The First To Withdraw The Registered Materials Of The Company, And To Seek The Listing Again, Is The Middle Pearl River "Drag" Li Yuan Heng Winning Geometry?

As one of the 9 enterprises accepted by the first batch of science and technology boards, Guangdong Liyuan Heng intelligent equipment Limited by Share Ltd (hereinafter referred to as "Li Yuan Heng") has taken the initiative to withdraw the application materials of the science and technology board, and then seek the way of listing.

Recently, the official website of Guangdong Securities Regulatory Commission revealed that Liyuan Heng had handled the registration of guidance and registration in Guangdong Securities Regulatory Bureau in April 7, 2020, and the guiding body is Minsheng securities.

The company is a national high-tech enterprise specializing in R & D, production and sales of intelligent manufacturing equipment. Its customers include lithium batteries, automotive parts, precision electronics, security and other industries. By the end of 2018, 512 R & D teams were recruited, and Tan Jianrong, academician of the Chinese Academy of engineering, was employed as a technical consultant. Academician Zhang Jianwei of Hamburg Academy of Science in Germany was a foreign scientist.

However, Li Yuan Heng's capital market can be described as "twists and turns".

In March 22, 2019, the first batch of 9 enterprises of science and Technology Board announced that Li Yuan Heng, as the only selected enterprise in Guangdong, received much attention.

However, in May 2019, 29 billion 900 million of the money in the ST Kang Mei annual report was "no". The No. 1 accounting firm in Guangdong, Guangdong central Zhujiang accounting firm (hereinafter referred to as "the middle Pearl River") was put under investigation by the SFC. According to the relevant rules, the IPO responsible for auditing should be suspended.

The sponsor was also dragged down by Li Yuan Heng, the middle Pearl River. It was suspended in May 24, 2019. However, it resumed after three rounds of inquiries. In June 25, 2019, Li Yuan Heng's listing application passed the meeting of the Municipal Committee smoothly, and was submitted for registration in June 27th of that year.

However, in September 2019, Li Yuan Heng still volunteered to withdraw the registration application.

Now, can Li Yuan Heng get rid of the shadow?

By the middle Pearl River "drag"?

From the perspective of Li Yuan Heng's application for the creation of the science and technology board, it was accepted in March 22, 2019. It was first inquired in April 4, 2019, submitted to the registrant in June 27, 2019, and terminated in October 15, 2019 for about half a year.

Although Li Yuan Heng did not disclose the reasons for taking the initiative to withdraw the registration application documents, but in an analysis of an investment bank analysis, it took the initiative to press the pause button. The approximate rate is related to the investigation of the Pearl River Central Bank in Pearl River. It pointed out that "good accounting firms, if only one or two bad projects have too much impact, will not be evaluated well by the outside world".

In May 2019, when the central Pearl River was investigated and forced to "stop" IPO, it was far more than Li Yuan Heng's family. At that time, information showed that at least 26 IPO enterprises signing the Pearl River's central bank were "stopped censorship", including the Guangdong fun show network, Qingdao Baiyang medicine, Zhuhai science and technology, etc.

In January 2, 2020, the Guangdong Securities Regulatory Commission issued a decision on the administrative supervision measures for the central Pearl River, Chen Zhao and Lin Heng Xin, which provided evidence for the above analysis.

? ? ? In this decision, the Guangdong Securities Regulatory Commission mentioned that the audit of the first public offering of Li Yuan Heng, which was practising in the central Pearl River, was inspected, and seven irregularities were found. For example, it did not carry out an alternative procedure for the 31 letters of inquiry which had not been returned to the audit report in 2017. Agencies are issued or withdrawn, and cost recognition and apportionment are taken as key audit items. However, in 2018, there was no implementation of the raw material out of stock valuation test procedure, which was inconsistent with the key audit items in the disclosure of audit measures. 245 letters of inquiry were issued, and the criteria for selecting the sample letter were not detailed recorded in the audit manuscript.

Coincidentally, in January 13th and March 31st this year, the Pearl River was also named by the Guangdong Securities Regulatory Commission and issued a warning letter because of problems in the 2018 annual auditing practice of 002192.SZ and 002656.SZ.

Restart IPO conjecture

? ? ? In June 14, 2019, the prospectus issued by Li Yuan Heng showed that the main source of Li Yuan Heng's main income came from the lithium battery equipment, as one of the leading enterprises in the domestic lithium battery manufacturing equipment industry. Li Yuan Heng's lithium battery manufacturing equipment covered the three links of battery assembly, battery testing and battery assembly of lithium battery production, which has served in new energy technology, Ningde era, and Ya Di, Li Shen and other industries leading customers.

In addition, Li Yuan Heng has actively developed auto parts, precision electronics and security industry customers, and has established cooperative relations with famous companies such as Ai Xin Jing, Multimatic, Fulin Seiko, Lingyun stock, Lenovo electronics, SIEMENS Hebrew and so on.

In terms of performance, Li Yuan Heng's data are dazzling.

In the 2016-2018 year, Li Yuan Heng realized revenues of 229 million yuan, 403 million yuan and 681 million yuan respectively. In 2016 and 2017, the net profit was 12 million 603 thousand and 300 yuan and 41 million 581 thousand and 500 yuan respectively, and the net profit in 2018 exceeded 100 million yuan, reaching 129 million yuan.

However, Li Yuan Heng also exposed the problem of high customer concentration.

From 2016 to 2018, the proportion of sales revenue of the top five customers of Liyuan Heng increased from 87.97% to 92.52%, showing an upward trend year by year, especially for the first largest customer, accounting for over half of the sales revenue of new energy technology.

The main customers of new energy technology are Apple, Vivo, millet, OPPO, HP, Dell, HUAWEI and other global consumer electronics enterprises. In the past 2016-2018 years, Li Yuan Heng's sales income to new energy technology was 114 million yuan, 311 million yuan and 450 million yuan respectively, accounting for 50.14%, 77.29% and 66.19% of the proportion of revenue.

In addition, the risk of uncollectible receivables and accounts receivable is also one of the challenges of Li Yuan Heng.

At the end of 2016-2018, the receivables and accounts receivable of Li Yuan Heng were 134 million yuan, 269 million yuan and 306 million yuan respectively, representing 46.02%, 36.71% and 26.68% of current assets respectively.

In this regard, Li Yuan Heng also admitted in the prospectus that the client Voight Ma was in difficulty because of the fact that he was unable to pay for commercial bills payable at maturity and to repay debts with assets. The company's notes receivable and accounts receivable mainly include bank acceptance bills without recourse, but there are still a small number of commercial acceptance bills payable. If the customer fails to operate, there is a risk that the commercial draft will not be recovered at maturity.

It is worth mentioning that a case worthy of warning is just around the corner.

In the evening of April 12th, the technology of CB company, which contained 100 technology, was not allowed to issue securities publicly within 1 years because of not fully disclosing information. It was largely caused by the "money back" problem of Beek power.

From the perspective of ownership structure, Zhou Junxiong, chairman of Li Yuan Heng, directly or indirectly controls 73.16% of the shares, and his spouse, Lu Jia Hong, has a direct share of 3.93% shares, while two people control 77.09% of the total share capital before issuance, which is the actual controller. In the past year, Li Yuan Heng has seen many new shareholders, such as morning road investment, recruiting bank number, winning the silver prize, and creating Jin Yuan and other equity investment institutions in Foshan.

Is it possible for Li Yuan Heng of Guangdong to list the gem of Shenzhen Stock Exchange? In April 13th, reporters repeatedly called Li Yuan Heng Securities Affairs Department, but no answer was answered.

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