Why Is A Company IPO At All?

A company

Reporter statistics found that as of December 15th, the Commission disclosed a total of 32 companies this year, "no reason."

Among them, the "continuous profitability" is the largest number of words used by the Commission, with a total of 15 companies.

"In the absence of any case, it reflects the commonality of the IPO trial scale and the thinking of regulators."

15, Qi Enhui, chief investment officer of Huarong venture capital Limited by Share Ltd, Shandong, said in an interview with reporters that enterprises were repeatedly "sustained"

The cause of "Shandong plate" collapse

The Commission has already disclosed the feedback documents of enterprise audit this year. The Yantai recruit Jin Fu precious metal Limited by Share Ltd (hereinafter referred to as the company name omitted "Limited by Share Ltd"), Qingdao Hengda, Shandong sulang clothing and clothing (Shandong sulang) 3 Shandong companies listed.

As a result of the investment project "affecting the continuous profitability", in October, Yantai recruit Jin Fu precious metals failed.

"Your company's new projects will be put into production and produce economic benefits with certain uncertainties. It is impossible to judge whether these matters will have adverse effects on your company's continued profitability."

The Commission clearly pointed out.

Qingdao Hengda falls in the flaw of the "internal control system".

The reporter noted that in the 32 companies, only one of them was "defective" because of the "internal control system".

"During the reporting period, the company did not sign the" housing sales contract ", that is, the advance payment to the natural person.

The Commission said that as of the end of June 2011, a total of 122 million yuan had been paid in advance, while the property purchased by Qingdao Hengda to the natural persons was all in the rental state. The company has not yet obtained the written statement of the real estate lessor giving up the preferential purchase of the leased property under the same conditions.

"There is uncertainty about whether the company can get the ownership of these properties, which may lead to the adjustment of your company's business plan."

The issuing committee pointed out that the internal control system of Qingdao Hengda was defective or could not be effectively implemented.

Shandong Shu Lang has committed a common problem in clothing enterprises, raising funds to increase shops.

The Commission said that "there is a major uncertainty in its future profitability."

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"Sustainability and independence" is the main reason.

The disclosure of the trial information shows that insufficient capacity for continuing operation and poor independence are the main reasons for restricting the company's IPO.

These two shortcomings are obvious in the clothing, civil explosion and gas industry which are all cold.

Among them, clothing enterprises are especially strong.

Statistics show that since the beginning of this year, a total of 13 garment enterprises in the A share market have met on IPO, and 7 have successfully entered the market, with a passing rate of about 54%.

In the "no approval" feedback document, besides Shandong Shu Lang, it also includes ladies house, Fujian, Vigna S, Li Rui and so on.

"Excessive capacity expansion and continued profitability" become a common problem in garment enterprises.

Take the lady house, which calls itself "beyond LV", for example.

According to the feedback documents, 1 million 950 thousand garment home textile production projects in the ladies' housing recruitment project are expected to be built for two years, with 3 million 650 thousand autonomous production capacity and 52.09% self capacity production capacity.

In addition, the construction of 322 direct investment projects is two years, and 161 sales terminals are built each year. During the same period, the company plans to expand 180 stores independently, and 63% years later, the number of new shops built up two years later.

From the average sales revenue of the single store during the reporting period, the first year of the new shop has a big gap compared with other stores, and only second years before reaching the 70%-90% of other stores.

Therefore, whether the new store can achieve the expected sales level in 1-2 years and digest the new capacity, and whether the 180 shops that can expand independently can be built as scheduled.

Similarly, Fujian Nash, Vigna S and Shandong Shu Lang's investment projects also include store expansion plans.

Because the shops need a certain period from opening up to profit, the Commission has doubts about its continuous profitability after its massive expansion.

There is also a high degree of consistency in the reasons for the failure of the civil explosion and gas industry.

The related paction is too large, so that it falls into the predicament of "poor independence".

Among them, Henan Lantian gas is the most typical.

Feedback materials showed that the related sales of Lantian gas from 2008 to the first half of 2011 were 604 million yuan, 264 million yuan, 323 million yuan and 255 million yuan respectively, accounting for 64.87%, 30.37%, 28.35% and 33.35% respectively.

"Details" determine success or failure

Reporters noted that many enterprises failed to pass the reason, not obvious "bruising".

Many seemingly unremarkable details become the "gate of life" of enterprises.

You can't sit back and relax.

Compared with other companies, Ningbo's music video has been somewhat "injustice".

The company's revenue in 2010 increased by 66.96% compared with 2009, and its growth rate was much higher than that of similar industries. The gross profit margins from 2008 to 2011 1-6 were 36.23%, 39.65%, 38.65% and 38.30%, respectively, and higher than those of the same industry.

It is this brilliant pcript that shattered the dream of Ningbo's music video listing.

"Your company has not fully explained in the prospectus, unable to determine the reasonableness of the above matters and whether it has a negative impact on your company's continued profitability."

The SFC issued such approval in the audit feedback.

With the "sick fellow" and Shanghai Li Rui dress.

The company also failed to make a reasonable explanation for the "gross profit margin and sales net interest rate of the main business during the reporting period, which is significantly higher than that of the same industry".

The DDT group from Shanghai was "implicated" by lawyers.

The trial Commission pointed out that the company's original law firm is Shanghai's Jin Tian Cheng law firm, and the lawyers are Zhang Xiaohong and Zhang Wei.

In 2008, Kun yuan became the main shareholder of the company through increasing capital and held 6.0606% of its equity.

According to the verification of relevant institutions, Shanghai Kam Tin City is a legal adviser to Kun yuan investment. From 2007 to 2010, Kun yuan invested a lot of money with the Shanghai Jin Tian Cheng law firm and Zhang Xiaohong's brother Zhang Xiaofeng.

According to the eleventh provision of law firms in the management of securities legal business, there are other cases that affect the independence of lawyers. The lawyer's law firm shall not accept the entrustment of the company under which he is in charge and provide legal services for the company.

"During the process of examination, your company's law firm has changed to Yufeng law firm, and the signed lawyer is Zhang Wei and Mi Xuejun. Among them, the principal solicitor Zhang Wei has not changed. According to the above situation, it is impossible to judge whether Zhang Wei and Yufeng law firm can be independent and impartial and strictly perform their statutory duties."

The Commission said.

In addition, it is hard to pass the meeting simply by "being alone".

Shanghai Baolong automobile technology has been dragged behind by external suppliers.

In April 2008, the company's actual controller controlled Canada's vele recalls the problem hoop sold in the United States.

After the purchase of Shanghai Baolong, the hoop is directly packaged with its products and sold through Canada's velle.

"External supplier management is unstable."

The Commission said so.