Flower Finance Original
Qian Zhenqing, 41, appears unusually young among the bosses who applied for the IPO. At the age of 23, he started as a technician at the Zhangjiagang United Chemical Factory, and in less than a year, he jumped to Shanghai Kelly Motor Vehicle Black Box Manufacturing Co., Ltd. to become a deputy general manager, which was staggering up.
However, a year and a half later, in 1996, Qian Zhenqing returned to Zhangjiagang and became the director of Haiju Neon Factory, this time for a long time, worked for three and a half years, and became the general manager of Suqian New World Advertising and Decoration Co., Ltd.
At this time, 31-year-old Qian Zhenqing also began his own business, opening Suqian PolyGether Environmental Protection Technology Co., Ltd., and then moved Polygon to Zhangjiagang, and then slowly evolved into today's listed entity Jiangsu PolyGeon Environmental Technology Co., Ltd.
If you can get any useful inspiration from Qian Zhenqing's experience, it is probably that sometimes jumping around is not all bad, of course, it is best to try more as soon as possible, in case you make a listed company?
But the experience of Qian Zhenqing's wife, Feng Yadong, may be more envious of girls.
Because the general listed companies, most of the initial are mom-and-pop shops, the husband runs the business outside, the wife manages the production behind, and finally works hard to achieve the degree that it can be listed, and the wife pays a lot of sacrifices, and even has no equity.
Born in 1976, she began to work as a librarian in Zhangjiagang at the age of 18, which was 5 years, jumped to the same system in 1999 as a teacher at the art vocational high school, and then got to know Qian Zhenqing, slowly became the second in command of the company, and still holds nearly 30% of the equity of PolyGeminal.
A person gets the Tao, the chicken dog ascends to heaven, Feng Yadong's relatives also join the company in large numbers, Feng Xian has 1.92% of the equity, Feng Yafang also has 1.54% of the equity, it can be said that the Feng family has developed well by relying on Feng Yadong to marry.
So can PolyNexis, which is a commercial fume purification equipment, continue to be smooth sailing? What other issues need to be overcome?
The first is account overdue and dividends.
PolyCter & Clean's account credit policy requires downstream customers to pay 90% of the contract amount before shipment. But in fact, most customers are still installing and debugging, and after a while they feel that there is no problem before paying for the goods. This has caused most customers to be in a state of overdue accounts, more than 60% of customers who are overdue for less than one year, and all overdue customers are about 80%. Such a high overdue rate shows that PolyGether actually did not receive 90% of the payment before shipping, but directly delivered. So what is the point of having a policy of overdue accounts?
However, Qian Zhenqing and Feng Yadong do not seem to be in a hurry, although a large number of payments have not been recovered, so that the cash flow is not too good, but the couple who hold nearly 84% of the equity let PolyGether continue to pay dividends, 13 million in 2018, 26.05 million in 2019, and 26.05 million in 2020, despite the sharp decline in The performance of Polyget in that year.
Obviously, PolyGether has not done a standard in internal management, and the practice of grabbing dividends on the eve of listing is it intentional to transfer cash away and then let Polyctrine go public?
The second is bribery and security incidents.
In 2016, Wang Jian, the captain of the Zhangjiagang City Brigade of the Suzhou Fire Brigade, was arrested for accepting bribes, and the trial showed that Wang Jian had accepted gifts from Qian Zhenqing, the legal representative of PolyGether, during the fire design review and fire safety inspection from 2013 to 2014. The purpose of The gift of Qian Zhenqing of Poly Jie is to make the Poly Clean plant pass the fire rectification acceptance.
The gift was delivered, the inspection was also passed, how about the safety and quality?
In 2016, during the cleaning and maintenance of the No. 7 fume purification and setting machine of Polyctrin, the fume purification equipment suddenly exploded, and the worker was urgently sent to the hospital for rescue, but eventually died on the same day.
Obviously, not doing a solid job in safe and quality production, relying on bribery to pass inspections, and taking this kind of partial door approach is a very big harm to customers.
The third issue is market share and capacity utilization.
In 2019, the market share of PolyCtrins was about 5%, which was still in the case of a sharp price reduction by Polyctrine, the price in 2018 was 4456 yuan, and in 2019 it was reduced to 3892 yuan, the decline is not considerable, but the market pull on PolyGeminaire is very small.
Since more than 90% of the market is occupied by rivals, PolyCter & Gamble faces greater competitive pressure. In 2020, the capacity utilization rate of Polyctrine's commercial fume purification equipment continued to decline. In this case, PolyGether asked to raise funds to expand production, and the rationality should indeed be questioned.
The fourth issue is the authenticity of operating income.
Linyi Jieya was just established in June 2018, and in 2019, it quickly rushed to the first major customer of PolyGeminal, with a purchase amount of 20.61 million yuan, according to the price of 3892 yuan per unit, it is necessary to sell a total of 5295 sets. This is really a bit exaggerated, because the total number of catering enterprises in Linyi Lanshan District that Linyi Jieya is mainly responsible for is only 5735, which is equivalent to each of them having to be purchased from Linyi Jieya.
According to the disclosure, Linyi Jieya is controlled by Xing Lijian, and Xing Lijian knows that atmospheric treatment must be carried out, so he set up a company in advance and asked PolyJie for agency rights. Subsequently, Xing Lijian sold a large number of sales through the public bidding of the Comprehensive Administrative Law Enforcement Bureau of Linyi Lanshan District.
If this is true, then PolyGether is likely to be involved in corruption incidents of collusion between officials and businessmen; if this matter is false, then the authenticity of PolyGeminal's operating income is very questionable.
Who can predict a certain action before the government takes action? And then register the company in advance and take the right to act as an agent? Can you still pass the tender all the way through the green light after that?
This matter can be described as confusing, Polygether is not only involved in it, but also the main source of income in 2019 is to rely on this strange thing, which is somewhat unclean.
The fifth issue is technology research and development.
If the hood equipment enterprise wants to develop for a long time, technical investment is indispensable. Polyctrine's operating income has been more than 200 million yuan for many years, and the gross profit margin is more than 40%, but in the investment in research and development expenses, it has been hovering around 10 million yuan. In terms of the company's personnel composition, there are only 7 master's students, and most of the employees are below high school. With so little money invested, the recruited personnel are mainly production employees, and we can't help but sweat for The long-term competitiveness of PolyCter.
Technically, once it is left behind by the opponent, Polyctrine's market share of less than 5% is likely to be said to be no.
So these problems, when Qian Zhenqing and Feng Yadong shared dividends, did they ever think of investing funds to solve them?