The First Batch Of Enterprises Registered For IPO In Mid August

On July 13, the registration system of gem finally ushered in the first batch of enterprises on the meeting.

In line with market expectations, the first batch of four enterprises were successfully passed the meeting. Among them, the IPO applications of Beijing Fengshang century culture media Co., Ltd. (hereinafter referred to as "Fengshang culture"), Kangtai medical system (Qinhuangdao) Co., Ltd. (hereinafter referred to as "Kangtai medical") and longlide Intelligent Technology Co., Ltd. (hereinafter referred to as "longlide") as well as the application of Tianneng heavy industry to issue convertible bonds to unspecified objects were all approved.

After the IPO information is submitted to the CSRC, the relevant information will be disclosed to the issuer in accordance with the requirements of the IPO and IPO registration process. The CSRC will make a decision on whether to register or not to register an issuer's registration application within 20 working days. The time from registration approval to listing is about 14 working days.

The reform of the registration system of GEM has greatly reduced the process of enterprise listing audit. With the first batch of IPO enterprises of gem registration system on the meeting, the industry expects that the first batch of enterprises will be listed in one month.

A senior investment banker in Shanghai predicted: "after the meeting, there will be registration, approval, issuance and listing of the CSRC, which is expected to take four weeks. The first batch of gem registered enterprises will be officially listed as soon as mid August."

The first batch of enterprises coming out

On July 13, a new round of stock reform of the A-share market began in Shenzhen Stock Exchange.

The first deliberation meeting of the municipal Party Committee on the gem in 2020 was officially held in room 1808 of Shenzhen Stock Exchange. Audio and video equipment was installed in the room. The whole process of the meeting was recorded and recorded. The words "insisting on information disclosure as the center" can be seen on the indoor wall, which is the core concept of the pilot registration system of the gem.

The reporter of the 21st century economic report learned that the four enterprises audited this time adopted the method of on-site audit. The audit committee members include Liu Liang, director of institutional Inspection Department of Fujian Securities Regulatory Bureau; Liu Qingfeng, chairman of iFLYTEK; Jiang Li, deputy general manager of Ningde times; Yang Xiong, executive partner of Dahua accounting firm; and Liu Lanyu, senior partner of Beijing Hairun Tianrui law firm. The members' background covers many fields, such as supervision, company, accounting firm, law firm, etc.

Specifically, among the four enterprises listed on the SFC, all of them are stock enterprises transferred from the CSRC, with an estimated total of 2.729 billion yuan. Based on the audit sequence of the enterprises under examination in the CSRC and the existing audit results, the Shenzhen Stock Exchange carried out the audit work of the enterprises under examination in accordance with the procedures and rules of the registration system.

From the perspective of medical equipment and entertainment board, which have not been listed for a long time, both of them have applied for IPO in the field of medical equipment for three years, and have applied for medical equipment and entertainment board for three times.

Among them, Fengshang culture is mainly engaged in the planning, artistic creative design and production of domestic and foreign cultural performance activities. The sponsor is CITIC. It was accepted by the Shenzhen Stock Exchange on June 22 and is expected to raise 1.312 billion yuan.

From 2017 to 2019, the operating revenue of Fengshang culture was 206 million yuan, 573 million yuan and 912 million yuan respectively, with a compound growth rate of 110.30%; the net profit was 53.9565 million yuan, 136 million yuan and 254 million yuan, with a compound growth rate of 116.90%, and the net profit after deduction was 58.3566 million yuan, 135 million yuan and 241 million yuan respectively.

During the epidemic period, Fengshang culture still maintained a good growth trend. The company's main financial data from January to March 2020 will maintain growth, and it is expected that the main financial data in the first half of 2020 will remain stable as a whole; meanwhile, the company's new orders from January to may 2020 will be 316 million yuan, with a year-on-year increase of 10.47%.

Kangtai medical belongs to the medical device industry, which is mainly engaged in the research and development, production and sales of medical diagnosis and monitoring equipment. The sponsor is Shenwan Hongyuan. On July 2, its IPO application was accepted by Shenzhen Stock Exchange, with an estimated financing of 296 million yuan.

The net profit of the company in the period of 2019 was RMB - 6.307 billion, the net profit of Kangtai was RMB - 6.830 million, and the average annual net profit was RMB -6.307 billion, RMB 0.063 billion, respectively.

It is worth mentioning that the Sino US trade friction has a certain impact on the company's business. From 2017 to 2019, the proportion of Kangtai medical's US revenue in the export business income was 31.37%, 29.25% and 25.30% respectively, and the US business income accounted for the highest proportion of the company's export business income among various countries. The company's revenue from exporting tax related products to the United States was 27.3589 million yuan, 30.3578 million yuan and 28.8329 million yuan, accounting for 6.94%, 8.47% and 7.54% of the main business income respectively.

Longlide, the third IPO application enterprise, is a high-tech enterprise focusing on the design, research and development, production, printing and sales of medium and high-end corrugated cartons and paperboards. It mainly provides packaging products and services for customers in food and beverage, household chemicals, cereals and oils, home office, electronic equipment, medicine and medical industry. The application was accepted by Shenzhen Stock Exchange on June 23. The sponsor is Soochow securities. The IPO is expected to raise 421 million yuan.

This is the third time long Li De sprint A shares. In January 2018, longlide was rejected by the CSRC due to the high concentration of the top five customers and whether the new capacity can be effectively digested. On the eve of the IPO meeting in 2019, the application was cancelled again.

