A few days ago, Daming Electronics, which successfully passed the meeting on the main board of the Shanghai Stock Exchange, once again caused controversy in the market. The reason for this is that the company had a "large dividend" before submitting the IPO application. In the recent period, the practice of IPO companies first paying large dividends and then replenishing blood through IPO has been resisted by the market, and some companies that have the practice of first paying dividends and then replenishing blood have been stopped by the exchange. Because of this, Daming Electronics, which also has the behavior of first dividending dividends and then replenishing blood, has been accepted, which naturally attracts attention and controversy.
However, Daming Electronics' success is obviously due to the company's careful design of "large dividends". Daming Electronics's dividends first and then blood replenishment are obviously different from the previous practices of some IPO companies. The reason why some IPO companies have been questioned by the market is that the major shareholders of these companies have put the company's large dividends into their own pockets, thus being suspected of hollowing out the company. However, the actual controller of Daming Electronics reinvested 80% of the company's dividends in the company to support the company's development, so as to avoid the suspicion of hollowing out the company.
In fact, it is a fact that Daming Electronics' cash dividends belong to "large dividends", and there is no misreading. The fact of "large dividends" cannot be denied just because the amount of cash dividends received by the actual controller in the end is not large.
According to the draft prospectus submitted by Daming Electronics in March 2023, from 2019 to 2022, its total dividend amount will be as high as 28.8 billion yuan, the company's actual controllers Zhou Mingming, Wu Xianwei and Zhou Yuan and their concerted actor Zhou Zhaohui directly and indirectly control the company 8350% of the shares, based on this calculation, the above dividends have a total of 2400 million yuan belongs to the Zhou family.
And in 2Among the cash dividends of 8.8 billion yuan, 35 million yuan will be distributed in 2019 and 5929 yuan in 202080,000 yuan, with a dividend of 19,182 in 2021900,000 yuan. In the past three years, the net profit attributable to the owners of the parent company of Daming Electronics was 3695730,000 yuan, 9609520,000 yuan, 9941320,000 yuan, according to this calculation, the proportion of cash dividends of Daming Electronics in the past three years has been reached. 96%。This is obviously a high or even excessive percentage of dividends. Especially in 2021, the cash dividend is almost twice the net profit. This is obviously a "large dividend", and it is also a kind of "hollowing out dividends", at least hollowing out the company's net profit.
The cleverness of the actual controller of Daming Electronics lies in the fact that by reinvesting in the company with about 80% of the cash dividend amount, he has washed away the suspicion of hollowing out the company, and even through this reinvestment, he has shown that he is optimistic about the company's development. According to the draft prospectus, the final destination of the dividends received by the actual controller is to increase capital to the issuer and pay relevant taxes, with a total of 21.6 billion yuan. Among them, the total amount of dividends used to increase the capital of the issuer and the issuer's subsidiaries is 17.2 billion yuan, a total of 4345 yuan for the payment of related taxes610,000 yuan, and the remaining dividends are mainly used for personal consumption, household expenses and repayment of bank loans. It is precisely because the actual controller reinvested 80% of the cash dividends in the company that there is no suspicion of hollowing out the company.
But what puzzles me is why the funds of Daming Electronics are distributed to the actual controller in the name of cash dividends, and then the actual controller increases the capital of the company? If the company needs to invest, isn't it good to invest directly with its own funds? Why do you want to increase the capital by the hands of the actual controller? Regarding the company's huge cash dividend at the end of 2021, Daming Electronics said in August 2023 that the company's cash dividend at the end of 2021 was mainly based on the needs of the issuer's equity structure adjustment, which was reasonable. The problem is that the capital increase of the actual controller will only further increase the weight of the actual controller in the company, and in Daming Electronics, the shareholding ratio of the actual controller is as high as 8350%, such a shareholding structure is not reasonable.
Therefore, from the perspective of the cash dividends before the IPO of Daming Electronics, it is more for the benefit of the actual controller, and it is for the company to put itself in the shoes of the actual controller. Through the company's large dividends, the actual controller can realize the company's 1A capital increase of 7.2 billion yuan, and also paid 4345 for the actual controller610,000 yuan, and the remaining nearly 30 million dividends are used for consumption and loan repayment. The company is very thoughtful about the actual controller.
However, while Daming Electronics wholeheartedly seeks the interests of the actual controller, it does not seem to consider the situation faced by the company itself. In fact, the company is facing high debt. From 2019 to the first half of 2022, Daming Electronics' asset-liability ratios were: 07%, while the average debt-to-asset ratios of comparable companies in the same industry in the same period were respectively. 54%。Obviously, Daming Electronics' asset-liability ratio is significantly higher than that of its peers. In fact, because the company's funds are not abundant, in the company's proposed IPO fundraising, 100 million yuan will be arranged to supplement liquidity.
It is hard to believe that such a company that wholeheartedly seeks the interests of the actual controller will be able to put investors first and effectively protect the interests of the general public investors once it is listed. For such companies, investors must be more vigilant on the road to investment in the future, and even stay away from such companies.