Rong Bai Science And Technology Encountered "Four Penalties And One Letter" Analysis: Stepping On The Letter Behind The Thunder

Under the regulatory trend of improving the quality of listed companies, the problem of Ke Chuang board has begun to lead the regulators.

On the evening of November 19th, the company launched the 688005.SH and announced that the company received the 4 administrative regulatory measures issued by the Ningbo Securities Regulatory Commission in November 19th, requesting it to make rectification. Meanwhile, the director of the company, Zhao Cen, director of financial affairs, was asked to go to the securities regulatory Bureau to receive regulatory interviews in a timely manner.

As the first Shenzhen science and technology innovation board company to receive the regulatory letter, the reason why the technology of "hundred guns" was related to the debt risk of tramway Beek Power Battery Co., Ltd. (hereinafter referred to as Beek power), and the Ningbo Securities Regulatory Commission believed that the technology of accounts receivable account for 100% of the technology was inadequate. At the same time, many financial and letters problems were discovered in the process of on-site inspection of Rong Bai technology.

In the view of the industry, Rong Pai technology encountered regulatory letter, which means that regulators are vigorously promoting the reform of the science and technology board system. At the same time, they are paying close attention to the quality and compliance issues of the science and technology board company. At the same time, with the problem of Rong Bai technology, CITIC Securities, a sponsor broker, has been diligent and conscientious in its IPO guidance, declaration phase and the continuous supervision stage, which has also triggered a discussion in the market.

The first single regulatory letter

In the evening of November 19th, Rong Pai technology has received 4 decisions on administrative regulatory measures from the Ningbo Securities Regulatory Commission.

In the penalty, the Ningbo Securities Regulatory Commission considered that the accounts receivable of Rong Bai technology was not adequate. For example, at the end of June 2019 and the end of September, there was a large proportion of the volume of receivables in the company's accounts receivable, which was 84.19% and 96.05%, respectively. However, this situation was not reflected in the semi annual report of Rong Bai technology, and there was insufficient provision for bad debts.

In this regard, the Ningbo Securities Regulatory Commission has adopted regulatory measures to reassure rongbai technology, and asked three executives to accept regulatory talks.

Rong Bai technology, compared with the "stepping on the thunder" of "Ke Chen", 12 days before the punishment was issued, the technology of Yung Pak technology passed three consecutive announcements. The company's accounts receivable and drafts were over 200 million yuan in excess of its outstanding power, and there was a risk profile of all the risks. After a week, compared with the one in power, the amount of bad debts was increased by 71 million yuan, accounting for 35.15% of the total size of the bad debts.

"In fact, this is a problem found in the on-site inspection. Before the technology, the announcement was made according to the results of the inspection." A person close to Rong Bai technology revealed that "before October, the site inspection of Rong Bai had begun, which is a notice that must be issued under the supervision of inspection."

Overdue more than 200 million yuan, the scale of receivables is not small for Rong Bai technology. At the end of the 3 quarter, the total volume of receivables and accounts receivable of Rong Bai technology was 2 billion 31 million yuan, and the risk exposure accounted for 1/10 of the total.

"In fact, this is the risk caused by customer concentration, but it is also easy for non consumer industries to have such problems." A close to Rong Bai technology people admitted, "because the automobile consumption market is depressed, so the pressure of the vehicle factory is spreading to the upstream enterprises."

According to its prospectus, Rong Bai technology ranks the second place among all the customers from Beek power, accounting for 12.07%. But from the point of view of product type, Beek power is the largest purchaser of NCM811, the highest nickel battery of Rong Bai technology, and the product revenue of that year amounted to 362 million yuan.

"Nickel cobalt manganese 811 is one of the important layout of three yuan lithium, and it is also the direction to increase the energy density of unit battery." A new energy vehicle analyst at a brokerage firm in Shanghai said, "if such a downstream customer link is out of order, it is likely to have a certain degree of influence on the future high nickel battery product line of Rong Bai technology."

As a supplier of power batteries for mine exploding, the liquidity problem of Beek power is also related to the arrears of downstream customers. Beek power said that the main reason for failing to pay the suppliers on schedule is that the vehicle companies such as downstream Zhongtai automobile and Huatai Automobile failed to pay in time, thus causing the chain reaction of the triangle debt chain.

Regulatory deterrent force

Failure to make adequate collection of accounts receivable is only one of the problems identified by the Ningbo Securities Regulatory Commission on site inspection.

According to the Ningbo securities regulatory bureau, in the semi annual report of Rong Bai science and technology, there exist non-standard accounting of R & D expenses, and other expenses are included in R & D expenses. At the same time, the company's three governance also has the situation of signature and no record of high opinion.

"Although the seriousness of these minor issues is not high compared to the letter loss problem, it also reflects the existence of a certain degree of governance in the company." An investment bank in Shanghai said frankly.

At the same time, when the administrative supervision measures were taken, the regulatory department of the sosk company also sent the first regulatory attention letter since its establishment, the letter "No. 2019, No. 0001", which is sent to the Rong Bai technology by the decision of the Ningbo Polytron Technologies Inc.

As a matter of fact, the technology of the regulatory authorities has also helped to further squeeze the bubble. The next day after receiving the regulatory letter, the technology of Yung Pak fell by 4.6%, while the dynamic P / E ratio further dropped to 47.4 times, and the share price of Yung Pak technology has just broken down, which has dropped to 66.87% compared with the highest.

Insiders pointed out that after the implementation of the registration system reform of Kechuang board, the issuers and intermediaries will be further strengthened, and the letter of phi technology, which has a few bad debts, will also bear responsibility for its sponsor, CITIC Securities.

"After the issuer is listed, the securities dealers will continue to supervise. In the process, issuers' letters, compliance and other issues should also be continuously monitored by the securities companies. If there is a problem, we should further study whether the securities firms are diligent and conscientious, and whether they need to take responsibility in them." The aforementioned investment bankers said.

As the first company to issue a regulatory concern letter, the punishment of Rong Bai technology has also been regarded as a cross cutting aspect for regulators to strengthen the supervision and guarantee of the quality of the company.

According to the case of "leisurely hundred technology", the company is not "on the top of the list". The continuous supervision of the information disclosure and standardized operation of the company will continue to be maintained after the listing. Whether it is the exchange or the dispatched agency, it will supervise the science and technology board enterprises in daily or special inspection, so as to ensure that the science and technology board can operate in the capital market with more stringent information disclosure and normative standards. An investment bank close to regulators said frankly.