IPO Approved The "Dystocia" Of All Living Beings: Corruption, Epidemic And Other Reasons Intertwined, 18 Enterprises Await "Pass".

Under the constant promotion of IPO, some of the issuers who have passed the examination of the issuance examination committee have experienced a new embarrassment in their journey to IPO.

In twenty-first Century, the economic statistics reporters Wind statistics found that as of May 31st, the number of companies that had not been able to land in the first 3 months since 2017 had reached 18, including Gan Li pharmaceutical, Dongpeng holdings, science and technology shield, Chuangxin laser and Tong Qing building.

According to industry sources, the approval of the approvals has been delayed. Most of the time, the issuers themselves are still not satisfied with the IPO conditions.

"Many companies have IPO meeting, but no approval has been issued. Some of them have reported problems with real hammer, or litigation problems have not been solved. There are still some companies or industry risks that may arise." An investment bank official close to the regulatory level said, "of course, approvals slow release does not mean that its IPO will not be approved. The key is to see whether some of the barriers to listing have been fundamentally resolved."

Reporters noted that some of the IPO companies that had been difficult to produce these approvals were unable to extricate themselves from scandals which had long been caught in commercial bribery. The related cases also had an impact on the IPO process of the same industry. But there were also some special industries under the impact of the new crown pneumonia epidemic, and the last mile of its listing was facing greater uncertainty.

Many have passed the IPO enterprise approval difficult production. Xu Hui Zhi

Many companies approve difficult labor

Many of the approved IPO enterprise approval documents are still "dystocia".

In twenty-first Century, the economic statistics reporters Wind data found that there were not less than 18 IPO companies that had been examined by the issuance examination committee after 2017, and had not been granted the initial approval of the SFC for 3 months.

According to the statistics, the listed companies have 2, 3, 4 and 8 listed companies in the main board, medium and small board, science and technology innovation board and gem.

"This situation is not normal, because after the normalization of IPO, there will be 2 months before and after the process of issuing the approval, and the fastest 1-2 weeks will be given to the approval." The investment bankers close to the regulatory authorities said, "the long time of the deduction is not enough, indicating that during the process of reviewing and approving the approval, new problems must be found by the regulatory authorities."

In some companies that are difficult to produce, there are indeed similar cases.

For example, in April 2018, Gan Li pharmaceutical, which had already been implemented, has been over for more than two years, but its approval has not been able to land.

"Gan Li pharmaceutical has received reports about commercial bribery since IPO, but the relevant cases do exist, which is partly the reason why their approval is difficult." A person close to Gan Li pharmaceutical investment bank said.

In fact, Gan Li pharmaceutical is indeed involved in the commercial bribery scandal. Public information shows that in May 2015, the local Procuratorate of Jinzhou City filed a public prosecution on the case of Gan Li pharmaceutical sales staff suspected of commercial bribery, pointing out that in order to improve sales performance, he paid bribes to doctors in many hospitals, involving an amount amounting to 2 million 770 thousand and 400 yuan.

In the feedback from the SFC to Gan Li pharmaceutical, it also asked him to verify the impact of the relevant cases and explain the impact of the case on the company's business.

Although Gan Li pharmaceutical indicated that the case had been terminated and did not need to be held responsible, and the corresponding rectification was made at the same time, the final approval issued by the company still seemed to be a cordial evidence from the regulators on this issue.

Industry shock

"The relationship between drug companies and hospitals and doctors is often reflected in the high sales costs and management fees of some pharmaceutical companies." An investment bank who has been a pharmaceutical company's IPO project also said.

In fact, the exception of some fees in Gan Li pharmaceutical market has been noticed by the market.

For example, the prospectus disclosed last 2014 showed that the cost of meetings between 2014 and 2016 and the first half of 2017 were 144 million yuan, 140 million yuan, 181 million yuan and 142 million yuan respectively, which amounted to 607 million yuan, of which 48.39% of the proportion of sales expenses in the first half of 2017 accounted for 48.39% of sales expenses.

"Meeting fees are often the subjects to solve these sales rebates. In fact, the regulatory authorities have paid a blind eye to the fees paid by pharmaceutical companies, but in recent years the requirements for compliance have gradually increased." The investment bankers close to the regulatory authorities said, "this is mainly related to the recent anti-corruption efforts in the medical and medical industry, and the increase in corruption cases. If the case involves major cases, the company will also be on the market. Obviously, the regulatory authorities are unwilling to take this risk."

In fact, in recent years, more and more corruption cases involving medical and pharmaceutical listed companies have been exposed.

