The most popular IPO declaration will arrive at th

2022-07-30
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23 days after IPO declaration, the net profit of Beijing Shanghai high speed rail in 2018 was 10.2 billion

amazing speed! On November 14, the development and Audit Committee reviewed the IPO applications of five companies. The audit results showed that five companies, including the Beijing Shanghai high speed railway, Hubei Heyuan gas, Sichuan Yingjie electric, Chengdu Tianjian technology and Jiangsu Jujie microfiber technology, had successfully participated in the meeting. Among them, the Beijing Shanghai high-speed railway took only 23 days from the IPO declaration to the updated declaration to today's successful meeting, setting a record for the shortest time to issue an examination, which is worthy of being a high-speed railway! In 2018, Foxconn (, 601138) took 36 days from the first application to the meeting. One of the actual controllers of Jiangsu Jujie microfiber technology, which was present today, was born in 1993 and is now only 26 years old

unit: 10000 yuan

note: net profit refers to the deduction of net profit not attributable to the parent company

Hubei Heyuan gas, which will be held today, is mainly engaged in the R & D, production, sales, service of various gas products and the recycling of industrial tail gas. In 2015, three people died in a safety accident, and the company, the direct responsible person and the legal representative were fined a total of 610000 yuan. In recent years, more than 90% of the company's sales revenue is concentrated in Hubei Province. On November 13, this number of "Wutong Shuxia V" published an article "three people died in an accident and were fined 610000, four actual controllers but one person was responsible for performance compensation, large amount of inter-bank loans on the employee stock ownership platform, and the IPO of Hubei Heyuan" to analyze the existing problems of the company

the Beijing Shanghai high-speed railway, which will be held today, has a net profit of 10.2 billion yuan in 2018. The company plans to issue no more than 7.5 billion new shares. The net amount raised will be used to acquire 65.0759% of the equity of Jingfu Anhui company at a consideration of 50billion yuan. The total number of employees in the reporting period continued to decline. By the end of September 2019, the company had 67 employees (including 25 secondees). The major customers and suppliers of the company are all local railway bureau groups, which are controlled by the same actual controller as the company, China Railway Group. Therefore, other sales and purchases are related party transactions except for power and other purchases. The company applied for IPO for the first time on October 22 this year, and updated the application on November 5. Up to today, the company has successfully held the meeting, and only 23 days have passed since the application

Sichuan Yingjie Electric Co., Ltd., who was present at the meeting today, was rejected by the gem development and examination committee as early as June 15, 2012. At that time, the IEC believed that from 2009 to 2011, the company's main business was to engage in the R & D, production and sales of industrial automation control equipment represented by power control system devices. Customers of power control system devices are mainly concentrated in the photovoltaic industry (monocrystalline silicon and polycrystalline silicon industries). In 2009, 2010 and 2011, the sales revenue of power control system devices sold by the company to the photovoltaic industry accounted for 66.93%, 73.95% and 81.55% of the current operating revenue respectively. The persistent European debt crisis, international trade frictions and other uncertain factors cause the systematic risk of macroeconomic fluctuations at home and abroad, which will affect the development of the company's downstream industries in a certain period of time, and then adversely affect the company's operation and performance. The above situation may have a significant adverse impact on the company's sustainable profitability

Jiangsu Jujie microfiber technology, which is here today, focuses on the R & D, production and sales of superfine composite fiber fabrics and finished products. It is one of the earliest enterprises in China engaged in the processing and application of superfine composite fiber materials. Mr. zhonghongtian, one of the actual controllers of the company and chairman of the board, was born in 1993 and graduated from Northeastern University in the United States. In recent years, the export revenue of the company's products accounts for more than 70% of the total revenue, and the export places are mainly developed countries or regions such as Europe

Chengdu Tianjian Technology Co., Ltd., which is here today, is a high-tech enterprise specializing in the R & D, production and sales of high-power solid-state microwave front-end with high wave band. It has no holding company, joint-stock company or branch company. The net profit increased rapidly during the reporting period

I. Basic information of Hubei Heyuan Gas Co., Ltd.

(I)

the company is mainly engaged in the R & D, production, sales and service of various gas products, as well as the recovery and recycling of industrial tail gas. The company's gas products can be divided into medical oxygen, industrial oxygen, food nitrogen, industrial nitrogen, argon, hydrogen, helium, natural gas, carbon dioxide, acetylene, propane, various mixtures and other gases

the predecessor of the company, limited company, was established in november2003 and changed into a joint-stock company on July 12, 2012. At present, the total share capital is 120million shares

at present, the company has 14 wholly-owned subsidiaries, 1 wholly-owned subsidiary, 1 joint-stock company and 2 branches. By the end of June 2019, the company had 767 employees in total

(II) the controlling shareholders and actual controllers are four founders

the controlling shareholders and actual controllers of the company, yangtao, Yangfeng, yangyongfa and Fengjie, together hold 44.15% of the total share capital of the company

1. Yang Tao, born in may1973, is currently the chairman and general manager of the company, holding 27.96% of the total share capital of the company

2. Yang Feng, born in January 1962, is currently the chairman of the board of supervisors of the company and holds 10.03% of the total share capital of the company

3. Yangyongfa (former name: Yangbo), born in October 1970, now holds 4.39% of the total share capital of the company

4. Fengjie (former name: fengcunhu), born in may1975, holds 1.77% of the total share capital of the company

4 actual controllers, yangyongfa is Yang Tao's brother, and Fengjie is the spouse of yangyongfa and Yang Tao's sister

(III) performance in the reporting period

in 2016, 2017, 2018 and the first half of 2019, the company's operating revenue was RMB 406million, RMB 575million, RMB 625million and RMB 319million respectively, and the net profit deducted from non parent company was RMB 36.75 million, RMB 46.68 million, RMB 75.81 million and RMB 37.95 million respectively

