Yesterday, the Securities Commission issued an announcement to take measures to supervise the ciccumbs listed by Lenovo and the relevant five sponsors.
The funny thing is that on November 4, Lenovo CEO Yang Yuanqing also said in a high profile that Lenovo far exceeded the listing standards of the science and technology innovation board.
But Yang Yuanqing probably did not expect that he would be punched in the face by the CSRC.
Sponsor Lenovo did not fulfill its responsibilities, and CICC was interviewed
On December 29, the Securities Commission issued an announcement saying that China International Capital Corporation Limited and Wang Sheng, Sun Lei, Zhao Peilin, Xingke and Xie Jingxin, in sponsoring Lenovo Group's application for listing on the Science and Technology Innovation Board, failed to diligently and conscientiously perform full verification procedures for the determination of the issuer's science and technology innovation attributes, mainly relying on the explanatory documents provided by the issuer to draw conclusions, and the relevant procedures and evidence obtained were insufficient to support the disclosure content, and failed to fully and accurately evaluate the issuer's science and technology attributes.
The above conduct violates Article 5 of the Measures for the Administration of Securities Issuance and Listing Sponsorship Business (Order No. 170 of the CSRC). In accordance with Article 65 of the Measures for the Administration of Securities Issuance and Listing Sponsorship Business, I will decide to take supervision and management measures against you. Please bring a valid ID to me (Address: Block A, Fukai Building, No. 19 Financial Street, Xicheng District, Beijing) at 10:00 on December 23, 2021 for a regulatory interview.
It is understood that when Lenovo carried out the IPO of the Science and Technology Innovation Board, CICC was its sponsor and lead underwriter. Wang Sheng, Sun Lei and Zhao Peilin, who were interviewed this time, are the managers of CICC, and Xingke and Xie Jingxin are the sponsor representatives of Lenovo.
The penalty imposed by the CSRC also completely proves that Lenovo's scientific and technological attributes cannot meet the listing conditions of the science and technology innovation board.
The Securities Regulatory Commission intervened, and Yang Yuanqing was punched in the face
Regarding the question of the attributes of Lenovo's science and technology innovation, as early as October 8, when the IPO review of lenovo Group's science and technology innovation board was terminated.
At that time, some insiders believed that the initiative to withdraw was because Lenovo Group was not up to the requirements of the "science and technology" attribute, one was that the cumulative R&D investment of Lenovo Group in the past three years accounted for less than 5% of the cumulative revenue in the last three years; the second was that the compound growth rate of operating income in the last three years was less than 20% of the regulations.
According to the prospectus, Lenovo Group's R&D investment in fiscal years 18/19, 19/20 and 20/21 was 10.203 billion yuan, 11.517 billion yuan and 12.038 billion yuan, respectively.
Although the absolute amount of R&D investment is relatively high, under the high base of revenue, the proportion of Lenovo Group's R&D investment in each period of revenue is 2.98%, 3.27% and 2.92%, and the R&D expense rate is 2.48%, 2.63% and 2.39% respectively.
According to the statistics of the Shanghai Stock Exchange, in the first half of this year, the total amount of R&D investment of science and technology innovation board companies reached 25.403 billion yuan; after excluding companies listed on the fifth set of standards, the proportion of R&D investment in operating income was an average of 14%.
Some netizens joked that Lenovo's research and development investment is even inferior to that of express delivery companies.
Therefore, on November 4, Yang Yuanqing, chairman and CEO of Lenovo Group, personally responded to the rumors that "Lenovo cannot meet the IPO standards of the science and technology innovation board", saying that this "does not exist at all".
He pointed out that in the past three years, Lenovo's R&D investment has continued to exceed 10 billion yuan per year, "which greatly crosses the R&D threshold related to the science and technology innovation board."
Nowadays, Yang Yuanqing has been thoroughly punched in the face by the CSRC. It is estimated that even if Lenovo did not take the initiative to withdraw the IPO, it would eventually be rejected.
There is no scientific research in Lenovo's eyes
How much Lenovo does not attach importance to technology, from the mouth of Academician Ni Guangnan, one of the founders of Lenovo, we can know some answers.
Ni Guangnan, an academician of the Chinese Academy of Engineering and a former chief engineer of Lenovo, analyzed Lenovo's lack of attention to technical personnel at a forum in 2018.
Ni Guangnan said at the time that the results of Lenovo's stock reform showed that in Lenovo, executives accounted for most of the equity, and the strange point was that the equity of scientific researchers was all 0. This means that most of the benefits go into the pockets of the management, and the benefits of researchers are very small, indicating that Lenovo does not attach importance to scientific research.
Ni Guangnan said in his speech that compared with the top technology companies at home and abroad, Jobs's equity in Apple in the early days was as high as 45%, but Jobs only retained 0.58% before his death; Microsoft's Bill Gates occupied 64% of the equity in the early days and only 1% in the recent period; Huawei's Ren Zhengfei held 80% of the equity in the early stage and only 1.4% in the recent period. However, according to the 2018 Lenovo financial report, only Lenovo's owner Liu Chuanzhi still holds 16% of the shares, and the scientific researchers account for 0 shares.
Lenovo's executives hold a large number of stocks and super high annual salaries, and the scientific researchers hold zero shares, which is precisely to prove that there is no scientific research in Lenovo's eyes, and it is no wonder that Yang Yuanqing can say, "I don't plan to do operating systems and chips".
CICC has no principles
In fact, after 2014, Lenovo has been going downhill, with various negative news.
After Liu Chuanzhi abdicated in 2004, the position of chairman of Lenovo Group was handed over to Yang Yuanqing, which was equivalent to handing over Lenovo Group to Yang Yuanqing. According to the trade and industry route, Liu Chuanzhi led Lenovo for 20 years (1984 to 2004), completing the trade to industry. Then Lenovo, led by Yang Yuanqing, should complete the transition from work to technology, but now, 15 years have passed since 2004, lenovo is still the same.
Such an association, but want to squeeze into the science and technology innovation board, why is this?
An industry insider said that Lenovo wants to enter the science and technology innovation board, not because the price-earnings ratio of the science and technology innovation board is high, the valuation is high, this is blinded by interests, and there is no sober cognition of itself.
What is the Sci-Tech Board?
The Science and Technology Innovation Board and the Science and Technology Innovation Board, as the name suggests, were established to improve the support of the capital market for science and technology enterprises.
At the beginning of its establishment, the Science and Technology Innovation Board was emphasized by the CSRC as "the top priority of capital market reform" and "aimed at making up for the shortcomings of capital market service technology innovation enterprises".
As far as Lenovo's science and technology innovation attributes are concerned, it is obvious that morality is not matched.
Such a simple logic, as a professional sponsoring agency, will CICC not understand?
However, CICC chose to aid and abett, and it is also reasonable to send such an enterprise to the science and technology innovation board supported by the state and be punished by the CSRC.
END
Author 丨Jian Xiaobian
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