Economic Herald financial researcher Zhou Ping
According to the announcement on the official website of the Shenzhen Stock Exchange, the GEM Listing Committee is scheduled to hold the 24th review meeting of 2020 on September 10 to review the initial offering applications of Ningxia Wofu Barry Goji Berry Industry Co., Ltd. (hereinafter referred to as "Wofu Barry") and other enterprises.
The prospectus discloses that Wolfo Barry plans to issue no more than 27.78 million shares this time, and intends to raise 388.0409 million yuan, which will be invested in the comprehensive construction project of wolfberry deep processing, the production and construction project of wolfberry deep processing products, the construction project of research and development center, the construction project of domestic marketing and service network and supplementary working capital, and the IPO sponsor is Zhongtian Guofu Securities.
Economic Herald financial researchers found that Wolfo barry has been sued for false publicity, financial data has been questioned, more seriously, the company's products have also been detected to exceed the formaldehyde standard, food safety situation is not optimistic.
False propaganda, formaldehyde exceeding the standard
Founded on January 18, 2005, the company is mainly engaged in the research and development, production and sales of wolfberry and wolfberry deep processing products, covering wolfberry dried fruit, wolfberry juice, wolfberry juice concentrate, wolfberry juice drink, wolfberry seed oil, wolfberry powder, wolfberry polysaccharide and other wolfberry and wolfberry deep processing product categories.
Wolfo Barry said in the prospectus that the company's internal control is reasonable, complete, feasible and effective after operation inspection, in addition to Qinghai Wolfo Barry Technology Co., Ltd. did not carry out urban maintenance and construction tax declarations on time during the reporting period, was fined 2,000 yuan, the company and its subsidiaries did not have administrative penalties for violating relevant laws, regulations and normative documents.
However, according to the Civil Judgment of the First Instance on the Dispute between Li Bin and Ningxia Wofu Barry Goji Berry Industry Co., Ltd., Wolfo Barry once impersonated wolfberries from Qinghai as wolfberries from Ningxia Zhongning, Ningxia, and sold them at high prices, involving false publicity; at the same time, the company collected money through the private accounts of internal employees.
In addition, according to media reports, on October 15 last year, China's Taiwan region released a list of unqualified food, in which Wolfbury's products were detected to exceed the formaldehyde standard and were returned.
In the year of its establishment, Polaris ranked among the company's top five customers
According to financial data, from 2017 to 2019, the operating income of Wolfbury was 121.6733 million yuan, 186.067 million yuan and 266.4404 million yuan, and the net profit was 18.7569 million yuan, 65.9541 million yuan and 88.4397 million yuan, respectively.
Economic Herald financial researchers found that Dalian Pulisi International Trade Co., Ltd. (hereinafter referred to as "Pulisi") was the main customer of Wofu Bairui in 2018, with a transaction amount of 4.654 million yuan, ranking fourth among the distribution customers in that year.
According to industrial and commercial information, Pulis was established in 2018, with 0 registered social security employees, and became a large customer of Wolfbury in the year of its establishment, I don't know if the transaction between the two is true?
In addition, Ningxia Shengqile Biological Food Engineering Co., Ltd. (hereinafter referred to as "Shengqile") is a subsidiary of Wofu Bairui, which was deregistered in December 2019 due to business adjustments.
It is understood that the brand and packaging of Shengqi le were transferred from Ningxia Zhicheng Biological Food Engineering Co., Ltd. (hereinafter referred to as "Zhicheng Biological"). The prospectus discloses that Ren Yonggang, the current financial director of Wolfbury, worked for Zhicheng Bio before joining the company in 2009.
According to industrial and commercial information, the business scope of Zhicheng Bio includes the production and sales of goji berry series nutrition and health products, and wofu Barry competes with Wofu Barry in the same industry, I don't know what the relationship between the two is? Are there any undisclosed affiliations?
Caught in a private lending dispute
According to public information, Wolfbury applied to the court for property preservation on April 24, 2018, requesting the freezing of bank deposits of Ningxia Runde Biotechnology Co., Ltd. of 1.7074 million yuan.
In addition, public information shows that during the reporting period, Wolfbury had private lending disputes with a number of natural persons and companies, and the amount was relatively large. I wonder if the company's finances are independent? Is there an off-the-books circulation of funds?
The Economic Herald financial researcher once interviewed Wolfbury on the above issues, the company said, "In view of the fact that our company is actively replying, it is not convenient to accept relevant interviews at present, in the future Shenzhen Stock Exchange IPO business area will have a special reply and explanation on the above issues, please pay attention to the disclosure documents on the website of the Shenzhen Stock Exchange." ”