Scared away by on-site inspections?
IPO was withdrawn by a small peak
Under the wave of IPOs, the number of companies queuing for IPOs rarely exceeds 1,000. However, it seems that some companies have the mentality of "taking luck", and their determination to IPO is not so firm.
According to the latest issue of the "List of Enterprises for Termination Review of Initial Offering Applications" disclosed on the official website of the China Securities Regulatory Commission, Zhejiang Zhaohui Filtration Technology Co., Ltd. (hereinafter referred to as "Zhaohui Co., Ltd."), Jiangsu Chengfeng New Materials Co., Ltd. ”), Yonglin Electronics Co., Ltd. (hereinafter referred to as “Yonglin Electronics”) and other seven IPOs were terminated on August 8, and the single-day number of withdrawals from the main board also hit a new high since 2021.
After sorting out, among the above 7 companies, there are Chengfeng New Materials, Yonglin Electronics, Fuda Holding Group Co., Ltd. (hereinafter referred to as "Development Shares"), Zhejiang Junhe Technology Co., Ltd. (hereinafter referred to as "Junhe Shares") ) 4 companies have just been selected for on-site inspection.
In addition, according to the spot check list disclosed by the China Securities Association, up to now, 6 companies have withdrawn their orders, and the follow-up progress of the remaining 14 IPO companies such as Shanghai Sodilong Automation Co., Ltd. (hereinafter referred to as "Sodilong") is also prepared. attention by the market.
7 companies in a single day IPO termination review
On August 8, seven IPO companies terminated their review, setting a new high since 2021.
Specifically, on August 12, the China Securities Regulatory Commission disclosed the new issue of the "List of Enterprises for Termination of Initial IPO Applications". Seven companies, Science and Technology Co., Ltd. (hereinafter referred to as "Shiyang Agricultural Science") and Shaanxi Tourism and Cultural Industry Co., Ltd. (hereinafter referred to as "Shaanxi Tourism"), all terminated their IPO review on August 8.
After sorting out, 8 companies withdrew from the main board IPO in a single day, which also hit a new high since 2021. Before that, the largest number of withdrawals in a single day was on July 1 this year. Guangxi Yangxiang Co., Ltd. and Zhejiang Zhongshan Chemical Group Co., Ltd. Co., Ltd. and Guangzhou Chuangxian Science and Education Co., Ltd. withdrew their orders; followed by 2 main board IPO companies withdrew their orders on April 1, 13, 18, and July 27 this year.
From the perspective of the proposed fundraising amount of the above-mentioned companies, Chengfeng New Materials ranks first. The company plans to raise 1.109 billion yuan, and only this share plans to raise more than 1 billion yuan.
The prospectus shows that the main products of Chengfeng New Materials can be divided into polyether polyurethane flexible foam and polyester polyurethane flexible foam, of which polyether products are the main source of the company's income, accounting for about 60% of the main business income. Left and right, the main application areas are automotive interiors, automotive functional devices, construction machinery, bras, medical care, etc.
For the company's 1.109 billion yuan fundraising, Chengfeng New Materials plans to invest 1.009 billion yuan in its main business, a total of three fundraising projects, and the remaining 100 million yuan to repay bank loans and supplement working capital.
However, with the withdrawal of the IPO order, the above-mentioned fundraising vision of Chengfeng New Materials was shattered.
In terms of performance, Chengfeng New Materials' net profit growth in 2021 will be weak. From 2019 to 2021, the company's operating income will be about 464 million yuan, 541 million yuan, and 661 million yuan respectively; the corresponding attributable net profit will be about 36.3997 million yuan and 93.2969 billion yuan, respectively. RMB 10,000, RMB 94,036,900; correspondingly realized net profit after deduction is about RMB 51,590,700, RMB 94,179,100, and RMB 90,256,300, respectively.
Among the remaining 6 companies, Shiyang Agricultural Science plans to raise funds of about 980 million yuan; Shaanxi Tourism plans to raise funds of 850 million yuan; Zhaohui shares, developed shares, Junhe shares, and Yonglin electronics are all proposed to raise funds. Below 500 million yuan, 467 million yuan, 460 million yuan, 459 million yuan, and 406 million yuan respectively.
4 were selected for on-site inspection
It is worth mentioning that among the 7 IPO terminated companies, 4 of them were selected for on-site inspection in July this year.
