1. There is a dictionary dictionary to select new products first: Junzheng X1000E blessing, standby up to 25 days
Set micro-network news, Beijing Junzheng X1000E chip has ushered in new products!
Recently, Netease has a company launched a new learning hardware tool product - a dictionary. This product was officially launched on July 26 in the 'Netease strict election'.
The dictionary has a simple and convenient operation. The dictionary of the ready-to-use dictionary has a dictionary of more than 650,000 English-Chinese vocabularies. It meets the needs of the English-speaking people, eliminating the need for users to frequently search for words during the English learning process. Trouble.
Appearance, using aluminum integrated body design, the whole machine is only slightly larger than an ordinary gel pen, small and light, easy to carry.
On the hardware, the Junzheng X1000E processor runs at 1.0GHz. The processor features high performance and low power consumption. Built-in 64MB LPDDR with voice wake-up engine and audio CODEC.
In operation, there is only 3 buttons in the dictionary pen body, the operation threshold is greatly reduced, the user only needs to swipe a swipe to query the words. In addition, compared with the traditional word query method, the dictionary pen averages per second. Querying 1 word is 15 times more efficient than looking through the paper dictionary query, and is 5 times more efficient than electronic dictionary query.
As a scanning word learning tool, the ability to accurately identify is the core competitiveness of the product. The dictionary has support for 13 kinds of English printed fonts and 14 Chinese printed fonts for accurate recognition, support bold, italic, underline, medium The recognition of words in English, such as mixed sorting, absolutely satisfies all kinds of identification needs.
In terms of pronunciation, this product brings even greater surprises. The dictionary has a real-life recording method to provide users with authentic English pronunciation, helping each English-speaking classmate to have good listening and speaking. Basic. At the same time, with the exclusive independent cavity design and TTS pronunciation technology, learning words can also become a kind of auditory enjoyment.
In terms of the reliability and safety of the actual use of the product, the dictionary pen inherits the excellent quality of Netease products. The product system adopts low-power design, and can charge for 25 days at a time, without worrying about the trouble of frequent charging. The machine is safe and radiation-free, very suitable for children.
There is a dictionary of pens available in elegant gray, cherry powder and space silver. Currently, it has been officially selected on Netease, and the price is 499 yuan.
2. Suzhou Shengfan Semiconductor evaded more than 1.8 million yuan in tax evasion and paid tens of millions of yuan for the loss of trust;
Due to smuggling tax evasion of RMB 1.86 million, it was downgraded by Nanjing Customs to AEO mutual recognition arrangement for untrustworthy enterprises, and the cost of losing the trust was RMB tens of millions, which had a major impact on production and operation. The relevant person in charge of Shengfan Semiconductor (Suzhou) Co., Ltd. said Lost trust is not worth the loss, regret it.
Shengfan Company, with a total investment of 167 million US dollars, is a Korean-owned company, mainly engaged in the development and production of semiconductors, component-specific materials, and new electronic components.
During the period of 2012-2015, Shengfan Company paid taxes on the production of integrated circuits for the import of bonded materials by means of processing trade. The relevant personnel of the company used high-return loss methods to defraud the customs to write off, total stealing. Escape tax payable of RMB 1,868,560.
On November 10, 2017, the Suzhou Intermediate People's Court of Jiangsu Province found that its legal person smuggling crime was convicted and sentenced to a fine of RMB 1.1 million. The relevant parties were sentenced to a suspended period of execution. In December 2017, Shengfan Company was appointed by Nanjing Customs. Downgraded to AEO mutual recognition arrangements for untrustworthy enterprises.
The AEO ('Certified Operator') system is advocated by the World Customs Organization and is designed to provide customs clearance for companies with high levels of compliance, credit status and safety through customs, and to facilitate customs clearance between customs in different countries. Mutual recognition, giving each other the qualifications of a qualified business.
At present, China has signed and implemented AEO mutual recognition arrangements with more than 30 countries and regions around the world. Customs-to-business credit management is divided into four levels: untrustworthy enterprises, general credit enterprises, general certification enterprises and advanced certification enterprises.
According to relevant persons of Nanjing Customs, after downgrading to AEO mutual recognition and distrusting enterprises, the tax refund time of enterprises increased, occupying about 40 million yuan of working capital; increasing the manual margin by about 23 million yuan; implementing 100% customs clearance, cargo customs clearance cycle Increase by 2-3 days; the inspection fee will increase by RMB 150,000 per month. 'The taxation of the departments such as tax, electricity and foreign management will also be reduced accordingly, causing many inconveniences and rising costs.'
After paying a heavy price, Shengfan Company gradually realized that the convenience and smoothness of honesty and law-abiding and the untrustworthy violation of the law were difficult.