From 2017 to 2019, longlide achieved operating revenue of 642 million yuan, 861 million yuan and 871 million yuan respectively, and the net profits attributable to the owners of the parent company in the same period were 57.2551 million yuan, 88.7558 million yuan and 85.9999 million yuan respectively.

The above three enterprises all meet the listing standard of "the net profit in the last two years is positive, and the accumulated net profit is no less than 50 million yuan" in the "Shenzhen Stock Exchange GEM Listing Rules".

Gem registration system pull development review. Visual China

Key points of the first round of inquiry

After the deliberation of the Shanghai Municipal Committee, the Shenzhen Stock Exchange shall, in combination with the deliberation opinions of the Shanghai municipal Party committee, issue an examination opinion that the issuer meets the requirements for issuance, listing and information disclosure, or makes a decision to terminate the examination of the issuance and listing.

In addition, the three aspects, including the reasonableness of the first round of the transaction, the financial stability of the company, and whether the transaction was approved by the Shenzhen stock exchange company, including the reasonableness of the transaction, the financial stability of the transaction, and whether the application was passed.

In view of Fengshang culture, Shenzhen stock exchange mainly raised audit questions from the company's sales mode, measures to deal with the epidemic situation, the possibility of changes in the specific implementation of orders in hand and subsequent implementation, whether the provision for inventory falling price is sufficient, the aging of accounts receivable has been extended, and the proportion of sales expenses in operating revenue is far lower than the average level of the same industry.

Shenzhen stock exchange requires Fengshang culture to make supplementary disclosure of "the impact trend of new crown pneumonia on the industry of the issuer, the main aspects of potential impact on the business development of the issuer, the main measures of the issuer to flush the offline business risk through online business" and "the reason and rationality of the difference between the sales expense rate and comparable companies in the same industry".

For Kangtai medicine, Shenzhen stock exchange mainly inquired from the aspects of sales mode, overseas sales business verification, reasons and rationality of the change of gross profit rate of main products, rationality of increasing interest income year by year, and the impact of pending patent litigation.

Focusing on the information disclosed by longlide, Shenzhen Stock Exchange focuses on the business model of non terminal business, the rationality of the gross profit rate of sales significantly higher than the average level of comparable companies in the same industry, and the reasons why the variation range of carton cost is higher than that of paperboard, etc., and requires longlide to make supplementary disclosure.

On the whole, the Municipal Committee of gem adheres to the concept of information disclosure as the core, participates in the examination and approval of the issuance and listing of gem, deliberates on the audit report and application documents issued by the issuance and listing examination institutions, and puts forward the deliberation opinions.

The audit work has been pushed forward with great efforts

Behind the opening of the first review of the GEM Listing Committee, the various audit work of the Shenzhen stock exchange is also in constant progress.

It is understood that the gem registration system audit process is divided into six steps: acceptance, audit, municipal Party committee meeting, submission to the CSRC, CSRC registration and IPO.

Since the first batch of 33 enterprises were accepted on June 22, in just three weeks, 396 enterprises have been accepted on GEM, including 275 IPO applications, 115 refinancing applications, and 6 merger and reorganization applications. The efficiency of examination and verification has been improved, and the process of gem registration system is "rapid".

At present, the Shenzhen stock exchange is making an orderly and smooth transition in the examination and approval of issuance and listing before and after the implementation of the registration system.

For the enterprises under examination that have passed the preliminary examination committee and the opinions of the preliminary examination committee have been implemented in the process of examination by the CSRC, the Shenzhen Stock Exchange has recently successively arranged Municipal Committee meetings on the gem for deliberation.

This week (July 13 to July 17), the Municipal Committee of the gem plans to hold four audit meetings within five working days, with 16 issuers to be audited and 4 enterprises to be audited at each meeting. From the perspective of financing type, there are 14 initial projects and 2 convertible bonds.

There is a clear schedule for the IPO reform, according to the IPO registration system. According to the stock issuance and listing guidelines issued by the Shenzhen Stock Exchange, the time from registration approval to listing is about 14 working days, which means that after the first three enterprises have passed the examination, they will be listed in August as soon as possible.

"The gem reform and pilot registration system will further improve the service ability and efficiency of the capital market to the real economy, help to improve the direct financing system and enhance the scale of equity financing, reduce the level of macro leverage, and enhance the ability of enterprises to cope with risk challenges. At the same time, judging from the operation experience of the science and technology innovation board this year, the gem pilot registration system can also stabilize investor sentiment and enhance the confidence of all parties in China's capital market and China's economic development. The registration system reform of gem will further deepen the structural reform of the financial supply side, improve the service ability of the financial system, and provide new assistance for China's economic development. " Li Zhan, chief economist of Zhongshan securities, said in an interview.

For those that have passed the preliminary review committee in the early stage, but the opinions of the preliminary review committee have not been implemented or need to be supplemented and disclosed, the Shenzhen Stock Exchange said that it would require the issuers and intermediary institutions to implement and orderly arrange the Municipal Committee meeting on gem for deliberation. For other enterprises under review, the audit process will also be promoted on the basis of the previous audit results.

At the same time, the Shenzhen Stock Exchange will launch a new round of examination and approval within 20 working days for enterprises to accept and accept applications.

"The experience of economic development at home and abroad shows that a standardized, transparent, dynamic and resilient capital market is the accelerator of economic development. The registration system reform is an important part of the A-share market-oriented reform, and the gem is the first step of the stock plate registration system reform, which has a very important demonstration significance for the follow-up registration system reform of the main board and the small and medium-sized board. " Yang Ling, founder of Xingshi investment, said.

?