On February 26 and the week of March 3 (the same below), 7 companies planning to IPO on the Shanghai and Shenzhen Stock Exchanges terminated the review, and 3 companies planning to issue to the public on the Beijing Stock Exchange terminated the review, all of which voluntarily cancelled orders.
Among them, 2 companies applied for the Shanghai Stock Exchange, namely Beijing Kunlun Unicom Technology Development Co., Ltd. *** hereinafter referred to as "Kunlun Unicom"), Jiangsu Ankite Technology Co., Ltd. *** 5 companies declared, respectively, Dongguan City Si Si Technology Co., Ltd. *** hereinafter referred to as "Si Si Technology"), Shenzhen Times Decoration Co., Ltd., Shandong Valin Electronics Co., Ltd., Ya'an Baitu High-tech Materials Co., Ltd., Hunan Jingxun Optoelectronics Co., Ltd. *** 3 companies applied for the Beijing Stock Exchange, respectively, Anhui Shangxin Zhengtong Information Technology Co., Ltd. *** Changzhou Hengfeng Special Guide Co., Ltd. *** Jiangsu Sheng'an Transmission Co., Ltd. (hereinafter referred to as "Sheng'an Transmission").
Specifically, Kunlun Unicom's cash dividend in 2020 is 9993600,000 yuan, the actual controller's dividend funds are mainly used for ** and financial management, and the company plans to raise funds through IPO to replenish the flow and purchase commercial real estate; It took only a short 29 days from the declaration of IPO to the application for cancellation; Shengan Transmission was issued a warning letter for violations, and three executives were also supervised and talked.
It takes only 29 days from the declaration to the cancellation of the application.
The IPO application of Sisuo Technology was accepted on December 28, 2023, and the exchange issued the first round of review inquiry letter on January 22, 2024, but on January 26, 4 days later, the company applied to withdraw the materials, and was finally announced that the IPO was terminated on March 2.
In other words, there is only a short period of 29 days from the declaration of IPO to the application for cancellation. Why did you choose to cancel the order after the first round of audit inquiry letter was issued?
According to the prospectus, Sisi Technology is mainly engaged in the research and development, production and sales of connectors and their components. The Company's products are used in automobile, consumer electronics, industrial control and new energy industries, and are mainly used in automotive lights, household appliances, power motors, energy storage batteries and photovoltaics.
In 2020, 2022 and the first half of 2023 (reporting period), the main business income of Thinking Technology mainly comes from the sales of connectors, of which automotive connectors and consumer electronics connectors are the main components of the company's connector revenue01%。
From the perspective of performance, during the reporting period, the operating income of Sisi Technology was 19.2 billion yuan, 23.8 billion yuan, 3100 million yuan and 15.5 billion yuan, and the net profit attributable to the parent company was 4427710,000 yuan, 4553280,000 yuan, 7588750,000 yuan, 328180,000 yuan.
The comparable company in the same industry is Weifeng Electronics (301328).SZ), Dingtong Technology (688668SH), Laimu shares (603633SH), Hexing shares (605005SH), Zhucheng Technology (301280SZ), Shenglan shares (300843sz) 。
It is worth noting that during the reporting period, the overall revenue and net profit attributable to the parent company of Sisi Technology were smaller than those of comparable listed companies in the same industry, but the gross profit margin was generally higher than that of comparable listed companies.
In this regard, Sisi Technology said that the company's connector products are mainly wafers, terminals and rubber shells in the form, and a small number of wiring harnesses, which are mainly used in automotive lights, smart home appliances, power supplies, energy storage batteries and other fields. Due to the difference in the composition of operating income of comparable listed companies in the same industry and the gross profit margin of various products, their comprehensive gross profit margin is different from that of the company.
However, the company also said that there is a risk of declining gross profit margin, on the one hand, if the company's main customers in the future are forced to reduce the price of products due to market competition and other reasons, the gross profit margin of the company's non-automotive connector products will decline in the future; On the other hand, if the company adjusts its product sales strategy in the future and promotes the increase in revenue scale by reducing the selling price of products, the company will face the risk of a decline in comprehensive gross profit margin in the future.