For example, Heng Rui medicine, which has a market value of up to 400 billion yuan, has recently been exposed by a ruling document. Its wholly owned subsidiary, Jiangsu new morning Pharmaceutical Co., Ltd. has been involved in the bribery case of Lei Mou, the former anesthesiology director of Lishui Central Hospital in Zhejiang.

"Lian Heng Rui can not avoid such a leading thing, so this phenomenon is still very common in the industry." The medical profession admitted.

This hidden rule of pharmaceutical companies has also made IPO of many pharmaceutical companies face embarrassment in recent years.

"The raw materials and intermediates may be fine, but the finished products often have the problem of selling back fees. If the sales cost is too high, the final results will often be asked in the feedback. In recent years, the finished drug companies are listed on the market very little, which is basically related to the regulatory authorities' attention to this problem." Those who are close to regulators have pointed out.

Reporters noted that this audit concerns have already brought some impact to some new sprint companies.

For example, the biological Valley, which has entered the selected layer, has been asked to ask questions about the stock transfer system. It has raised the problem of high sales cost. The prospectus shows that the sales cost of Bio Valley from 2017 to 2019 reached 323 million yuan, 277 million yuan and 280 million yuan respectively, accounting for more than 50%, and the main purpose is marketing promotion fee.

In the inquiry, the stock transfer system requires the Bio Valley to specify the sales policy, the number of salesmen, the salary and the sales promotion mode. At the same time, it is required that the Bio Valley explain the main contents of the conference fee in detail, including the details of the venue, meeting time, content, agenda, location, Fei Yongjin's composition, and the remuneration of the lecturer.

"This kind of inquiry is rather detailed. It is generally not a good answer for issuers, and it is well known that although there is a promotion in the pharmaceutical industry, it is certainly not enough to achieve such a large volume. This will also bring some difficulties to the IPO of the relevant companies." The investment bankers close to regulators said.

Examination of epidemic situation

In addition to the hidden rules exposed by specific industries, some companies have difficulty in producing IPO approvals, and some companies have been hit by the new crown pneumonia epidemic.

For example, by the state Yuan Securities recommendation, the planned motherboard listing and the official meeting of Limited by Share Ltd in December 12, 2019, the catering Limited by Share Ltd has yet to wait for the initial approval.

Since the pre disclosure time of Tong Qing building is much longer than that of the meeting time, its financial data disclosed on the IPO letter booth platform show only until 2016. Statistics show that the operating income of Tong Qing building from 2014 to 2016 was 1 billion 68 million yuan, 1 billion 161 million yuan and 1 billion 272 million yuan respectively, while the net profit for the parent company during the same period was 72 million yuan, 31 million yuan and 124 million yuan respectively.

Close to the regulators, analysts believe that due to the building belonging to the catering industry is affected by epidemic factors, it may be a potential reason for its delay.

"Tong Qing building in 2019 will show that the latest financial data will be added before the meeting, and it will meet the requirements of the meeting." A broker dealer in Shanghai said, "but it is likely that the outbreak in early 2020 will have a greater impact on the catering industry, so the approval of Tong Qing building has been delayed."

"Even if the approval of the real building is coming down, the impact of the epidemic will be difficult to issue in a short time, because the issue price will be affected. If the approval is early, it is very likely that the issue will not be issued, so the issuer will have to declare IPO again." The investment bankers said frankly, "in fact, these years, the catering industry sprint IPO cases are not many, because the growth of the industry is not big, but the risk is improving."

It is worth mentioning that in recent years, the success rate of IPO in catering enterprises is relatively limited.

According to the twenty-first Century economic report reporter statistics, no A restaurant market has successfully implemented IPO in the past 10 years.

Correspondingly, in recent ten years, there have been 5 restaurants, including Jingya food, Shun Feng catering, Jiahe Yi, Goubuli, and 99 Fen, which have announced the termination of the examination.

In fact, even the listed catering companies in A shares are not very lucky. For example, the former xiangeqing later transformed into the ST cloud network through the transformation, but the company was also on the brink of being trapped because of its involvement in business difficulties. For example, the Xi'an diet, which was held under the control of the Qujiang New District Management Committee of Xi'an, fell into a repetition of losses and losses after 2015. In 2019, though it realized 500 million yuan of business income, its net profit to its parent company was still low. But there was a loss of up to 47 million yuan.

"From the industry life cycle perspective, the domestic catering dividend actually has disappeared from the 10 years since 2010, and the market capacity has gradually become saturated." A food and beverage industry analyst at a brokerage in East China pointed out that "apart from some of the leading restaurants that have aura effects in special categories, there is little room for growth."

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