Reporter｜
Zhao Yangge
Any IPO company, I am afraid that the on-site inspection will have to be full of energy. Some of these companies even choose to withdraw after the lottery. Is this just a coincidence in time?
Dacheng Precision announced its withdrawal
A few days ago, Shenzhen Dacheng Precision Equipment Co., Ltd. (hereinafter referred to as Dacheng Precision), which hit ChiNext, withdrew its application for initial public offering of shares and listing on the ChiNext. This is only a month and a half away from the time it was accepted. According to
public information, Dacheng Precision was accepted on September 30, 2022, and the termination time was November 15, 2022. The company’s application was withdrawn on November 11, with a total period of 42 days.
Dacheng Precision’s sponsor is China Merchants Securities , sponsor representatives Lu Yao, Liu Xingde, and is expected to raise an amount of 864 million yuan. Dacheng Precision's main products include lithium battery pole piece measuring equipment, lithium battery vacuum drying equipment, X-Ray imaging testing equipment, etc. used in the core process of lithium battery production before and in the middle, mainly for new energy power battery , energy storage Provide professional intelligent equipment and automation solutions in battery, digital battery and other fields. The company cooperates with CATL , BYD , new energy technology (ATL), Zhongxinhang, Yiwei lithium energy , Zhuhai Guanyu, Sunwoda , Trina Solar and other well-known downstream batteries Manufacturers cooperate. The operating income in 2021 and the first quarter of 2022 will be 386 million yuan and 108 million yuan respectively, and the net profit will be 66.2098 million yuan and 10.6737 million yuan. As for the reasons for the withdrawal, the company has not disclosed publicly.
According to Dacheng Precision’s risk warning, the company’s customer concentration is relatively high, and the sales revenue of the top five customers accounted for 98.45% of the operating income in the latest period. On the other hand, the company's liquidity is tight. The net cash flow from operating activities in the first quarter of 2022 is -26.146 million yuan, which is lower than the net profit of 10.6737 million yuan. As for accounts receivable, the most recent period reached 287 million yuan, which also exceeded the amount of operating income, accounting for 30.29% of current assets.
In addition to the above situation, Dacheng Precision is also in the list of the first batch of first-time companies selected for on-site inspection. The CSRC disclosed the lottery situation on October 28, 2022, and Dacheng Precision’s withdrawal happened to be at the on-site inspection After drawing. Is this a coincidence?
In 2022, 4 batches were checked, with a total of 34 first-time companies
Through the website of the China Securities Regulatory Commission, Jiemian News noticed that since 2022, the regulatory authorities have randomly checked 4 batches of first-time companies.
The first batch of lottery was drawn in January, and the Securities Association of China organized and completed the lottery on January 7, 2022 for the random inspection of the information disclosure and quality of the first-listed enterprises. This batch of companies that participated in the lottery was accepted before December 31, 2021. There were 187 companies in total, and 9 companies were selected, namely Beijing Yiheng Chuangyuan Technology Co., Ltd., Hunan Huahui New Energy Co., Ltd. , Hebei Jing He Electronic Technology Co., Ltd., Huimang Microelectronics (Shenzhen) Co., Ltd. (hereinafter referred to as Huimangwei), Suzhou Newland Precision Technology Co., Ltd., Wuhan Landian Electronics Co., Ltd. (hereinafter referred to as Wuhan Landian), Wuwu Technology Co., Ltd. (hereinafter referred to as Yiwu Technology), Jilin Province Chuncheng Thermal Power Co., Ltd., Jiangsu Zhongheng Pet Products Co., Ltd. (hereinafter referred to as Zhongheng Pet), China Securities Regulatory Commission will follow the "IPO Enterprise On-Site Inspection Regulations" ", inspect the quality of information disclosure of the above-mentioned 9 initial public offering companies and the quality of practice of intermediary agencies. The winning ratio is 4.81%.
