Policy Updates:
[China Securities Regulatory Commission: The proportion of IPO inspections this year is not less than 25%]
According to the CSRC's annual budget "Performance Target Table for Regulatory Monitoring and Review Expenditure Projects", in 2024, it will strengthen the inspection of listed companies, bond issuers, companies listed on the New Third Board, IPO companies, etc., and organize inspections of securities companies, fund companies, futures companies, private equity institutions, as well as legal, auditing, and evaluation institutions.
It is particularly noteworthy that in terms of quantitative indicators, the proportion of inspections of the first enterprises in the organization and deployment is not less than 25%.
Company dynamics:
【Zhongrui shares successfully landed on the GEM】
On April 8, Changzhou Wujin Zhongrui Electronic Technology Co., Ltd. (hereinafter referred to as "Zhongrui shares") officially landed on the GEM of the Shenzhen Stock Exchange, with an issue price of 21.73 yuan per share, corresponding to a price-earnings ratio of 18.79 times, and Huatai United Securities as the sponsor. Zhongrui Co., Ltd. is mainly engaged in the research and development, manufacturing and sales of cylindrical lithium battery precision safety structural parts, the main products include power type, capacity lithium battery combination cap and other products, mainly used in new energy vehicles, electric bicycles, power tools, smart home and other fields.
【Wuxi Dingbang Listing】
On April 8, Wuxi Dingbang Heat Exchange Equipment Co., Ltd. (hereinafter referred to as "Wuxi Dingbang") successfully landed on the Beijing Stock Exchange. The number of shares issued in this public offering is 25 million shares, and it is planned to raise 155 million yuan, which will be used for an annual output of 65,000 tons of heat exchangers, air coolers, and 100,000 sets of intelligent warehousing and logistics equipment projects. Wuxi Dingbang is mainly engaged in the research and development, design, manufacturing and sales of heat exchange equipment, the company's products include heat exchanger, air cooler two series, used in the petrochemical field.
【Zheneng Gas Submits IPO Registration Application】
On April 7, Zhejiang Zheneng Gas Co., Ltd. (hereinafter referred to as "Zheneng Gas") submitted an IPO registration application. It is reported that Zheneng Gas plans to land on the main board of the Shanghai Stock Exchange, and the company's main business is urban gas transmission and distribution, sales, and user supporting engineering installation services. In this IPO, Zheneng Gas plans to raise 852 million yuan to invest in five fund-raising projects, including the natural gas high and medium pressure pipeline network project in Shangyu District, Shaoxing City, the natural gas utilization project (phase III) in Pinghu City, and the information construction project.
【Termination of the IPO of Alpha shares】
On April 7, the Shanghai Stock Exchange terminated its issuance and listing review due to the withdrawal of listing application documents by Zhejiang Mingtai Holding Development Co., Ltd. (hereinafter referred to as "Mingtai Shares") and its sponsor Zheshang Securities. In this sprint listing, Alpha originally planned to raise 920 million yuan, which will be used for the R&D and production project of standard parts of Ritai Automobile (Phase I) and the production project of 33,000 tons of automotive special-shaped high-strength fasteners (Phase I).
Corporate Public Opinion:
[Kelong New Materials Breaks Through the Beijing Stock Exchange: Frequent Fights in Purchase and Sales Data, and the Quality of Information Disclosure is Worrisome]
On October 31, 2023, the IPO application of Kelong New Materials on the Beijing Stock Exchange was accepted. On March 11, 2024, Kelong New Materials received the third round of audit inquiry letters, and the Beijing Stock Exchange questioned the company's "reasonableness and authenticity of the substantial growth in performance in 2023" and "the impact of the resignation of core technical personnel". However, after combing the application materials of Kelong New Materials, it was found that there were also many contradictions in the disclosure of its purchase and sales data, which may need to be explained by the company and its sponsor Guoxin Securities.
According to the disclosure rules, the procurement amount of the top five suppliers in the prospectus of Kelong New Materials is based on the multi-faceted procurement content of "main, non-main raw materials and military products", so the procurement amount of a single supplier listed should be greater than or equal to the corresponding procurement amount of the main suppliers of each business type in the first round of inquiry responses, but in 2021, the procurement of Kangchen Anbao by Kelong New Materials is just the opposite, and the authenticity of its procurement data is doubtful.
