such IPO: orient securities sponsored all projects this year over-raised, surprise stake in Xishan science and technology to make a profit

For a series of recent personnel changes, Orient Securities (600958) clarified the announcement on October 10 that the collective resignation of the company's executives was related to the suspension of Zhejiang Guoxiang's IPO project. In the evening of the same day, Oriental Securities again issued a notice to emphasize that it has not yet charged the underwriting fee for the issue of Zhejiang Guoxiang.

Although there is no final conclusion on the matter of Zhejiang Guoxiang, the reporter found that in recent years, there are not a few cases of over-raising in the IPO projects sponsored and underwritten by Orient Securities.

According to Wind, so far in 2019, Orient Securities, as the initial sponsor and initial lead underwriter, has escorted a total of 33 companies to IPO A- shares, earning a total of about $2 billion million in sponsorship and underwriting fees. Among them, 15 companies have achieved over-raising, accounting for over 40%, with a total over-raising amount of 6.7 billion yuan.

among these projects, yuneng technology (688348), which has an over-raised ratio of 319, is the most important one in the sponsorship and underwriting business of orient securities-yuneng technology, which originally planned to raise 0.779 billion yuan, finally raised 3.26 billion yuan when it went public in June 2022, with an over-raised amount of 2.481 billion yuan, with which orient securities also collected 0.189 billion yuan of sponsorship and underwriting fees.

How will the listed company spend so much money after over-raising? Yu Neng Technology chose to buy wealth management and replenish liquidity. According to the company's 2022 annual report, in the first year of listing, Yuneng Technology used 1.36 billion yuan of idle raised funds for fixed deposits and the purchase of bank wealth management products, and used 0.7 billion yuan for permanent replenishment of liquidity.

coincidentally, on the same day that orient securities issued the announcement of senior management personnel changes, it changed the sponsor representative of yuneng technology-bian jiazhen, the former sponsor representative of yuneng technology, who was the continuous supervision sponsor representative of yuneng technology, due to job changes, no longer continued to serve, but Wang Zhen took over its continuous supervision work.

then, the reporter called the secretary office of Yu neng science and technology, and its staff informed after verification that "Bian Jiazhen has resigned from orient securities". Did Bian Jiazhen leave the company with other senior executives of Orient Securities? Did any other employees leave the company recently?

(Dong Mi's first circle)

high valuation of Runben shares: selling expenses continue to rise

ROE three-year rollercoaster decline

After two rounds of inquiries, Runben Biotechnology Co., Ltd. (hereinafter referred to as Runben shares) will be approved on the first issue and will land on the main board of the Shanghai Stock Exchange on October 17.

With basic plate mosquito repellent products and baby care products, Runben's performance scale growth was relatively stable during the business period. However, relying on a single product and the net interest rate has fallen by more than 20% in three years, the performance of RunBen shares after listing is still facing a certain test.

From the performance fundamentals, the growth trend of Runben shares is relatively stable. However, it should still be noted that during the reporting period, the comprehensive gross profit margin of Runben shares was 52.53, 53.05 and 54.19 respectively, while the average gross profit margin of comparable companies in the same industry was 59.32, 59.44 and 59.80 respectively. In the past three complete years, the average gross profit margin of peers was more than 5 percentage points higher than that of Runben shares.

In addition, during the same period, Runben's weighted average return on net assets (after deducting non-recurring gains and losses) was 49.71 per cent, 25.91 per cent and 24.04 per cent, respectively, a decline of 25.67 percentage points over three years.

It is worth noting that Runben shares are clearly marketing-driven, while R & D investment is relatively weak. During the reporting period, the selling expenses of Runben were 95.1221 million yuan, 0.134 billion yuan and 0.232 billion yuan respectively, accounting for 21.48 percent, 23.09 percent and 27.09 percent of the current operating income respectively. Promotion expenses and employee compensation are the main components of the Company's selling expenses, which together accounted for 95.35 percent, 96.70 percent and 96.85 percent, respectively, during the reporting period.

(Harbour Business Watch)

Tsuen Xin Bio has lost nearly 1 billion in two and a half years

The prospect of commercial competition is hard to predict

Second-degree delivery table Whether Jiangsu Tsuen Xin Biopharmaceutical Co., Ltd. (hereinafter referred to as Tsuen Xin Bio) of the Hong Kong Stock Exchange can soon harvest the dream of capital market? This is a question of great concern to the outside world.

However, at a time when R & D expenditures are substantial and losses continue to increase, how will Tsuen Bio balance its commercialization and revenue prospects? This is also an important challenge that the company must face.

