglin has never served as the deputy general manager of Shanghai Shenghuabo Automotive Electric Appliances and has resigned from the company in 2016. However, the company did not respond to why Jin Donglin, who is engaged in "administrative management", is the inventor of a number of patents, and why he is called "Deputy General Manager of Shanghai Shenghuabo Automotive Electric" by the official WeChat.
First pay a large amount of dividends and then raise funds to replenish the flow
The draft disclosed that 500 million yuan of the funds raised by Shenghuabo this time was used to supplement liquidityIn addition, the "annual output of 4.5 million sets of wiper expansion project" invested in raising funds17.9 billion yuan, of which 322444 is the bottom of the working capital;"Annual output of 15 million seat motor expansion project" raised funds12.6 billion yuan, of which 3247 is the working capital410,000 yuan. It can be seen that most of Shenghuabo's fundraising this time is used for replenishment.
According to the draft of the meeting, Shenghuabo made several cash dividends during the reporting period. From 2019 to 2021, the company's cash dividends were 1200 million yuan, 16.5 billion yuan and 20 million yuan, a total of about 30.5 billion yuan. As of the end of June 2023, Shenghuabo has a monetary fund of 13.9 billion yuan.
Shenghuabo's cash dividends have attracted the attention of the Shanghai Stock Exchange, which asked in the audit inquiry letter that "the specific policy of cash dividends, combined with the dividends in the reporting period to explain the necessity of raising funds;."During the reporting period, cash dividends and the final destination of historical borrowings from the issuer, whether there is an indirect flow of dividends into related parties, customers or merchants", etc.
As for why the company's raised funds are mainly for replenishment and whether it is necessary, Shenghuabo replied that the characteristics of the industry lead to the need for the company to maintain a high level of liquidity to meet the needs of daily operations, with the growth of the company's business scale, the demand for working capital has also increased, and only relying on the company's own accumulation or bank loans can not meet the needs of the company's rapid development.
On the issue of dividends, Shenghuabo said that the company takes appropriate cash dividends according to the characteristics of the industry and its own development stage, which is intended to give back and encourage shareholders who have contributed to the development of the company, and the proportion is low and reasonable. There is no indirect flow of dividends into related parties, customers or merchants.