Reporter |
On January 5, the Shenzhen Stock Exchange disclosed that Huimang Microelectronics (Shenzhen) Co., Ltd. (hereinafter referred to as Huimang Microelectronics), which was accepted in May 2023, terminated its IPO journey by withdrawing, which lasted for 7 months, and this is the company's "second breakthrough".
The last time happened from the end of 2021 to the beginning of 2022, when Huimangwei, which had just been accepted, was selected for on-site inspection, and then voluntarily terminated its IPO. In this regard, this time the regulator naturally also focused on inquiry, and in the reply, the company also revealed more details of the year.
Both times were withdrawn
According to public information, Huimang Micro broke through the Science and Technology Innovation Board at the end of 2021, and it was accepted by the Science and Technology Innovation Board on December 22, 2021, but it was announced to be terminated on January 24, 2022, which lasted more than one month. Compared with this time, the sponsor of Huimang Micro (CITIC Securities), accounting firm (Dahua Certified Public Accountants (Special General Partnership)), law firm (Shanghai AllBright Law Firm), and appraisal agency (Beijing North Asia Asset Appraisal Firm (Special General Partnership)) have not changed, but the last financing amount was 586 million yuan, slightly lower than the 606 million yuan this time. Both terminations were withdrawn.
Judging from the disclosure, the last time Huimang Micro submitted to the exchange on January 21, 2022 to withdraw the initial offering, and the hurried Huimang Micro did not even have time to enter the inquiry link. This time there was relatively plenty of time, and Hui Mangwei completed two rounds of inquiries.
The reason why the company was in such a hurry last time was that the company happened to be in the list of companies in the first batch of random inspections on the quality of information disclosure of initial public offerings in 2022, and the Securities Association of China organized and completed the lottery for the random inspection of the information disclosure quality of initial public offering enterprises on January 7, 2022, when a total of 187 companies participated in the lottery and 9 were selected, including Huimangwei.
The chief financial officer, Zeng Guangsu, left the company
Since there was a situation where the IPO application was withdrawn after the on-site inspection, the second time, Huimang Micro was naturally asked about the situation at that time, and it can be seen from the inquiry that the company's financial director also had a "light-speed resignation".
It is reported that just after Huimangwei withdrew its IPO application in January 2022 last time, Peng Juan, the financial director who joined the company in May 2021, also left in February 2022. In addition, Zhou Zhaohui, sales director of PMIC of Huimang Micro, left in June 2022. Not only that, at the time of this declaration, Peng Juan, the former chief financial officer, did not provide bank statement verification for the period from July 2021 to February 2022.
In this regard, Hui Mangwei explained that Peng Juan joined the company before the previous declaration, mainly because the company hoped to hire a financial director with rich work experience in the process of preparing for IPO-related work to further improve the corporate governance structure, strengthen the financial team, improve the level of financial accounting, and assist in completing IPO-related work, so Peng Juan was recruited to join the company. The company withdrew its IPO application on January 24, 2022, and Peng Juan resigned from the company on February 28, 2022, mainly because Peng Juan was in a high-intensity work state for a long time during her tenure in the company, which made her pay more attention to her own health problems.
Peng Juan did not provide bank statement verification from July 2021 to February 2022, and explained in her reply to the inquiry that it was "based on personal privacy protection". However, the follow-up company and the intermediary agency supplemented the relevant bank statements and conducted supplementary verification, and no large-scale abnormalities were found.
As for the last withdrawal, Huimang Micro explained that it was affected by the cyclical economic downturn and the unstable supply of the global semiconductor industry chain, and the company planned to slow down the pace of listing at that time, devote more time and energy to daily business operations, and make every effort to ensure the stability of the supply chain and market. But at the same time, Hui Mang Micro also admitted that the on-site inspection put pressure on the company. Of course, Huimang Micro also revealed that during the previous IPO reporting period (that is, from 2018 to January to June 2021), there were a small number of internal control irregularities, mainly including individual personal card income and expenditure, a very small amount of cash income and expenditure, and the original cashier's misappropriation of funds.
The authenticity of distribution income has been questioned
The inquiry about Hui Mangwei is not over. According to two rounds of disclosure, the authenticity of Huimangwei's distribution income was questioned.
It is reported that Huimang Micro was first established in June 2005 and is a Fabless IC design company, mainly engaged in the R&D, design and sales of high-performance analog signals and digital-analog mixed-signal integrated circuits, with three product lines of MCU, EEPROM and PMIC. The company began mass production and sales of EEPROM in 2005, followed by PMIC, NOR Flash (the product line was sold in 2017) and MCU products in 2007, 2013 and 2015, building a complete chip product matrix covering the three core functions of electronic equipment (program control, information storage, and power management).
From 2020 to the first half of 2023, Huimangwei's operating income will be 308 million yuan, 540 million yuan, 476 million yuan, and 255 million yuan respectively, and the net profit will be 51.7389 million yuan, 166 million yuan, 112 million yuan, and 52.1582 million yuan respectively. Huimangwei's distribution model accounts for more than 9% of the revenue.
The regulator pointed out that there were a total of 29 top ten distributors in each period of the reporting period, among which the main distributor Shenzhen Xinlianxin Electronic Technology Co., Ltd. (hereinafter referred to as Xinlianxin) is the company's third largest customer in 2020, the largest in 2021, and the largest in 2022, with corresponding sales amounts of 15.818 million yuan, 74.088 million yuan, and 62.7402 million yuan, and Shenzhen Jingmingke Electronics Co., Ltd. (hereinafter referred to as Jingmingke) is the company's second largest in 2020 and second largest in 2021. The second largest customer in 2022, the corresponding sales amount will be 20.1852 million yuan, 57.3751 million yuan, and 57.5875 million yuan. According to public information, the registered capital of Xinlianxin is 1 million yuan, which was established on November 10, 2016, and began to cooperate with the company in 2017, and the registered capital of Jingmingke is 500,000 yuan.
In 2022, the overall revenue of Huimang Micro will decline, but the sales amount to the main distributors Jingmingke and Shenzhen Quansheng Lianfa Technology Co., Ltd. (hereinafter referred to as Quansheng Lianfa) will be 57.5875 million yuan and 28.6857 million yuan, a year-on-year increase of 0.37% and 15.43%, and Shenzhen Ruiming Microelectronics Co., Ltd. (hereinafter referred to as Ruiming Micro) will have a sales amount of 19.4734 million yuan, entering the top five customers for the first time.
According to the sponsorship work report, the main end customers include Foshan Guanyu Electronics Co., Ltd. (hereinafter referred to as Guanyu Electronics), Shenzhen Bricht Technology Co., Ltd. (hereinafter referred to as Brest), Hangzhou Jiutian Technology Co., Ltd. (hereinafter referred to as Jiutian Technology), Shenzhen Huawei Technology Co., Ltd. (hereinafter referred to as Huawei Technology), etc., all of which do not list the sales amount. According to public information, the registered capital of Guanyu Electronics is 1 million yuan and the number of insured people is 5, the registered capital of Blast is 3.1 million yuan and the number of insured people is 0, the registered capital of Jiutian Technology is 1 million yuan and the number of insured people is 10, and the registered capital of Huawei is 300,000 Hong Kong dollars and the number of insured people is 3.
In this regard, the regulator requires the company to explain the basic situation of the top ten dealers in each period of the reporting period, such as Xinlianxin, Jingmingke, Quansheng Lianfa, Ruiming Micro, etc., and the matching of the procurement scale of the top ten dealers in each period with their business and asset scale, etc.