According to the official website, Quanxin Biology was established in 2015. It is a biomedical enterprise in the late clinical stage focusing on the biological therapy of autoimmune and allergic diseases. It has a completely independent drug pipeline and mature commercial-scale internal production capacity.

It is reported that the company has formed a product pipeline containing a number of innovative varieties, of which 6 varieties have been in the clinical trial stage, and the indications cover psoriasis, atopic dermatitis, ankylosing spondylitis, inflammatory bowel disease, and systemic Lupus erythematosus, asthma and other four major diseases of the skin, breathing, digestion, and rheumatism. At present, Tsuen Xin Bio has owned and declared more than 60 domestic and foreign patents.

The prospectus shows that Tsuen Bio has not yet generated revenue. The Company does not generate any revenue or incur any cost of revenue.

from 2021 to 2022 and the five months ended may 31, 2023 (reporting period), tsuen xin biological losses were 0.426 billion yuan, 0.312 billion yuan and 0.224 billion yuan respectively. In other words, in less than two and a half years, the company's accumulated losses reached 0.962 billion yuan.

(Harbour Business Watch)

Asian Silicon 8.1 billion Selling Yourself

Shi Zhengrong, the "father of photovoltaics", adds new moves after IPO collapse

after the IPO collapsed, Shi zhengrong, the former richest man under pressure to gamble, finally sold the Asian silicon industry to red lion holdings for more than 8.6 billion yuan.

In an environment of overcapacity in the cement industry, Red Lion Holdings' net profit fell by more than 65% in two years. The company plans to lay out the silicon materials industry through the acquisition of the Asian silicon industry, but silicon materials are greatly affected by polysilicon prices, and the Asian silicon industry's profits have fluctuated greatly in recent years. At the same time, the high premium acquisition itself is a "double-edged sword". Red Lion Holdings will also face a sharp increase in debt pressure. It is difficult to say who is the winner of this acquisition.

Prior to the bankruptcy and reorganization of Wuxi Suntech in 2013, Asian Silicon had always had business capital dealings with it, and many of its executives were later from Wuxi Suntech. Due to the highly close relationship between the two, in the third round of inquiry letters, the Shanghai Stock Exchange also asked questions about the business and capital transactions between Suntech and its related parties and the Asian silicon industry, and asked the company to explain whether the funds eventually flowed to Shi Zhengrong and his related parties. In its reply, the Asian silicon industry denied this.

Prior to the listing, Shi Zhengrong introduced nine institutional shareholders, including Weiyang New Energy, Qingyin Xinyuan, Qinghai Huifu and Ningbo Sike, to the Asian silicon industry through equity transfer. At the same time, Shi Zhengrong also signed a gambling agreement with him, promising to complete the IPO by December 31, 2022.

Obviously, after the withdrawal of the listing application in 2022, the above-mentioned gambling agreement will come into effect again, and in the short term Shi Zhengrong may experience the distress of a sudden increase in debt service pressure.

(Cat Finance)

The evaluation of Guanyouda's acquisition of assets is open to question

employee withdrawal and borrowing from the actual controller are in doubt

Nantong Guanyouda Magnetic Industry Co., Ltd. (hereinafter referred to as Guanyouda) will produce 42,396.47 tons of soft ferrite magnetic powder and 12,515.78 tons of soft ferrite magnetic core in 2022. Its output scale in the field of Mn-Zn soft ferrite materials ranks among the top 3 in the domestic peers, and its output scale is in the leading position in the domestic peers.

in June 2022, guanyouda gem IPO application was accepted. from June 15, 2022 to August 14, this year, guanyouda has disclosed eight versions of the prospectus, and has conducted two rounds of inquiry responses. The sponsor of this IPO Crown Youda hired is Dong Wu Securities, the audit institution is Rongcheng.

on page 256 of a round of inquiry reply, guanyuda disclosed "the transfer capital exchange between some employees withdrawing from the employee stock ownership platform and transferring their equity to the controlling shareholder Changshu guanda". the inquiry reply disclosed the transfer amount of the withdrawn employees in the section "explaining item by item the transfer situation, transfer reason, transfer price and corresponding price-earnings ratio level of the shareholders of the employee stock ownership platform during the reporting period, and the two parts of the disclosure of the transfer of some of the staff of the content of the contradiction.