On July 15 this year, the official website of the China Securities Association announced the "on-site inspection and spot check list of the third batch of companies applying for IPOs in 2022". A reporter from the Beijing Business Daily found that Yonglin Electronics, Development Shares, Junhe Shares, Chengfengxin Materials were inspected on site.
Wang Jianhui, a senior industrial economics researcher, said in an interview with a reporter from Beijing Business Daily that IPO companies withdraw their orders after on-site inspections. Disease” IPO, etc.
"However, the final reason for the cancellation of the order depends on the response of the company, and it is not ruled out that the company's cancellation of the order coincided with the inspection." Wang Jianhui said.
In response to the specific reasons for the company's withdrawal of the order and whether it was related to the on-site inspection matters, reporters from Beijing Business Daily called Chengfeng New Materials and Development Co., Ltd. to conduct interviews, but no one answered the phone.
In addition to the above-mentioned 4 companies, there are 2 Guangdong Xindayu Environmental Technology Co., Ltd. (hereinafter referred to as "Xindayu") and Sichuan Intron Electronic Technology Co., Ltd. (hereinafter referred to as "Intron"). The order was withdrawn by the selected inspection company.
On August 3, the official website of the Shenzhen Stock Exchange showed that the IPO of Intron Growth Enterprise Market was terminated, and the company withdrew the order; on August 5, the information disclosed on the official website of the China Securities Regulatory Commission showed that the IPO of Xin Dayu on the Shenzhen Main Board was withdrawn, and the company had no chance of A shares. capital market.
Judging from the IPO acceptance time of the above-mentioned 6 companies that have withdrawn orders, they are concentrated in May and June this year.
According to the statistics of Flush iFinD, the earliest acceptance time was Ying Chuang Li, which was accepted on May 11 this year; the IPO acceptance times of Fuda Shares, Yonglin Electronics, Chengfeng New Materials, Junhe Shares, and New Dayu were respectively June 22 this year. Sunday, 22nd, 27th, 29th, 29th.
There are still 14 random IPOs in progress
As of now, there are 14 IPOs in the third batch of random inspection companies in 2022.
According to the spot check list disclosed by the China Securities Association, after excluding 6 IPO withdrawal companies, there are still 14 IPOs in progress including Sodilong, Rongtai Electric, Ananda, Xiangjiang Electric, and Qingda Keyue.
After sorting out by a reporter from Beijing Business Daily, there are the largest number of companies on the main board, including Rongtai Electric, Ananda, Suda Industrial, Minda Automobile, Huayuan Iron Tower, Higold Group, Xiangjiang Electric, Fengdeng Green Energy, and Yongjie New Materials9 There are 3 companies that have entered the GEM, Yicheng Interactive, Sodilong, and AVIC Shangda; 2 companies that have entered the Science and Technology Innovation Board are Jiachi Electronics and Qingda Keyue.
Among the 6 companies that have withdrawn orders, in addition to Intronics entering the GEM, the remaining 5 companies have all hit the main board market, which also means that among the companies under random inspection, the number of companies on the Sci-Tech Innovation Board has the least number of spot checks, and so far no withdrawals have been made. single case.
According to the official website of the Shanghai Stock Exchange, Jiachi Electronics and Qingda Keyue were accepted on June 17 and 30 this year, respectively, and planned to raise 1.245 billion yuan and 749 million yuan respectively.
It is understood that the IPO of Jiachi Electronics has attracted a lot of attention. The company is a major supplier of electromagnetic functional materials and structures (EMMS) in China. EMMS is the key foundation for solving the stealth of national defense high-tech weapons and equipment and the integration of electromagnetic compatibility for civil electronic information products. Material.
From 2019 to 2021, the operating income realized by Jiachi Electronics from sales to Aviation Industry Group and its subordinate units accounted for 64.74%, 70.17% and 58.34% of the current operating income, respectively, and the total operating income of the top five customers accounted for the current operating income. The proportion of income was 92.9%, 94.01% and 94.93% respectively.
Economist Song Qinghui told a reporter from Beijing Business Daily that the previous IPO spot checks had triggered a wave of withdrawals, and the withdrawal rate was high. There are random inspection companies playing "retreat".
Beijing Business Daily reporter Ma Huanhuan