The relevant person in charge of Shengfan Company said that the company is actively rectifying, refining the duties of customs duties, improving the responsibility of customs officers, and verifying the declaration elements of export finished products, reducing the hidden dangers of customs clearance. (Liu Wei) Beijing Daily
3. Fund-intensive establishment of investment institutions to accelerate the layout of the chip industry;
'Funds intensively set up investment institutions to accelerate the layout of the chip industry' Recently, chip enterprise development and chip industry investment has become a hot topic. In the primary market, funds dedicated to chip (integrated circuit) have been set up, and some investment institutions that have deepened the chip industry have emerged. According to the data of the China Foundation, since April this year, there have been 14 private equity funds with the words 'chip', 'integrated circuit' and 'semiconductor' filed by the fund industry association, accounting for about 51 funds. 27.45%. (China Fund News)
Recently, chip enterprise development and chip industry investment have become hot topics. In the primary market, funds dedicated to chip (integrated circuit) have been set up, and some investment institutions that have deepened the chip industry have emerged.
The development of the chip industry is welcoming new impetus
According to the data of the China Foundation, since April this year, there have been 14 private equity funds with the words 'chip', 'integrated circuit' and 'semiconductor' filed by the fund industry association, accounting for about 51 funds. 27.45%. That is to say, the three-month-long chip-related primary market funds accounted for nearly 30% since the filing began in 2014. Recently, Nanjing has also established a total of 20 billion US dollars of integrated circuits. Industrial Investment Fund.
Not only the fund, the China Foundation's data also shows that since April, a total of three fund managers specializing in chip-related industries have registered and filed, respectively, Anhui Integrated Circuit Industry Investment Management Co., Ltd., Shanghai IC Industry Investment Management Limited Company and Shanghai Semiconductor Equipment Materials Industry Investment Management Co., Ltd.
In addition, the National Integrated Circuit Industry Investment Fund (referred to as the 'Big Fund'), which was established in September 2014, also reported the second phase of the plan to the State Council in May this year and has been approved, and has recently begun to have new investment actions. The report shows that the second phase of the big fund is expected to be between 150 billion yuan and 200 billion yuan. According to the swaying ratio of 1:3, the scale of social funds mobilized is about 450 billion yuan to 600 billion yuan.
Investigate the investment in the integrated circuit industry, and issued and filed five related funds in the past year. Its partner Jiang Yuming analyzed the logic of selecting the integrated circuit industry in many industries in an interview with reporters. 'From an industrial perspective The integrated circuit industry is currently developing well in China: downstream demand is strong and continues to grow, industries are accelerating inward shifting, localization is low, but various segments are catching up, and policy support is strong.
In addition, Jiang Yanming believes that from the perspective of investment targets, the integrated circuit industry has a large market, many sub-divisions, and the market capacity of each segment is large enough to facilitate investment layout. From a competitive perspective, the IC industry has high professional thresholds and technological changes. Fast, high learning costs, long-term continuous investment, long investment cycle, such a 'work hard' many people are not willing to do, but it also means that the industry competition is relatively less intense.
Chip industry investment opportunities
Indeed, chip investment is often considered to be 'hard work'. Industry insiders generally believe that the difficulty of chip investment lies in: On the one hand, the company has large investment in the early stage, long cycle and high cost; on the other hand, chip profit return is on average, enterprise estimate Values are often not high enough. Therefore, for institutions, the return on investment is not as high as that of investing in Internet companies.
Yang Ligong, director of risk analysis department of Citigroup, estimates that China will break the chip blockade in certain areas in about five years, and the biggest driving force is from the capital side and the national industrial fund, which is the result of the joint efforts of both parties.
Jiang Yuming said that the country must reach a strategic consensus and accelerate the localization of the integrated circuit industry, which has brought about the benefits of talents and capital. The huge market of one billion people is the biggest driving force for the accelerated transfer of the integrated circuit industry to China. It is also the decisive factor for the successful localization of the integrated circuit industry. At this stage, the iterative slowdown of integrated circuit technology has also brought rare time windows and opportunities for Chinese companies to catch up with advanced technologies.
Yingnuo Fund, a partner of Jinyun Venture Capital, Zhu Xiaocheng said in an interview that the chip industry needs big funds, long-term, government support and industrial cooperation. The future development has a long way to go. At present, under the rapid development of artificial intelligence, AI chips are also Very concerned. 'In addition to considering the future market space, the team's differentiated technical capabilities and rich industry background, we are also paying close attention to the application scenarios and time of the project landing.
4. The IPO meeting rate is picking up: Shanghai Jingfeng Mingyuan Semiconductor will have a meeting tomorrow;
The IPO meeting rate is picking up.