According to the 256 page of the reply to the round of inquiries, "Some employees withdraw from the employee shareholding platform and transfer their shares to the controlling shareholder Changshu Guanda when the transfer of funds between", May 28, 2021, Ye Lifang, Cao Zhenfang, Shen Dan,When Li Meiwei withdrew from Nantong Xinguo Investment Partnership (Limited Partnership) (hereinafter referred to as "Xinguo Investment"), the amount was 66,625.00 yuan, 39,975.00 yuan, 266,500.00 yuan and 66,625.00 yuan respectively. On July 22, 2021, Zhang Xiaoxin withdrew from Nantong Xinguo Investment Partnership (Limited Partnership) (hereinafter referred to as "Xinguo Investment"), the amount was 266,460.00 yuan.

in the reply to the inquiry, it was disclosed in the "itemized explanation of the transfer of shares of shareholders of the employee shareholding platform during the reporting period, the reasons for the transfer, the transfer price and the corresponding price-earnings ratio" that in April 2021, four partners, ye Lifang, Cao Zhenfang, Shen Dan and Li meiwei, transferred the partnership share of 198000 yuan invested by the shareholding platform xinguo to Changshu guanda due to their resignation, the transfer amounts were 30,000 yuan, 120,000 yuan, 18,000 yuan and 30,000 yuan respectively. In July 2021, Zhang Xiaoxin transferred 180600 yuan of Xinfu Investment Partnership Share to Changshu Guanda due to his resignation. The transfer amount was 280,400 yuan. The transfer amount was different from the amount of transfer funds disclosed above for employee withdrawal, with the difference being 36,625 yuan, 21,975 yuan, 146,500 yuan, 36,625 yuan and 13,940 yuan respectively.

(a financial letter)

Changlian Technology's gross profit margin is different from that of its peers

Capacity utilization rate declines, industrial and commercial annual report reveals its feet

On June 20, the results of the 46th review meeting of the Shanghai Municipal Committee of the Shenzhen Stock Exchange in 2023 were announced. Dongguan Changlian New Material Technology Co., Ltd. (hereinafter referred to as "Changlian Technology") first met the issuance conditions, listing conditions and information Disclosure requirements.

Changlian Technology is engaged in the research and development, production and sales of printing materials, and is an upstream supplier in the field of textile printing. Changlian Technology plans to join hands with Dongguan Securities to issue no more than 16.11 million new shares on the Growth Enterprise Market and to raise 0.398 billion yuan.

During the reporting period, the gross profit margin of the main business of Changlian Technology was 34.73, 27.60 and 33.12, respectively, while the average gross profit margin of the main business of four comparable companies in the same industry, namely, Oriental Materials, Hanghua, Three Trees and Bauhinia, was 30.10, 23.85 and 24.32, respectively. Changlian Technology's main business gross margin has always been higher than the average of comparable companies in the same industry, with a difference of nearly 9 percentage points from its peers in 2022.

It is worth noting that there is still a contradiction between the amount of trader sales disclosed in the prospectus and the amount of trader sales when the amount of return and exchange was disclosed in the inquiry response.

according to the prospectus, the amounts sold by Changlian Technology through the trader model during the reporting period were 291.5873 million yuan, 327.8865 million yuan and 301.4795 million yuan respectively. According to the reply to the inquiry, the sales revenue of traders during the reporting period of Changlian Technology was 301.7105 million yuan, 338.0249 million yuan and 311.548 million yuan respectively.

miss food IPO: "work in Nanyang"

Or it is difficult to "hear from the princes"

in July 2022, sun jungeng is leading miss food to enter the main board of Shanghai stock market for IPO. it is planned to issue no more than 36 million common shares and raise 0.974 billion yuan for the construction project of phase ii of zhenping miss food industrial park, the technical renovation project of miss food noodle workshop, miss food testing and research and development center, marketing network and brand building project. The sponsor is Guojin Securities and the auditor is Tianjian, which is currently in a suspended state due to the need to update the third quarter 2023 financial data review process.

In fact, this is not Miss Foods' first application for listing, it had submitted an IPO application to the GEM in September 2020, when the sponsor was Everbright Securities (Rights). In October 2020, the Shenzhen Stock Exchange issued a first-round audit inquiry letter with a total of 26 questions. Half a year later, I missed the reply report to the food disclosure inquiry letter, but then voluntarily withdrew the application materials on April 9, 2021, and the GEM trip ended hastily.

now I miss the food replacement brokerage and switch from the gem to the main board, but there may still be many obstacles on the way to the customs...

(Valuation House)

(The market is risky, investment needs to be cautious! This article is not an investment reference guide, readers need to be responsible for their own investment!)