Source: China Economic Network
Beijing, July 20, China Economic Network Today, Xianheng International Technology Co., Ltd. (hereinafter referred to as "Xianheng International", 605056.SH) was listed on the main board of the Shanghai Stock Exchange. As of today's close, Xianheng International reported 19.66 yuan, up 44.03%, with a turnover of 5.5477 million yuan, an amplitude of 24.03%, a turnover rate of 0.71%, and a total market value of 7.864 billion yuan.
Xianheng International is an intensive MRO supplier of tools, instruments and meters and other products, and is engaged in the research and development, production, sales and related technical services of the above products, and the current business mainly serves the power industry, and involves railways, urban rail transit and other fields. The company's intensive supply of MRO covers 12 categories, more than 180,000 kinds of SKUs of tools and instruments, mainly including hand tools, mechanical and electrical tools, electrical equipment, labels, emergency equipment and other tools and electrical instruments, electrical instruments and other instruments and meters, the company also professionally provides electrical equipment information collection and health evaluation, tools and instruments maintenance, emergency safety culture dissemination and other technical services.
The controlling shareholder of Xianheng International is Xingrun Investment. As of the date of the listing announcement, Xingrun Investment held 64.8277 million shares of the company, accounting for 16.21% of the total number of shares in the company. The actual controller of Xianheng International is Wang Laixing. As of the date of the listing announcement, Wang Laixing directly held 4.41% of the company's shares, Wang Laixing indirectly controlled 16.21% of the company's shares through the company's controlling shareholder Xingrun Investment, and Wang Laixing controlled 15.46%, 8.50%, 6.29%, 6.29% and 3.78% of the company's shares through Xianning Investment, Wanning Investment, Dening Investment, Hongning Investment and Yining Investment, respectively, so Wang Laixing controlled 60.94% of the company's shares in total.
Xianheng International held its first meeting on January 28, and the main questions raised by Xianheng International at the 14th meeting of the 18th Issuance and Review Committee of the China Securities Regulatory Commission in 2021 were:
1. The gross profit margin of the issuer's main business in the reporting period is lower than that of comparable companies in the same industry, and it continues to decline. The representative of the issuer is requested to explain: (1) the reasons and rationality of the fluctuation of the gross profit margin of each business segment of the issuer in the reporting period, the gross profit margin of the main business being lower than that of comparable companies in the same industry and the decline in the same industry period; (2) the difference and reasons for the comprehensive gross profit margin between the end customers and non-end customers in the reporting period, combined with the gross profit level of non-end customers to the State Grid and other end customers, to explain the reasonableness of the gross profit margin of non-end customers; (3) the reasons and rationality of the existence of the situation of both customers and suppliers among the company's non-end customers, (4) In the context of e-commerce price transparency, whether the cooperation between the issuer and the top five customers is stable and sustainable, whether the continuous decline in gross profit margin has a material adverse impact on the issuer's continuing operation, whether the relevant risks are fully revealed, and whether the issuer's countermeasures and effectiveness are fully revealed. Ask the sponsor representative to explain the basis and process of the verification, and issue a clear verification opinion.
2. During the reporting period, the issuer's distribution product business revenue accounted for more than 70%, and there were about 1,500 suppliers with close relationships with the issuer. The issuer's representative is requested to: (1) explain the reasons for becoming the issuer's main supplier and the balance of accounts payable shortly after its establishment and initial cooperation, and whether the supplier has relaxed its credit policy for the issuer; (2) explain the reasons and reasonableness of the large balance of accounts payable in combination with the distribution-oriented business model; (3) explain whether the issuer's trade-based suppliers compete with the issuer and provide products through the issuer instead of directly serving end customers; (4) explain the distribution model, Whether the issuer has an associated relationship with the supplier, whether the issuer provides guarantees, loans and other interest arrangements for the supplier, and whether the supplier, especially the trade supplier, bears the costs and expenses on behalf of the issuer to increase the gross profit margin of the product. Ask the sponsor representative to explain the basis and process of the verification, and issue a clear verification opinion.
3. The amount of accounts receivable of the issuer at the end of each reporting period is large, and the proportion of operating income in each period is relatively high. The representative of the issuer is requested to explain: (1) the reasons and rationality of the large balance and high proportion of accounts receivable at the end of each reporting period, and whether there is a big difference with comparable companies in the same industry; (2) the reasons for the rapid growth of commercial acceptance bills received by the company in the reporting period and the rapid decline of bank acceptance bills in the same period, and whether there is a situation of relaxing the credit policy to increase sales revenue; (3) whether the aging of accounts receivable is accurate, and the reasons and reasonableness of the issuer's provision for bad debts for accounts receivable for 2 to 3 years is lower than that of comparable companies in the same industry. The impact on the issuer's profit in each period of the reporting period, whether the provision for bad debts in accounts receivable is sufficient, and (4) the reasons and rationality of the issuer's accounts receivable turnover rate being significantly lower than that of comparable companies in the same industry. Ask the sponsor representative to explain the basis and process of the verification, and issue a clear verification opinion.
4. Some of the directors, executives and their relatives of the issuer invest in the enterprise have a situation of operating a similar business to the issuer. The representative of the issuer is requested to explain: (1) whether the relatives of the relevant directors and senior executives hold the equity of the relevant enterprise on behalf of the relevant directors or senior executives, or whether the relevant enterprise is actually controlled by the relevant directors and senior executives; (2) whether some of the directors, executives and their relatives of the issuer have common customers and suppliers with the issuer, whether there are capital transactions with the issuer's customers and suppliers during the reporting period, whether there are costs and expenses on behalf of the issuer's customers and suppliers, and whether there are other interest arrangements; (3) whether the relevant directors and executives violate the relevant provisions of the non-compete , whether it harms the interests of the issuer. Ask the sponsor representative to explain the basis and process of the verification, and issue a clear verification opinion.
Xianheng International was listed on the main board of the Shanghai Stock Exchange this time, with an issue of 40.01 million shares (all the shares issued in this issue are new shares, no transfer of old shares), the issue price is 13.65 yuan per share, the sponsoring institution is Haitong Securities Co., Ltd., and the sponsoring representatives are Chen Jinlin and Rao Yu. The total amount of funds raised by Xianheng International in this offering is 546 million yuan, and after deducting the issuance fee, the net amount of funds raised is 475 million yuan.
According to the prospectus disclosed by Xianheng International on June 17, the company intends to raise 475 million yuan for the industrialization construction project of Haining production base, the construction project of information upgrading and headquarters base, the construction project of Saifu City Emergency Experience Hall and technical service network, the construction project of R&D center, and the supplementary working capital.
The issuance fee (excluding tax) of Xianheng International's public offering of new shares was 71.5364 million yuan, of which the sponsor Haitong Securities Co., Ltd. received sponsorship and underwriting fees of 41.0694 million yuan, Tianjian Accounting Firm (special general partnership) received 16.3679 million yuan of audit and capital verification fees, and Beijing Grandway Law Firm received 8.0189 million yuan of legal fees.
