On May 10, the Shenzhen Stock Exchange announced that the Listing Review Committee is scheduled to hold the 9th review meeting of the Listing Review Committee in 2024 on May 16, 2024 to consider Marco Polo's initial offering application, with an estimated financing amount of 3.1 billion yuan.
It is worth noting that Marco Polo has cited the first listing criterion of the newly revised listing regulations in the last draft, that is, "the net profit in the last three years is positive, and the cumulative net profit in the last three years is not less than 200 million yuan, the net profit in the last year is not less than 100 million yuan, and the cumulative net cash flow generated by operating activities in the last three years is not less than 200 million yuan or the cumulative operating income is not less than 1.5 billion yuan". This is also the first company to bring a set of standards to the meeting after the promulgation of the new rules for issuance and listing.
However, shareholders have a lot of complaints about the company's IPO, mainly focusing on the following points:
First, the current management encourages the listing of science and technology companies, and does not encourage the listing of industries with excess capacity.
From 2019 to 2021, Marco Polo's performance has continued to rise, with operating income increasing from 8.13 billion yuan to 9.365 billion yuan, and attributable net profit increasing from 984 million yuan to 1.653 billion yuan, with a rapid growth rate. However, subject to the downward adjustment of the real estate market in recent years, the company's performance has been declining year after year, and the decline has continued until the first quarter of this year.
3. From 2022 to 2023, the total dividend will reach 823 million yuan, but the current liabilities in 2023 will be 4.277 billion yuan, and the debt ratio will be more than 85%. In the newly revised issuance and listing rules, situations such as pre-listing surprise "clearance" dividends are included in the negative list for issuance and listing.
Since the week of February 19-23, the Shanghai-Shenzhen-Beijing Listing Committee has not had a new meeting arrangement, and there has been no new acceptance, and the "window period" has reached 12 weeks, until the emergence of Marco Polo's plan to meet the meeting. During this period, after the promulgation of the new "National Nine Articles", the regulator also put forward higher requirements for IPO companies and intermediaries. The emergence of Marco Polo at this time is undoubtedly the first IPO company to "eat crabs" after the introduction of the new "National Nine Articles", and the company itself has problems such as declining performance and large dividends, and the results of the meeting will be the focus of attention of all parties.
While the IPO review is reopened, the supervision of companies facing financial fraud continues to ferment. On the evening of May 12, Strait Innovation, Huijin Shares, and Special Information successively announced that due to the false records in the previous annual report, the company was taken regulatory measures or administrative penalties by the local securities regulatory bureau, and the company's shares were subject to "other risk warnings", and the stock abbreviation was preceded by the word "ST".
These three companies all have state-owned backgrounds, and the actual controller of the special information is the Shenzhen State-owned Assets Supervision and Administration Commission. The factor company has committed financial fraud for 5 consecutive years, resulting in false records in the annual reports of Shenzhen state-owned enterprise special information from 2015 to 2019, the company and a number of relevant responsible persons will be punished, and the company's stock abbreviation will be changed to "ST Special Letter".
The actual controller of Strait Innovation is the State-owned Assets Management Bureau of Pingtan Comprehensive Experimental Zone, and the actual controller of Huijin is the State-owned Assets Supervision and Administration Commission of Handan Municipal People's Government.
Since the beginning of this year, the supervision of A-share companies on fraud and information disclosure of market companies has become significantly stricter, and the delisting mechanism has become increasingly perfect, which reflects the determination of the regulator to promote the high-quality development of the capital market, as well as the policy orientation of strengthening the survival of the fittest function of the market and protecting the interests of investors.
However, at the same time as the supervision of "long teeth and thorns", the compensation mechanism for shareholders should also be improved. The controlling shareholders, actual controllers, directors and senior executives who are responsible for the material illegal delisting shall compensate investors for their losses in accordance with the law.
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Author: Xu Jinhua
Editor: Li Ang
Producer: Gu Jie
Sources: Global Times, Phoenix.com, Shangguan, Finance Associated Press, etc
This article is the exclusive content of the WeChat public account of "CBN Broadcasting", please contact the background for authorization before reprinting. The individual stocks involved in this article are for reference only, and are not recommended for trading and are not responsible for personal income.