**: Yicaixin
Author: Li Zuosen
On June 17, 2022, the GEM IPO application documents submitted by Shandong Boyuan Pharmaceutical Chemical Co., Ltd. (hereinafter referred to as Boyuan Co., Ltd.) were accepted by the Shenzhen Stock Exchange, and then successfully passed the meeting on January 13, 2023. However, in addition to updating the financial data, the IPO progress of Boyuan shares has stalled after the meeting, and it has been nearly a year.
This time, Boyuan Co., Ltd. hired Zhongtai ** as the sponsor and chose Tianjian Certified Public Accountants. After studying its prospectus and public data, "Yicaixin" found that the amount of funds raised by Boyuan shares accounted for more than 30% of the replenishment, and there were some doubts about the time of cooperation with large businessmen and the environmental protection investment of the fund-raising project.
The fund-raising repeated replenishment exceeded 30%, and the two shareholders cashed out and left
Boyuan Co., Ltd. is a high-tech enterprise specializing in the research and development, production, sales and comprehensive utilization of fine chemicals, the main business includes organic iodide, inorganic iodide, catalyst, luminescent materials, hexamethyldisilazane and other products research and development, production and sales, products and services are widely used in medicine, chemical industry, optoelectronic materials, feed, food and other fields.
According to the prospectus, from 2019 to June 30, 2022 (hereinafter referred to as the "reporting period"), the operating income of Boyuan shares was 33,831790,000 yuan, 37,944490,000 yuan, 52,437420,000 yuan, 38,681340,000 yuan, net profit was 1,734080,000 yuan, 6,403940,000 yuan, 10,329340,000 yuan, 10,859630,000 yuan, from 2020 to 2021, the performance of Boyuan shares has risen twice.
In each period of the reporting period, the consolidated asset-liability ratio of Boyuan shares was as follows. 31 per cent, decreasing annually in the first three full years. It also has an advantage compared with comparable listed companies in the same industry, and the average consolidated asset-liability ratio of comparable companies in the same industry from 2019 to June 30, 2022 is respectively. 53%。
In this IPO, Boyuan shares plan to raise 66,819040,000 yuan, invested in "100 tons of catalysts, 60 tons of high-end luminescent new materials, 4,100 tons of high-end organic iodine, bromine new materials project" (hereinafter referred to as "project 1"), "annual output of 1,000 tons of contrast agent intermediates, 5,000 tons of o-phenylphenol project" (hereinafter referred to as "project 2"), and 15,000000,000 yuan to supplement working capital.
The project is divided into three independently accounted sub-projects, namely "100 tons of high-end catalyst project" (hereinafter referred to as "100 tons of project"), "60 tons of high-end luminescent new materials project" (hereinafter referred to as "60 tons of project"), "4,100 tons of high-end organic iodine and bromine new materials project" (hereinafter referred to as "4,100 tons of projects"); Project 2 is also divided into two independently accounted sub-projects, namely "1,000 tons per year of contrast agent intermediates" (hereinafter referred to as the "1,000 tons project") and "5,000 tons of o-phenylphenol project per year" (hereinafter referred to as the "5,000 tons project").
Among these sub-projects, the 100-tonne project includes a basic reserve fee of 256490,000 yuan, 1,748 working capital950,000 yuan; The 60-ton project includes a basic reserve fee of 199100,000 yuan, laying the bottom of the working capital 94360,000 yuan; The 4,100-tonne project includes a basic reserve fee of 341360,000 yuan, laying the bottom of the working capital of 1,794620,000 yuan; The 1,000-ton project includes a basic reserve fee of 881760,000 yuan, laying the bottom of the working capital of 2,302140,000 yuan. To sum up, the total replenishment of Boyuan shares is 22,618780,000 yuan, accounting for 3385%。
In addition, "Yicaixin" found that during the reporting period, two shareholders of Boyuan shares left the market after cashing out.
According to the prospectus, on January 6, 2020, the predecessor of Shandong Boyuan Pharmaceutical Chemistry Co., Ltd., hereinafter referred to as Boyuan Co., Ltd., held a shareholders' meeting and made a resolution to agree that Wang Yunfei would hold Boyuan Co., Ltd. 1533% of the equity (corresponding to the capital contribution of 112.)50,000 yuan) to 618750,000 yuan of ** was transferred to Yu Guoqing, and Wang Yunfei limited 0511% of the equity (corresponding to 37.com)50,000 yuan) to 206The ** of 250,000 yuan was transferred to Li Chenglin, and Wang Yongchun held Boyuan Co., Ltd. 1022% of the equity (corresponding to the capital contribution of 750,000 yuan) to 41250,000 yuan of ** was transferred to Li Chenglin.
According to the reply to the inquiry, in March 2018, Wang Yunfei, Wang Yongchun and others subscribed to the new capital of Boyuan Co., Ltd. with a registered capital of 3 yuan. Two years later, the duo ended with 55 yuan of registered capital ** cash out, the prospectus and the reply to the inquiry did not explain the reason for the withdrawal of the two.
The time of cooperation with ** business is doubtful, and the environmental protection investment of the fund-raising project may change
Yicai Xin" compared the prospectus and the inquiry, and the two documents "have their own opinions" on the history of cooperation with the same ** business.
Zhejiang Xinhecheng Co., Ltd. and its subsidiaries (hereinafter referred to as Xinhecheng) are the second largest merchants in Boyuan Co., Ltd. in 2021, and Boyuan Co., Ltd. purchased a total of 2,387 materials from it380,000 yuan, accounting for 740%。According to the prospectus, Boyuan disclosed that it would start cooperation with NHU in 2021, but in the reply to the inquiry, it was shown that the two had cooperated in 2020.
In addition, the prospectus indicated that NHU was established on April 5, 1994, but in the reply to the inquiry, it was changed to August 11, 2007. The establishment time of Xinhecheng in Qixin Network is April 5, 1999. I don't know why there is a difference in time between the two documents of Boyuan shares.
Excerpt from the prospectus).
Intercepted from the inquiry reply).
Intercepted from the enterprise information network).
The problem of information disclosure of Boyuan shares is also reflected in the data of comparable companies in the same industry.
Haotong Technology's main business is ***, which is listed as a comparable company in the same industry by Boyuan Co., Ltd. for data comparison in the prospectus. According to the prospectus, the proportion of R&D expenses to operating income in 2019 and 2020 is respectively. 61%。However, in the prospectus of Haotong Technology's GEM, it shows that its R&D expenses in 2019 and 2020 accounted for the proportion of operating income. 14%。
Taken from Haotong Technology prospectus).
In addition, "Yicaixin" also found that the amount of environmental protection investment in the fundraising project of Boyuan shares has also changed.
According to the prospectus, the total investment in project 2 is 35,000000,000 yuan, and 20,819 of the raised funds are planned to be used040,000 yuan, of which the environmental protection investment is estimated to be 2,792000,000 yuan. However, the EIA document of Project 2 shows that the environmental protection investment of this project is 1,19200000000 yuan, the data of the two is quite different.
The EIA document for Project 2 was prepared in April 2021, and the signing date of the draft prospectus was December 24, 2022, and the environmental protection investment of this project increased by 1,600 after a lapse of 1 year and 8 months00000000000000000000000000000000000000000000000000000
Taken from Project 2 EIA document).
It has been nearly a year since the meeting of Boyuan shares, and there has been no new progress in the listing, and the previously disclosed financial data has also expired, and the financial information will be updated in the future, and we will continue to pay attention to it.