With the continuous digestion of the stock companies, the IPO 'Make Lake' has dropped from 900 at the peak to about 300, and gradually 'see the bottom'.
As of July 26, 2018, the China Securities Regulatory Commission accepted 308 enterprises that had issued and issued depositary receipt certificates, of which 31 had already passed, and 277 had not met. 271 of the enterprises that were not pending in the meeting, suspended the review of enterprises. 6 homes.
In the first half of 2018, the IPO market has undergone a series of changes: the IPO meeting rate has dropped to 40%, the number of new reporting companies has shrunk by nearly half, and the number of cancelled orders in the first half of the year has exceeded that of last year.
After entering the second half of 2018, the audit began to accelerate, and the rate of attendance was gradually increasing, but it did not mean any loosening of the strict criteria. From the five companies that were rejected in July, the focus of the audit committee is still in finance. 3. Authenticity, continuous profitability, and related aspects of connected transactions.
IPO speed is obvious
In the past 3 weeks, the CSRC has arranged five start-up companies to meet each week, which is a significant improvement compared to 2-3 weekly in June. From the number of IPO audits in a single day, June 5, Only three companies are planning to attend.
At that time, the market agreed that the IPO review speed had slowed down. In June, a total of nine companies met, compared with 16 in May (including 3 cancellations), a decrease of 40%.
In 2018, there are about 18 companies meeting each month, including 45 in January, followed by 17 in April.
And from July to now, 16 companies have been in the meeting, plus two companies that have canceled the review, and there are 18 companies to be listed. At the same time, the next four companies will be held next Tuesday (July 31), 7 The number of meetings to be reached in the month will reach 22, which is 1.4 times higher than that in June.
Enterprises that will be reviewed on July 31:
Jiangsu Fengshan Group Co., Ltd. (first)
Guangdong Marumi Biotechnology Co., Ltd. (first)
Shanghai Jingfeng Mingyuan Semiconductor Co., Ltd. (first)
Jiangxi Jinli Permanent Magnet Technology Co., Ltd. (first)
The rate of meetings in July reached 69%.
As the speed of the review speeded up, the IPO meeting rate also rebounded.
The data shows that as of July, a total of 16 companies have started to meet and 11 have been approved. The monthly IPO rate has risen to 68.75%. However, there will be 4 companies on July 31. There will be changes.
What makes people remember is that on January 23 this year, the audit committee reviewed 6 companies, and only one company passed. The 16.67% meeting rate on the same day also made market participants feel desperate. The final meeting rate in January was only 40%.
After experiencing the 'review of the winter' in January, the IPO meeting rate actually began to pick up. From a single month, the meeting rate in May reached 76.92%, which is the highest rate in the current month.
However, on the whole, from 2018 to the present, the CSRC has reviewed a total of 124 companies, of which 69 have been approved. The overall IPO meeting rate is only 55.65%, which is a 26% decrease from the same period last year.
Recently, the market has rumored that the financial threshold for IPO audits has once again increased. Since June, the profits of IPO companies have been basically lower than or close to the GEM of 50 million yuan, and the main board of 80 million yuan has deducted the invisible red line of non-net profit. The enterprises are all above the so-called invisible red line.
From the perspective of the five companies that were denied, the performance was not too hard. Only one invisible red line that had just reached 50 million yuan, and the others had a certain gap.
Although the performance is the threshold for IPO companies, the audit involves other aspects. From the point of view of the reasons for the failure of the five companies, it is more important to touch on some other key red lines.
1, continuous operation ability
Among the 5 companies that were rejected, 4 companies were questioned by the audit committee to continue to operate:
Micro Invasive Optoelectronics: The sustainability of the company's core competitiveness.
Guo Anda: Explain whether there is a risk of downturn in the downstream market.
Shen Yu Technology: Whether the sustainability of the issuer's profits depends heavily on tax incentives and government subsidies; whether there are any significant adverse circumstances affecting the company's continued profitability.
Jinchun Shares: The core competitiveness of the issuer's main products, technical level and sustainable profitability.
One of the more typical is minimally invasive optoelectronics.
Mini-invasion optoelectronics specializes in the development, production and sales of security video surveillance systems and equipment. However, in recent years, with the promotion of 'safe construction' and 'smart city', the market demand in the security field has been increasing. It is also increasingly fierce.
The market generally believes that the video surveillance industry will enter the process of reshuffling, and traditional equipment-based manufacturers face new challenges to the whole system and overall solution providers.
More critically, Hikvision (34.940, -0.41, -1.16%), the largest security company in China, has been the largest supplier of MicroPort.
