Marco Polo may be used to make an example of chickens and monkeys! It's time for management to get serious about the new IPO rules

Lao Cai Ji Guan City

2024-05-13 23:14Published in Beijing

This time, the exchange will borrow Marco Polo, a ceramic tile manufacturer, to sacrifice the flag, set an example, deter all stakeholders in the capital market, and reshape the rules of IPO in the next few years. This is a very high possibility.

In recent days, Marco Polo has recorded the news of the first review object after the new normal of IPO, which has caused a great shock in the market, and senior experts and even ordinary shareholders have expressed great concern about this matter.

However, the author boldly predicts that the exchange launched Marco Polo as the first order after the new normal of IPO, with far-reaching intentions - the probability of not being able to review is very large, and the real intention of the exchange is to smash Marco Polo's dream of listing, kill chickens and monkeys, and send a clear signal to companies and intermediaries to IPO, that is, to strictly control the quality of listed companies, and block all backward industries, excess capacity and companies listed with diseases from the door of the capital market.

Marco Polo was used to sacrifice flags with the following qualities:

First, the building materials industry belongs to the upstream of the real estate industry. In recent years, with the regulation of the real estate industry, the upstream industries of the real estate industry have all suffered from it. Most of the listed companies in the upstream of real estate have experienced a sharp decline in sales and a decline in performance. In serious cases, it is on the verge of delisting.

From 2021 to 2023, the book value of Marco Polo's accounts receivable will be 2.243 billion yuan, 2.028 billion yuan and 1.599 billion yuan respectively, and most of the debtors of these accounts receivable are real estate companies of all sizes. At present, many real estate companies are in turmoil, and it is unknown whether these accounts can be recovered.

Second, Marco Polo's performance has shown signs of decline. From 2019 to 2021, Marco Polo's performance 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. In 2022, operating income will decline by 7.52% year-on-year, and net profit will decrease by 8.40%; In 2023, the operating income will increase slightly, but the attributable net profit will further decline to 1.353 billion yuan, a year-on-year decrease of 11%.

In the first quarter of 2024, Marco Polo achieved operating income of 1.313 billion yuan, a year-on-year decrease of 16.01%; The attributable net profit was 197 million yuan, a year-on-year decrease of 16.03%. Marco Polo himself admitted that in the first half of 2024, revenue and net profit will still decline year-on-year.

3. During the reporting period, Marco Polo paid a total of 823 million yuan in cash dividends. Among them, in March 2022, after the company's second extraordinary general meeting of shareholders in 2022, Marco Polo distributed profits of 500 million yuan to all shareholders, and two months later, Marco Polo submitted an application for IPO on the main board.

Please note that Marco Polo's large dividend is in 2022. However, according to the new issuance regulations issued in March 2024, pre-listing surprise dividends and clearance dividends are included in the negative list. Can the Listing Review Committee turn a blind eye to the new rules?

Fourth, the state's top level has repeatedly stressed that the capital market should serve the real economy, especially for the industries related to the national economy and people's livelihood, and in the past two years, the capital market should give support and support to the industries that are stuck in foreign countries, and many companies that research integrated circuits, new materials, new energy, and forward-looking technologies urgently need to step into the capital market to solve the problem of funds.

You said that Marco Polo, a company that produces ceramic tiles, can become the first audit order after the resumption of the IPO in such a high-profile manner, and it has successfully passed the meeting, easily raising 3.1 billion yuan, isn't this a mockery of the global capital market?

Now that the new management is very far-sighted and bold, can this happen?

The answer is, no!

Therefore, in order to thoroughly implement the new IPO rules and give the market a warning and shock, the management launched Marco Polo, a ceramic tile company, to sacrifice the flag and set an example for the monkey to achieve the desired effect, which is a reasonable thing.

Readers and friends can wait and see.

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