In addition, page 194 of the reply to the first round of inquiries shows that Kelong New Materials will only generate sales of 10.4425 million yuan to Shenhua Energy Shendong Coal Branch in 2022, and there will be no sales revenue in other periods of the reporting period. However, page 125 disclosed that in 2022 and the first half of 2023, the company's main business income from the sale of coal mine auxiliary transportation equipment to it was 0 yuan and 10.4425 million yuan respectively, that is, there was no transaction amount between the two parties in 2022, but the sales volume of 10.4425 million yuan in 2022 disclosed in the prospectus was confirmed as the income in the first half of 2023 by the first round of inquiry responses, or there were low-level errors in the disclosure work. (Source: Yicaixin)
[British IPO: Although the net profit exceeded 100 million, it was difficult to hide the large-scale dividends, and the dividends continued after the non-net profit was divided for three years]
A few days ago, Great Herdsman, Daoerdao, Qingniu Technology, Jintian New Materials, Haihong Hydraulics, and Manta Co., Ltd. 6 or voluntarily revoked the proposed IPO due to the reasonableness of the "clearance" dividend.
According to public information, in the three years from 2020 to 2022, the amount of cash dividends was 293.2571 million yuan, 35 million yuan, and 23.4 million yuan respectively, totaling 352 million yuan, but in the reporting period of Interpai's IPO, that is, in the three years from 2020 to 2022, its non-net profit was 77.4241 million yuan, 84.9699 million yuan, and 118.0929 million yuan respectively, with a total of only 280 million yuan in three years. This means that the amount of cash dividends paid by Interpai during its IPO reporting period has far exceeded its non-net profit in the same period.
In fact, the British faction staged a "clearance" dividend on the one hand, and wanted to raise funds through IPO to replenish the flow. According to the fundraising plan of the IPO, it plans to use 300 million of the 1.096 billion funds it expects to raise to supplement liquidity. (Source: Huiju Finance)
[Weiben Intelligent IPO: Frequent changes in key personnel such as the secretary of the board of directors, and the internal control chaos is revealed by capital lending]
The IPO application of Weiben Intelligent GEM was accepted by the Shenzhen Stock Exchange on June 21, 2023, and after two rounds of inquiries and responses, on April 2, 2024, the Shenzhen Stock Exchange issued an announcement that the Shenzhen Stock Exchange decided to terminate its issuance and listing review due to the application for withdrawal of the listing application documents by Weiben Intelligent and the sponsor brokerage Huaan Securities.
After studying its prospectus and review inquiry responses, it was found that Weiben Intelligent had problems such as frequent changes in key personnel such as board secretaries and capital lending. In October 2020, Xie Leping joined Weiben Intelligence and served as the secretary of the board of directors, and resigned as the secretary of the board of directors for personal reasons after only half a year. Later, Huang Hongyan took over this position and served as the secretary of the company's board of directors, but served for less than a year and a half.
At the same time, Huang Hongyan borrowed funds from the company and exchanged funds with the person in charge of the supplier. In April 2020, Lu Chunhua, the person in charge of the supplier, borrowed a total of 60,000 yuan from Huang Hongyan, and on April 1, 2020, Huang Hongyan transferred 500,000 yuan to Weiben Intelligence, and on July 20, 2020, Huang Hongyan borrowed 150,000 yuan from the company again. The total amount borrowed from the company was 650,000 yuan. (Source: Huacai Information)
[The third IPO of China's richest chip man is "difficult to deliver"]
In March 2023, the GEM IPO of Xinhenghui Electronics Co., Ltd. (hereinafter referred to as "Xinhenghui") in Zibo was successfully passed. It has now been a year, but I have not received the registration approval. According to the prospectus, in this IPO, Xinhenghui plans to raise 518 million yuan, and the new shares issued will account for no less than 25% of the total share capital after the issuance. It is estimated that the company's issuance valuation is about 2.072 billion yuan, and Yu Renrong and Ren Zhijun have benefited a lot.
It is reported that before the IPO, Yu Renrong and Ren Zhijun were the controlling shareholders and joint actual controllers, of which Yu Renrong held a total of 31.96% of the shares of the issuer, was the largest shareholder of the issuer, and served as a director. Once Xinhenghui is successfully listed, it will become Yu Renrong's third IPO after Weir shares and Zhongke Feiting. (Source: Entrepreneur)