Some investment bankers believe that there is a clear potential competitive relationship between Hikvision and the company, which is the largest supplier of MicroPort. This may leave a major hidden danger to the sustainability of the company's future operations.
2, financial authenticity
The authenticity and rationality of financial data has always been the top priority of IPO audits. The authenticity of financial data involves the issuer's income (expenditure), cost, gross margin and other data, as well as information disclosure. Sexual issues.
Almost every one of the above five companies was asked about the question of financial authenticity. The truth of performance is suspected, usually accompanied by abnormal gross margin.
Kaijin Energy failed to pass the test and the gross profit margin fluctuated abnormally. It failed to escape the 'close attention' of the audit committee. As the sales price of its main products decreased year by year and the gross profit margin continued to fluctuate, the auditors asked intensively:
(1) The gross profit margin is inconsistent with the trend of the sales price of major products, and the reason and reasonableness of the gross profit margin is lower than the level of the same industry;
(2) Reasons for the high gross profit margin of other businesses in 2017 and the rationality, whether there is any interest transfer;
And Guo'anda 'comprehensive gross profit margin is significantly higher than the same industry'. This point has also attracted the attention of the audit committee.
In addition, both MicroPort and Jinchun shares were asked about the problem that the cash flow generated by operating activities does not match the growth trend of net profit.
According to an investment banker, in general, the net profit of the enterprise and the cash flow of the business activities will be directly proportional. The cash flow of the business activities is relatively abundant. To a certain extent, the business transactions are frequent, the cash is timely, and the main business is carried out. Smooth, the same company's net profit is also more secure. But if the company's net profit is high, but the actual operating cash flow is not strong, there is suspicion of fraud. Or get the government's large subsidies, improve the company's profit level.
Jinchun shares continued to grow due to non-net profit, and the net cash flow from operating activities continued to decline. The two trends were obviously inconsistent. However, the CSRC asked whether there was any adjustment of profits, and the true performance of its performance was questioned.
3, there is a dependence on big customers
Among the above-mentioned cases, one of the reasons for the IPO of three companies is that they are questioned to rely on large customers.
Micro-Invasion Optoelectronics: The first major customer, Hikvision, is also a competitor of the company. When asked about the reasons for Hikvision's procurement of products, is there a significant dependence?
Kaijin Energy: Sales to the Ningde era (76.050, -2.15, -2.75%) accounted for a higher proportion of revenue, and was asked to indicate whether there is significant reliance on the Ningde era and whether the transaction is sustainable.
Shen Hao Technology: Whether there is significant dependence on the State Grid Zhejiang.
In fact, among the companies that are queuing IPOs, especially those that want to attack the GEM, it is not uncommon for them to rely heavily on large customers, but this has buried hidden dangers for the independence of the issuers.
Because the rules of the trial did not specifically define the problem of relying on large customers, and the past cases of trials also showed that the customer structure is single, or the enterprises that have significant dependence on the top 5 customers or suppliers, the meeting rate is not low. .
But another investment banker pointed out that for large-client-dependent companies, it is more important for regulators to pay attention to whether there is a relationship or other relationship between the big customer and the issuer.
Taking Shenyi Technology as an example, its total sales to the top five customers in 2014-2016 accounted for more than 90%, but as a power supply industry equipment service company, more than 90% of the revenue from the top five customers seems to be a bit unreasonable. At the same time, Shenhao Technology still has the situation that the accounts receivable of three customers are overdue.
In this regard, the Audit Committee sent a question: Is the issuer's customers more concentrated and whether the income from the State Grid Zhejiang is higher than the industry characteristics, and whether the issuer and the State Grid Zhejiang have a relationship and other interest arrangements.
In addition, since the above five companies are listed companies, their standardization during the listing period is also important. The Jinchun shares, Kaijin Energy were asked whether the annual report and accounting errors were not corrected on time during the listing period. problem.
New Third Board Diablo July: 6 No 5
It is worth noting that the five companies that were rejected in July were all listed on the New Third Board, and only one of the six listed companies was approved. The rate of meeting was only 16%. This is the lowest IPO rate of the new three board companies this year. One month.
Since 2018, a total of 31 new three board companies have attended the meeting, 14 of which have been approved, 16 have been rejected, and one has been suspended. The overall meeting rate is about 45%, which is significantly lower than the overall level.
At present, the number of normal auditing companies in the NEEQ has dropped to 74, accounting for 24.10%. In fact, if six companies that have passed the review meeting are eliminated, the number will drop to 68, and three companies will suspend the review. .
After the education of Yitong, Huaru Technology also chose to terminate the review. In terms of listing counseling, this week, the new Far East shares, Guanxiang Technology, Zizhu Pile, Secco and Rongen Group launched the listing counseling. Sina Finance