Reporter |
In the last week of 2023, the Shanghai Stock Exchange, which originally launched the convertible bond projects of two listed companies, was tried and concluded, but I didn't want to, one of the two projects was "suspended", and the other was directly rejected, what is going on?
Hexing shares have three major doubts
The rejected project came from Hexing Co., Ltd. (605005. SH), which took its own 610 million yuan convertible bond project to "interview" on December 26, but the final result was that it "did not meet the issuance conditions, listing conditions or information disclosure requirements".
According to the data, Hexing shares were established on November 14, 2006, and the listing date is January 19, 2021. Hexing Co., Ltd. focuses on automotive electronics and consumer electronics, and in the field of automotive electronics, it has formed key components and products of four major systems, including new energy three-electric system, intelligent driving, intelligent cockpit and traditional energy vehicle powertrain;
The 610 million yuan will be fully invested in the "new energy vehicle electronic parts production base construction project", the construction period of 24 months, the project can achieve an annual output of 8.35 million automotive electronic products (sets), including new energy three-electric system components, body electronic control system components and automotive steering and braking system components. According to the forecast, the project is expected to have an internal rate of return of 14.69% (after tax) and an estimated payback period of 7.77 years (after tax, including 2 years of construction) after the project is fully operational.
Jiemian News noticed that the convertible bond project of Hexing shares was actually reviewed on October 26, and the result was "suspended review" at that time, and now it will be held again on December 26, but it was directly rejected. It is relatively rare for convertible bond projects to be rejected, and according to combing, the last time convertible bonds were rejected was in August.
Judging from the main questions inquired at the meeting of the Listing Committee, Hexing shares have three major doubts.
First, the Listing Committee requires the company to explain the main reasons and reasonableness of the price difference of consumer electronics connectors among different customers and the gross profit margin of consumer electronics products higher than that of comparable companies in combination with the sales of the top ten consumer electronics customers.
Second, the Listing Committee requires the company to explain whether the company's substantial growth in mold making is in line with industry practices and whether it matches the needs of downstream customers based on the top 10 projects in mold making at the end of each period of the reporting period, comparable companies, downstream customers, and benefit output.
Third, the Listing Committee requires the company to interpret whether the calculation caliber and calculation method related to the realized and expected benefits of the previous fundraising project are consistent and whether they meet the relevant information disclosure requirements, and explain the adequacy of the technical reserves of the fundraising project in combination with R&D investment, patent application and acquisition, etc.
The gourd baby "receives" needs to be further implemented
In addition to Hexing shares, Huluwa (605199. SH) also brought its own 500 million yuan convertible bond project, which was reviewed by the Listing Committee last week, and the result was "suspended".
Huluwa was established on June 22, 2005, and the listing date is July 10, 2020, and it has only implemented 10 distributions of 1.5 yuan (tax included) in 2021. The company is mainly engaged in the research and development, production and sales of Chinese patent medicines and chemical drugs, and its product applications cover respiratory system, digestive system, systemic anti-infection and other drug fields.
This time, the 500 million yuan convertible bond fundraising will be invested in the "Nanning Production Base Phase II Project", "Digital Construction Project" and "Replenishment of Working Capital". Among them, the "Nanning Production Base Phase II Project", the company has made advance investment, the project mainly includes compound licorice oral solution, Yangyin Qing lung ointment, strong loquat dew, pediatric cough syrup, motherwort paste, blood nourishing angelica syrup, Xiaojianzhong mixture, ginsengqi Shouwu tonic juice, Yinqiao detoxification mixture and other flexible packaging products that have obtained new packaging specifications to supplement the application for filing, and added granule preparation production capacity for the production of pediatric cold granules to alleviate the tight granule production capacity of the first phase of the Nanning production base. The construction period of the project is expected to be 3 years, the construction period is expected to reach 40% in the third year, 70% in the fourth year, 90% in the fifth year, and full production in the 6th year, with an after-tax internal rate of return of 15.14% and a static payback period (including 3 years of construction) of 8.53 years.
According to the results of the deliberations, Huluwa "received" 3 matters that need to be further implemented.
First, the Listing Committee requires the company to explain whether the consolidation of the construction in progress during the reporting period is timely, whether the interest capitalization accounting is accurate, whether the relevant accounting treatment complies with the provisions of the Accounting Standards for Business Enterprises, whether it conforms to industry practices, and whether the relevant risk warnings are sufficient.
Second, the Listing Committee requires the Company to explain on a quarterly basis the reasons and reasonableness of the rapid growth of the Company's prepaid accounts since 2022, the reasonableness and consistency of the prepaid R&D funds and channel promotion fees, and the accuracy of accounting treatment, taking into account the nature of the prepaid accounts and the comparison with comparable companies in the same industry.
Third, the Listing Committee requires the Company to explain the compatibility between the scale of the Company's monetary funds and interest income, the scale of borrowings and interest expenses, as well as the necessity and reasonableness of maintaining a relatively large scale of interest-bearing liabilities, taking into account the average balance of monetary funds and short-term borrowings, interest income and interest expense in the last three years.