(IV) main concerns

please refer to the article published on November 13 by "V under the tree of Wutong tree" under this number, "three people died in an accident will be fined 610000, but one of the four actual controllers will undertake performance compensation, large amount of inter-bank borrowing of employee stock ownership platform, and the IPO of Hubei Heyuan"

(V) main questions asked at the issuance review meeting

1. The issuer's main business is the production and sales of various gases and the recovery and recycling of industrial tail gas. The issuer's representative is requested to explain: (1) the reason and rationality of the relatively high proportion of the business income of purchased products, and whether it conforms to the characteristics of the industry; (2) The reason and rationality that the sales price of purchased gaseous oxygen is much higher than that of self-produced products, whether it belongs to industry practice, and whether the various modes and source prices of the company's oxygen are significantly different from those of comparable companies in the same industry; (3) The reason and rationality for the rapid increase in the purchased quantity of liquid oxygen in 2019, and whether it has had an adverse impact on the issuer; (4) The transaction status, gross profit margin and rationality of the top 10 sales customers of major products in each reporting period, and whether the transaction status matches the size of customers. The sponsor representative is requested to explain the verification basis and process and express clear verification opinions

2. During the reporting period, the issuer's main business gross profit margin fluctuated slightly, with a slight increase in 2018. The issuer's representative is requested to: (1) explain the reason and rationality of the difference between the issuer and the comparable company and the market average gross profit margin; (2) In combination with product type, unit cost, sales unit price, sales structure and other factors, explain the reasons for the increase of general gas gross profit rate in 2018 compared with other years; (3) Explain the reason and rationality of the change in the gross profit rate of oxygen products, whether there is any difference with comparable companies in the same industry, and the reason and rationality of the difference; (4) Explain the reason and rationality that the gross profit margin of nitrogen gas purchased bottled gas in the reporting period was continuously higher than that of self-produced on-site gas production and pipeline gas supply; (5) Compare the purchase price of purchased products with the unit cost of self-produced products, explain the rationality of the difference in gross profit margin between purchased products and self-produced products in the reporting period, and the reasons why the gross profit margin of purchased products in some years is higher than that of self-produced products. It is commercially reasonable for customers to purchase the issuer's purchased products at a high premium without directly purchasing from end suppliers. The sponsor representative is requested to explain the verification basis and process and express clear verification opinions

3. The issuer's tail gas recovery project adopts three modes. The issuer's representative is requested to explain: (1) the necessity and rationality of adopting the three modes; (2) The rationality and fairness of selling products and charging fees to partners during the reporting period; (3) Whether the above-mentioned partner has a large credit risk at the end of the reporting period, the necessity and rationality of the issuer's continuing business cooperation in case of a large risk, whether the relevant credit risk has been eliminated or disclosed, and whether the provision for bad debts is sufficient. The sponsor representative is requested to explain the verification basis and process and express clear verification opinions

4. Industrial gases are regulated as hazardous chemicals, and the production, storage, use, operation and transportation of industrial gases need to obtain relevant access permits. The issuer's representative is requested to: (1) state whether it has obtained all the necessary qualifications for production and operation; (2) Explain the effectiveness and implementation of the safety production management system in combination with the safety production situation, and whether there are major potential safety hazards; (3) Explain whether the accident causing 3 deaths is a major safety accident, whether it constitutes a major violation of laws and regulations, and whether it constitutes an obstacle to this issuance; (4) Explain whether the issuer's internal control systems related to safety production and environmental protection were sound and effectively implemented during the reporting period. The sponsor representative is requested to explain the verification basis and process and express clear verification opinions

II. Sichuan Yingjie Electric Co., Ltd.

(I) basic information

the company is mainly engaged in the R & D, production and sales of industrial power supply equipment represented by power control power supply and special power supply, such as the sales of EVA foaming materials with low specific gravity

the predecessor of the company, limited company, was established in january1996 and changed into a joint-stock company on December 22, 2010. At present, the company has a total share capital of 47.5 million shares

the company has two wholly-owned subsidiaries, namely Sichuan Weiyu electric and Sichuan Yingjie Chenran technology. At the end of 2018, the company had 456 employees

(II) controlling shareholder and actual controller

the controlling shareholder and actual controller of the company are Wang Jun and Zhou yinghuai

Wang Jun and zhouyinghuai jointly hold 91.5229% of the total shares of the company. Including: 46.1053% of the total shares held by Wang Jun; Zhouyinghuai holds 45.4176% of the total shares of the company. Wang Jun and zhouyinghuai signed the agreement on joint control of Sichuan Yingjie Electric Co., Ltd. and its supplementary agreement in December, 2010 and April, 2018 respectively, clarifying their joint control over the company

Mr. Wang Jun, born in 1963, has a master of business administration. He is currently the chairman of the company, the seventh vice chairman of Deyang Federation of industry and commerce, the director of China Electronic Materials Industry Association and the vice chairman of Chengdu Automation Research Association

Mr. zhouyinghuai, born in 1964, has a bachelor's degree and is a senior engineer. Currently, he is the director and general manager of the company, a member of the special power supply professional committee of China power supply society, and the vice chairman of Sichuan Power Electronics Society

(III) performance in the reporting period

in 2016, 2017 and 2018, the company achieved operating income of 174million yuan, 277million yuan and 410million yuan respectively, and the net profit deducted from non parent company was 34.08 million yuan, 69.41 million yuan and 112.31 million yuan respectively

unit: 10000 yuan

(IV) main concerns

1. The company's main customers are still concentrated in the photovoltaic industry, but the proportion is lower than that rejected

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