In addition, the thinking technology prompts risks that there are risks such as relatively high customer concentration, inability to account receivable, and intensified market competition. According to the prospectus, during the reporting period, the company's sales revenue to the top five customers of the main business accounted for the proportion of the main business income respectively07% and 3850%, accounting for a relatively high proportion; In terms of accounts receivable, the book value of accounts receivable at the end of 2020, the end of 2021 and the end of 2022 accounted for the proportion of operating income in the current year55% and 3871%。
Shengan Transmission was warned for violating the rules and cancelled the order.
Shengan Transmission was found to have violated the rules during the audit process, and was issued a warning letter by the regulator. In addition, the company had 0 yuan **A-CapEnergy Limited (hereinafter referred to as "A-Cap Company") equity, which was twice inquired by the Beijing Stock Exchange.
The company's application for a proposed public offering was accepted on June 30, 2023, and entered the inquiry session on July 24 of the same year, and has responded to two rounds of inquiries so far. After the third round of audit inquiry letters on December 19, 2023, Shengan Transmission has not replied. Until February 2024, the review will be terminated due to the application for cancellation.
In January this year, the Jiangsu Securities Regulatory Bureau announced that the bureau conducted an on-site inspection of Shengan Transmission. After investigation, Shengan Transmission reported net profit incorrectly in the accounting process due to problems such as cross-period recognition of revenue, inaccurate subsidy accounting methods, inaccurate provision for impairment of long-term receivables, and inaccurate measurement of inventory and main business costs. This matter led to inaccurate information disclosure in Shengan Transmission's 2020 annual report, 2021 annual report, 2022 annual report, and 2022 semi-annual report.
In addition to the inaccurate information disclosure caused by accounting errors, Shengan Transmission also has the situation of unclear equity due to illegal holding. According to the news released by the Jiangsu Securities Regulatory Bureau, since 2013, the company's shareholders have equity holding matters, the company's chairman and general manager Zhou Yegang is aware of the holding relationship, and the then supervisor Wang Guicun is the nominee, and the two did not inform the company of the holding matters, resulting in the company's equity is unclear and failed to disclose in time in the directional prospectus, periodic reports, interim reports and other documents.
As a result, according to the relevant regulations, the Jiangsu Securities Regulatory Bureau decided to take administrative supervision measures to issue a warning letter to Shengan Transmission, and recorded it in the market integrity file. It was also decided to take administrative supervision measures against Zhou Yegang, Huan Qiaosheng, and Wang Guicun to supervise the conversation.
In addition, during the listing of the national small and medium-sized enterprise share transfer system, Shengan Transmission was punished many times. Shengan Transmission borrowed money for an enterprise controlled by Zhu Chenghu, the controlling shareholder and actual controller, but the company failed to disclose the capital occupation in a timely manner, which constituted a violation of corporate governance and information disclosure. As a result, the National Equities Exchange and Quotations Company took self-regulatory measures of verbal warnings to Shengan Transmission, Zhu Chenghu, Zhou Yegang, Huang Zheyuan, and Huan Qiaosheng.
It is worth noting that in the two audit inquiry letters of the Beijing Stock Exchange, the equity of Shengan Transmission 0 yuan **A-CAP company was inquired.
From October 2015 to September 2016, Shengan Transmission completed the acquisition of 41% of the shares of A-CAP and became the largest shareholder of the latter, with a cumulative investment of RMB 42.82 million.
In view of the fact that A-CAP will continue to provide huge financial support from shareholders for a long time or long-term losses within the foreseeable period, Shengan Transmission decided at the end of December 2019 to transfer the equity of A-CAP Company to Singapore Shenke controlled by shareholder He Jiandong at 0 yuan**.
In this regard, in the first audit inquiry, the Beijing Stock Exchange asked Shengan Transmission to explain whether it had conducted an audit and evaluation when transferring the equity of A-CAP Company; Detailed analysis and demonstration of the commercial rationality and pricing fairness of the equity of 0 yuan **A-Cap company. In the second audit inquiry, the Beijing Stock Exchange asked whether the equity of A-CAP Company of 0 yuan ** A-CAP Company is true and reasonable in combination with the progress of mineral resource exploration and development of A-CAP Company, the operation of A-CAP Company, and the investment support of shareholders.