Whether It Is Suspected That The Second IPO Project Was Reported By The Internet

Whether IPO projects were added to the list during the year.

The 21st century economic news reporter learned from the China Securities Regulatory Commission that in the 112th meeting of the 18th issuance audit committee in 2020, Shandong Zhaowu Network Technology Co., Ltd. (hereinafter referred to as "Zhaowu network"), which mainly deals in network information security, failed to pass the IPO. This is the second IPO project that has been rejected this year after Jiaman shares.

Some investment bank people close to the regulatory level disclosed that the fuse of whether the Zhaowu network was approved or not originated from a targeted report, and the relevant matters indeed constitute a practical obstacle to the rationality of the listing of Zhaowu network.

Other investment banks close to Zhaowu network pointed out that the problem of Zhaowu network's being used or not was mainly related to the bribery case of a company where most of the company's executives worked before, and the uncertainty of the relationship between Zhaowu network and the company may be the reason for its IPO failure.

The second case was rejected

As for whether the listing will not constitute an objective obstacle For Zhaowu network listing audit was not, an investment bank in Shanghai said.

Since the beginning of this year, Jiaman's IPO has been vetoed by the Securities Regulatory Commission for the second time, which has been vetoed by the Securities Regulatory Commission since the beginning of this year.

Compared with the market's expected listing abortion of Garman shares, there is no sign of whether the network has been threatened before.

According to the prospectus, the main business of Zhaowu network is technology research, product development, sales and service in the field of network information security and big data informatization. The company's main products include network behavior analysis products, electronic data forensics products, network security audit products, and a new generation of information system based on big data and application exchange system.

According to its plan, Zhaowu network plans to issue no more than 17.5 million shares on the main board of the Shanghai Stock Exchange, and the proposed capital raising fund is only 439 million yuan, which can be described as a "pocket" project in the IPO project.

It is true that the scale of the company's network landing is limited. According to the prospectus, its business income during the three years from 2016 to 2018 was 131 million yuan, 184.7 million yuan and 194 million yuan respectively; the net profit attributable to the shareholders of the parent company was 34 million yuan, 64 million yuan and 73 million yuan respectively.

Although the scale of income and profit is limited, this is not the reason why it is denied.

"At present, under the audit direction of information disclosure as the core, the audit of sustainable profitability has been weakened to a certain extent. Therefore, whether the Zhaowu network is approved or not is still related to some trust and compliance issues." The above analysis of investment banks in Shanghai said.

It is worth mentioning that the proposed listing plate of Zhaowu network is the main board of Shanghai Stock Exchange, while the planned listing plate of Garman shares which was previously rejected is the small and medium-sized board. However, no IPO project of any gem company was rejected during the year.

"The main reason is that the gem is promoting the registration system reform, and the IPO audit work in the first half of the year has stopped for a period of time. In addition, the Shenzhen stock exchange itself has the power to compete for high-quality technology and growth enterprises through the system reform and the Shanghai Stock Exchange. Therefore, the audit standard itself is approaching the registration system. Therefore, we pay more attention to the information disclosure and compliance issues of enterprises, but not much To judge the profitability and fundamentals of enterprises. " "With the start of the reform of the main board, the main board of the Shanghai Stock Exchange and the small and medium-sized board may gradually change in this direction," said an investment banker in Shenzhen

Causing bribery?

Whether or not the Internet has been concerned by the market is still the cause.

According to a person close to the regulatory authorities, the failure of Zhaowu's IPO rush may be related to a report.

"The main reason is that some problems of the company have been reported, and it does have some substantial impact on the IPO of the company." A person close to the regulators said.

However, the person familiar with the matter did not disclose the specific reasons for the report.

Other investment banks close to Zhaowu pointed out that the core obstacle of Zhaowu network may be related to the bribery case of a company where several core executives worked.

According to public information, the core personnel of the nine issuers, including Li Min, the actual controller of Zhaowu network, have worked in a company named Beijing Ruibang one network technology development Co., Ltd. (hereinafter referred to as Beijing Ruibang). For example, Li Min was the technical director of the company from September 2000 to August 2008.

In addition, Hao Zhenshi, director and network security technical director of Zhaowu network company; Liu Peng, director and system technical director of the company; Rong Qiang, director and data technology director of the company; Chen Yujun, chairman of the board of supervisors; Wang Hui, former deputy general manager of the company; Wan Qing, director, deputy general manager and chief engineer; sun Qingyi, supervisor; Wang Jianjun, deputy general manager; Zhang Lixia, deputy general manager, have been in Beijing Jingruibang works.

Data shows that the work of Beijing Ruibang, which was established in 2000, is basically the same as that of Zhaowu network, and it is also the Internet information security.

However, Beijing Ruibang only appears in the resumes of the above-mentioned executives and key personnel, but the prospectus does not mention the relationship between Zhaowu network and Beijing Ruibang.

However, according to a local court judgment, Beijing Ruibang is suspected of bribery. According to the local court of Fujian Province, the local court of Ruibang provided a high cost of RMB 118 million to the local public security agency, which was responsible for the existence of the local security agency.

"This bribery is equivalent to the behavior of Beijing Ruibang company, and so many executives and shareholders have worked in this company. This uncertainty will bring difficulties to the listing of Zhaowu network." "This sales model does have certain particularity, so it may leave potential compliance risks for issuers," said the investment bank close to Zhaowu network

In fact, the SFC has paid attention to this issue in its feedback. For example, the CSRC has asked it to explain the main business actually engaged in by Beijing Ruibang, the reasons for the cancellation, whether there are major violations, and the positions of relevant personnel in Beijing Ruibang and the relationship with Zhaowu network; in terms of business income, the CSRC has also proposed "whether to obtain business independently by open and fair means" and "whether there is commercial bribery" Problems.

"Whether Beijing Ruibang has something to do with Zhaowu network; whether these executives have cleared away the problems of Beijing Ruibang before; and how Zhaowu network can avoid repeating the problems of Beijing Ruibang may be the problems that the company did not solve in the end when it went public. Therefore, going to the meeting in the end will become a walk in the street, which has been doomed to be no before." The investment banks said frankly.

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