The second batch is in April. On April 22, 2022, the Securities Association of China organized and completed the lottery for the random inspection of the information disclosure quality of the IPO companies. Participating in the lottery in this batch are 40 enterprises accepted before April 19, 2022, among which Huangshanxin Microelectronics Co., Ltd. and Xi'an Eagle Aviation Technology Co., Ltd. were drawn. The winning ratio is 5%. The third batch of
was in July, and the Securities Association of ChinaOn July 15, 2022, we organized and completed the lottery for the random inspection of the information disclosure quality of the first-issue enterprises. This batch of companies that participated in the lottery was accepted before July 10, 2022. There were a total of 402 companies, and 20 companies were selected, with a ratio of 4.98%. Winning companies: Zhejiang Rongtai Electrical Equipment Co., Ltd., Ananda Drive Technology (Shanghai) Co., Ltd., Zhengzhou Suda Industrial Machinery Service Co., Ltd. (hereinafter referred to as Suda Co., Ltd.), Ningbo Minda Automobile Technology Co., Ltd., Hongsheng Huayuan Tower Group Co., Ltd. , Higold Group Co., Ltd., Yonglin Electronics Co., Ltd., Fafa Holding Group Co., Ltd., Jiangsu Chengfeng New Materials Co., Ltd., Hubei Xiangjiang Electric Co., Ltd., Zhejiang Fengdeng Green Energy Environmental Protection Co., Ltd., Yongjie New Material Co., Ltd., Zhejiang Junhe Technology Co., Ltd., Guangdong New Dayu Environmental Technology Co., Ltd., Beijing Tsingda Keyue Co., Ltd., Chengdu Jiachi Electronic Technology Co., Ltd. , Sichuan Intronics Electronic Technology Co., Ltd. (hereinafter referred to as Intronics), Beijing Yicheng Interactive Network Technology Co., Ltd., Shanghai Sodiron Automation Co., Ltd., and AVIC Shangda Superalloy Materials Co., Ltd.
The fourth batch, which is the most recent batch, is in October. The companies that participated in the lottery were accepted before October 26, 2022. There were 60 companies in total, and 3 companies were selected, including Dacheng Precision, which was later withdrawn, and the other two. It is Kedu Electric Co., Ltd., Jiangsu Botao Intelligent Thermal Engineering Co., Ltd. . The winning ratio is about 5%.
The deterrent effect of on-site inspections
Jiemian News noticed that among the 34 companies selected above, many of them withdrew. For Huimangwei and other companies, the corresponding sponsors are China Merchants Securities, Essence Securities , Haitong Securities , Yangtze River Underwriting, CITIC Securities . According to
public information, Intronic submitted the withdrawal application on July 29, 2022, and was drawn on July 15. Zhongheng Pet’s application was withdrawn on January 13. Also after the lottery, Zhongheng Pet’s acceptance time was December 31, 2021. It took only 13 days from acceptance to application withdrawal. The withdrawal speed of Yiwu Technology is also fast. The company received the acceptance on December 29, 2021, which is about the same time as Zhongheng Pet. The withdrawal of the application on January 21 took 23 days. The acceptance time of Wuhan Landian is also on December 31, 2021, and the withdrawal was announced on January 18 after the first batch was drawn, which lasted 18 days. Huimanwei's acceptance time is December 22, 2021, and the company chose to withdraw on January 21.
Although no company has clearly stated that the application was withdrawn due to on-site inspection, the deterrent effect of on-site inspection cannot be underestimated. In addition to queuing companies being drawn and withdrawn, what’s more, after the meeting, there are also situations where the materials are withdrawn after being selected for on-site inspection, such as Flaircom Microelectronics Co., Ltd. (hereinafter referred to as Flaircom shares).
According to public information, Zeng Huihan shares with a fundraising plan of 531 million yuan was accepted by the Science and Technology Innovation Board Listing Committee on April 8, 2020, and it was approved at the meeting on August 20, 2020 a few months later. , and then submitted the registration (August 26, 2020), which means that it is one step away from the true meaning of listing. However, on February 22, 2021, Huihan Micro and its sponsor Industrial Securities submitted Voluntary withdrawal of listing application. Such a sudden move caused an uproar in the market.
Later, the market discovered a detail that, on February 4, 2021, Filicom received the "Notice on On-Site Inspection of Filicom Microelectronics Co., Ltd." issued by the China Securities Regulatory Commission. Is this also a coincidence? According to
data, Huihan Co., Ltd. was originally a New Third Board company. In April 2015, it was listed on New Third Board and was publicly transferred. It was not listed until August 2017. Finally, I chose the Science and Technology Innovation Board, submitted the registration but withdrew it at the door, and obviously the company was not reconciled.
Just on July 15, 2022, Huihan Co., Ltd. transferred to the GEM, and after being accepted, it entered the inquiry session on August 12, 2022. The sponsor this time is GF Securities , and the estimated financing amount is 7130 million yuan, higher than last time.
According to the latest manual, Flaircomm is mainly engaged in the R&D, production and sales of Internet of Vehicles smart terminals and Internet of Things smart modules, while providing customers with software and technical services. The operating income from 2019 to the first quarter of 2022 is 275 million yuan, 265 million yuan, 422 million yuan, and 105 million yuan, respectively, and the net profits are 25.1827 million yuan, 27.1942 million yuan, 59.1964 million yuan, and 15.2866 million yuan. Whether Huihan shares will go well this time remains to be seen.