According to the bulletin of the work conference of the issuing and reviewing committee, the issuing committee conducted an IPO audit on Cobos Robot and Dongfang Universal Gas (sponsor: CITIC Securities) on March 20. The CSRC’s announcement showed that the audit result was passed by the former. Suspend the vote.
It is worth noting that the Oriental Huanyu Gas had scheduled a meeting on January 30th. However, on the eve of the meeting, the appraisal and issuance committee announced that due to the fact that the company still has relevant issues that require further verification, it decided to cancel the company’s issuance of the declaration document. After the review, this time again, we still did not win the 'pass card'. According to industry sources, there is a small matter that has yet to be resolved. The solution will be completed soon.
Therefore, as of March 20, this year, the issuing committee has arranged for 68 companies to attend the meeting, passing 30 companies. The pass rate is 44%, of which GF Securities, Shun Securities, and Zhejiang Securities have a pass rate of 100%.
Cobos artificial intelligence assisted the meeting?
According to the updated report submitted on December 19th, 2017, the main products of Cobos robots can be roughly divided into two major modules, namely service robots and clean household appliances. The main products of the company in serving robot modules are: 'Ecovacs Cobos' brand family service robot. In addition, the company is engaged in the research and development, production and sales of commercial service robots, and has public service commercial service robot Wangbao and other products.
However, the reporter noticed that the updated submission had a significant change in the publisher’s industry from the January 22, 2017 submission: The company's main business is various types of home service robots, clean small appliances. The R&D, design, production, and sales of smart home devices and related parts and components. According to the “Guidelines for Industry Classification of Listed Companies” (revised in 2012), the company’s industry is C38 electrical household cleaning and sanitary products under the C38 electrical machinery and equipment manufacturing industry. Electric appliance manufacturing industry. In addition to the above description, the updated version of December 19, 2017 adds: According to the “Notice of the State Council on Issuing the “Thirteenth Five-Year” National Strategic Emerging Industries Development Plan” (Gufa '2016' No. 67) and “Catalogue of Strategic Emerging Industries Key Products and Services” (Announcement No. 1 of 2017 of the National Development and Reform Commission of the People's Republic of China), the company belongs to artificial intelligence (smart robots and related hardware) in strategic emerging industries .
Obviously, we can see that in the updated manuscript, the company emphasizes the attributes of 'artificial intelligence'. At present, the IPO ecology is in a new round of changes. The 'four new' enterprises (new technologies, new industries, new formats, new models) ) Obtaining a system and sponsoring resources are tilted to usher in a warm policy.
There are still five major issues to be explained
Although the Cobos robot passed the audit, the issuing committee still raised five major issues, including 18 minor problems.
The prospectus disclosed that the issuer had more than 600 domestic and foreign patents. During the reporting period, there were many disputes over patent rights with Dyson Technology, Dongguan Wanjin and other companies. Please note that the issuer’s representative stated: The core technology and its sources, the core How technology integrates with service robots and small clean furniture, the level of the issuer’s existing technology in the industry, and the specific circumstances of the disputed patent and its role in production and operations.
During the reporting period, the issuer's service robot business had a high gross margin, and the clean-type small appliance business had a low gross margin. The issuer's representative stated: The ratio of the robot production model and OEM production model during the reporting period, online and offline sales model Select criteria, percentage and impact on gross margins.
The company’s actual controller is Qian Dongqi, and Qian Dongqi’s son indirectly holds 17.00% equity in the issuer. At the same time, he serves as a director of the company. The issuer has multiple employees’ shareholding platforms. Please note that the issuer’s representative will only: Qian Dongqi identified as the reason and rationality of the actual controller and set up a number of employee stock ownership platforms, as well as the reasons and rationality of some employees holding equity in multiple shareholding platforms.
According to the disclosure of the prospectus, the issuer's equity incentives for employees in 2016 incurred share-based payment expenses of RMB 8106.58 million, which corresponds to 5.18 times 2015-earnings earnings ratio. The issuer's representative stated that: In 2013, the valuation of equity incentive shares of external investors in 2016 will be paid. The rationality of the difference, etc.
The issuer has set up multiple branches and subsidiaries, and some of the participating companies have suffered large losses in the past two years. The issuer’s representative stated clearly: Set up many branches, subsidiaries and set up multiple subsidiaries in the same area and set up branch offices (same area The reason and rationality of the establishment of a number of branch companies, and the reason and rationality of the bamboo joint technology, Bessop Technology and Beiwa Technology's major losses.
This year, three brokers sponsored the adoption of
This year, the issuing and reviewing committee originally planned to review 68 (actually involving 66 companies, Bethel and Dongfang Huanyu Gas were arranged for several times), passed 30, failed to pass 29, suspended 4 votes, cancelled 5 audits, and reviewed The pass rate is 44%.
However, it is worth mentioning that, after the Spring Festival this year, the appraisal of the appraisal committee made the sponsor's nervous nerves ease. The reporter found that after the Spring Festival, the approving committee arranged a total of 4 trials, a total of 9 In the enterprise meeting, the audit passed seven, failed one, suspended one vote, and the pass rate reached 77.8%.
On March 20th, the meeting of the Kewos Robot and the Orient Global Gas sponsor were CICC and CITIC Securities respectively. The reporter noted that Dongfang Huanyu Gas is the seventh company that CITIC Securities has coached this year. The number of companies in the Securities Counselling Association was tied for first, but the result of the assessment of the Oriental Huanyu Gas was suspended. Therefore, the sponsorship rate of CITIC Securities this year has been lowered to 43%.
On the contrary, the approval of the Cobos robots has correspondingly increased the sponsorship pass rate of CICC. According to the statistics of the reporters, this year CICC coached a total of 3 companies (including Cobos Robotics), 2 of them. As a result of the suspension of voting, the pass rate has increased to 66.7%.
Taken together, among the brokerage companies with 2 or more companies who coached the club this year, the highest pass rate was GF Securities, and there were 4 companies involved in counseling and all passed; followed by Zheshang Securities and Anxin Securities. The two companies will also all pass.