Source: Global Network
[Global Network Reporter Chen Chao] Tianneng Battery Group Co., Ltd.’s main product is new energy power batteries and is currently applying for listing on the Science and Technology Innovation Board. The company’s largest shareholder is Tianneng Holdings Group Co., Ltd., the prospectus disclosed that Tianneng shares were split from Hong Kong-listed Tianneng Power (0819.HK) to A-share listing. In May of this year, CloudyThunder issued a short-selling report for Tianneng Power. CloudyThunder believed that Tianneng Power had serious financial fraud and its stock value was almost zero.
It is worth noting that as of the close on June 30, the total market value of Tianneng Power listed in Hong Kong is approximately HK$15 billion. According to the information disclosed in the prospectus, the number of shares issued by Tianneng Co., Ltd. this time does not exceed 116.6 million shares, and the total share capital after the issuance does not exceed 972.1 million shares; the amount of funds raised is planned to be 3.595 billion yuan, and the issue price per share is calculated. Will be as high as 30 yuan or more, corresponding to the total market value of Tianneng shares after the issuance of as high as 30 billion yuan.
, that is, the Tianneng shares spun-off from Tianneng Power’s A-share financing valuation is at least twice that of the parent company listed in Hong Kong, plus the short-selling research report issued by the agency in Hong Kong In a sensitive period, Tianneng's IPO will inevitably make investors questioned about being "cut leeks." Not only that, there are also many problems with Tianneng's own financial data.
Inventory data violates normal accounting logic
According to the production and sales data disclosed in the prospectus, during the reporting period, the output of Tianneng shares in each year was greater than the sales. During the period from 2016 to the first half of 2019, the company's cumulative output was 195.9566 million kVAh. The sales volume was 175,738,200 kVAh, and the sales gap was 20,208,400 kVAh, which is equivalent to 70% of the sales volume of 28,737,300 kVAh in the first half of 2019.
Under normal accounting logic, these over-produced lead-acid batteries should form Tianneng’s finished product inventory and be included in inventory items such as inventory or dispatched goods. According to the prospectus data, Tianneng shares sold 28.7373 million kVAh lead batteries in the first half of 2019, corresponding to the carry-over main business cost of 10.453 billion yuan, and the cumulative production and sales gap formed during the reporting period was 20,208,400 kVAh lead batteries. It should also be worth more than 7 billion yuan.
However, according to the data disclosed in the prospectus, as of the end of the first half of 2019, the total inventory balance of Tianneng shares was only 4.057 billion yuan, and the balance of inventory and issued products was only about 500 million yuan. It is far from enough to correspond to the poor production and sales of lead-acid batteries of 202,198,400 kVAh formed during the reporting period.
The paid-in capital of core distributors and the number of employees are zero.
According to the prospectus, Tianneng's sales model includes distribution model and direct sales model. The largest distribution customer in 2017 and 2018 is "Linyi Qunli Trading Co., Ltd." "The sales amount involved is as high as 217 million yuan and 221 million yuan.
According to public information, "Linyi Qunli Trading Co., Ltd." was registered and established in November 2015 and became one of Tianneng's top five distribution customers in 2016, with a distribution amount of up to 112 million yuan; as of At the end of 2018, the registered capital of this dealer was 2 million yuan, but the paid-in capital was zero and the employee's social security payment record was zero.
According to the latest data, Linyi has a total population of 11.24 million. According to this calculation, in 2018, it is equivalent to the average purchase of 20 yuan of lead storage batteries from "Linyi Qunli Trading Co., Ltd." for every Linyi person. This is doubtful of its rationality. . In contrast to this, Emma Technology, Tianneng's largest customer, disclosed in the prospectus that the company's dealership in Linyi City, "Linyi Bomei Vehicle Co., Ltd." corresponding to the 2018 distribution amount, is only 3245.18 Ten thousand yuan is only equivalent to one-seventh of the amount of electric energy batteries sold by "Linyi Qunli Trading Co., Ltd.".
In addition, as of the end of the first half of 2019, the number of people that the company should pay for housing accumulation was 19,905, and the actual number of people who paid was 10,391, and the payment ratio was only 52.2%. For listed companies, it is necessary to regulate social insurance and housing provident fund payment.Under this background, if the company needs to start paying the housing provident fund for thousands of employees who have not yet paid the housing provident fund, will it further increase the company’s labor costs and reduce the profitability of Tianneng shares? Worth investors' attention.
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