Set micro-network news (text / Lee), July 31, the China Securities Regulatory Commission and the audit committee ushered in four companies that attended the meeting, two of which were successful, except for the temporary cancellation of the review by Guangdong Marumei Only the remaining semiconductor design company Jingfeng Mingyuan IPO will be rejected.
The reason for the failure of Jingfeng Mingyuan was that the CSRC pointed out several major doubts. 1. In the report period, the distribution revenue accounted for a relatively high proportion, and the discounted sales revenue accounted for a relatively high proportion and increased gradually; The comprehensive gross profit margin of the people increased slightly, which was lower than that of the comparable listed companies in the same industry. The gross profit margin of the leading products fluctuated; 3. The balance of the inventory at the end of each reporting period increased by the issuer. The main inventory storage location was in the middle test factory, the warehouse of the test and test factory, and the inventory. The ratio of the falling price reserve to the book balance of the inventory is lower than that of the comparable listed company; 4. In the history of the issuer, there is a case of entrusted shareholding due to the equity incentive, and the equity of Shanghai Jingzherui also exists.
Jingfeng Mingyuan, a LED chip design company, from the financial data point of view, the total net profit for 2015-2017 is 125,276,300 yuan, which is in line with the IPO '3 years to earn 100 million' invisible minimum requirements. However, compared with peers The decline in part of its cost expenditure in 2017 and the increase in net profit far exceeded that of its peers.
Invisible red line with net profit below 80 million yuan
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.
Jingfeng Mingyuan's 2017 net profit was 76.119 million yuan, less than 80 million yuan invisible red line. This is the threshold for IPO companies, although the audit also involves other aspects, but Jingfeng Mingyuan obviously has not crossed the threshold. .
Jingfeng Mingyuan's initial public offering prospectus is filed on September 22, 2017. The IPO review time is July 31, 2018, and the queue length is 312 days. Jingfeng Mingyuan is obviously relative to other IPO companies in the queue length. Faster, but this does not mean that there is any looseness in the strict review criteria.
Family holding
According to Jingfeng Mingyuan's disclosure of the prospectus on the website of the China Securities Regulatory Commission, the company intends to issue no more than 15.4 million shares on the Shanghai Stock Exchange. The total share capital after the issuance will not exceed 61.6 million shares. The sponsor institution is GF Securities.
According to the disclosure, Jingfeng Mingyuan will raise 550 million yuan in this IPO plan, of which 140 million yuan will be used to supplement the working capital, and the rest will be invested in the development and industrialization of general LED lighting driver chips and intelligent LED lighting chip development and industrialization projects.
In terms of shareholding structure, as of the signing date of this prospectus, the actual controllers of Jingfeng Mingyuan are Hu Liqiang and Liu Jiechi, who directly and indirectly control the company's 64.69% voting rights. Among them, Hu Liqiang directly holds the company's shares of 16.564.5 million shares, through Shanghai Jingzhe Rui And Suzhou Ao Yin indirectly held 187,200 shares of the company, holding a total of 16,675,700 shares, accounting for 36.26% of the company's total share capital, and is the controlling shareholder of the company.
Core product prices continue to fall
According to the prospectus, the general LED lighting driver chip and the intelligent LED lighting driver chip are the two main products of Jingfeng Mingyuan. From 2014 to 2016 and the first quarter of 2017, the sales revenue of these two products accounted for the entire revenue of the company. More than 99%. Among them, the general LED lighting driver chip is the main product, sales revenue accounted for more than 80% of the total sales revenue.
It is worth noting that with the iterative upgrade of LED chips, the unit price of Jingfeng Mingyuan has dropped significantly. In the first quarter of 2014-2016 and 2017, the price of general-purpose LED lighting driver chips is 0.41 yuan per piece, 0.28 yuan, 0.22. Yuan, 0.22 yuan; 2015, 2016 and 2017 first quarter, the price of intelligent LED lighting driver chip is 0.38 yuan, 0.37 yuan and 0.35 yuan per grain.
According to the disclosure, in the first quarter of 2014-2016 and 2017, the company achieved operating income of 337 million yuan, 357 million yuan, 571 million yuan and 153 million yuan, net profit of 66.889 million yuan, 192.4451 million yuan, 29.99.51 million yuan and 119.04 million yuan. It can be found that although the operating income has increased steadily, the profit has been slow. Especially in 2015, although the company achieved a small increase in operating income, its net profit was less than one-third of that in 2014.
For the sharp decline in net profit in 2015, the prospectus explained that although the sales volume of the company's general LED lighting driver chip increased by 33.33% compared with the previous year, the unit price of sales decreased by 31.36% compared with the previous year. The decline in the unit price of sales was the decline in the company's profit that year. main reason.
From the first quarter of 2014 to the first quarter of 2017, Jingfeng Mingyuan's purchases from the top five suppliers were 233 million yuan, 254 million yuan, 387 million yuan and 106 million yuan, accounting for 96.37% of the total purchases in the same period, 89.05. %, 85.88% and 77.55%, the concentration of procurement is relatively high. Jingfeng Mingyuan said that if the company's suppliers are unable to provide relevant products and services to the company due to internal and external reasons, it will have a greater impact on the company's production and operation. Adverse effects.
Accounts receivable and inventory increase year by year
During the reporting period, Jingfeng Mingyuan's net accounts receivable were 27.30 million yuan, 65.061 million yuan, 815.577 million yuan and 97.652 million yuan, accounting for 10.61%, 23.60%, 29.38% of the total assets at the end of each period. 31.06%; the book value of the inventory was 44.847 million yuan, 41.78 million yuan, 368.985 million yuan and 55.605 million yuan, accounting for 17.42%, 15.15%, 13.94% and 17.69% of the total assets.
In this regard, the prospectus stated that although the company's accounts receivable accounted for less than half a year in the report period and the company has formulated a reasonable bad debt provision policy and effectively implemented it, if the company's downstream customers are not operating well or cannot be caused by other reasons, Paying the purchase price on time will have an adverse impact on the company's receivables collection.
In addition, LED chips are currently being updated at a faster rate. If the inventory price falls or cannot be sold smoothly in the future, it will have an adverse impact on the company's operating performance and cash flow. (Proofreading / Ermu)
2. Overseas IPOs of listed companies in Taiwan will be strictly controlled
To prevent the hollowing out of the industry, the Taiwan Provincial Financial Management Association will offer three measures to strictly regulate the listing company's subsidiaries to overseas listings, including the requirement to set up a special committee for deliberation, subject to the approval of the parent company's shareholders' meeting and the expansion from important subsidiaries. All subsidiaries, expand the scope of information disclosure.
The FSC has requested the Stock Exchange, and the counter buying center has revised the relevant regulations. It is expected that the board will be announced on the road as soon as it is approved by the board of directors. The listing of the company's subsidiaries in the future will be subject to the new regulations.
Riyueguang Subsidiary accelerated the consolidation of its subsidiaries, which triggered market forecasts to pave the way for A-share listing. Zhang Zhenshan, deputy director of the Securities and Exchange Commission's Securities and Futures Bureau, said yesterday (31) that the stock exchange had learned that the company had not discussed the matter.
The chairman of the Financial Management Committee, Gu Lixiong, attended the launching ceremony of the 'Industry Innovation Transformation Fund Consultation and Counseling Service' yesterday. During the interview, he said that the company is competing to list on the mainland, assuming that it is a consolidated mainland subsidiary business, because the mainland subsidiaries cannot return. Taiwan's listing, based on local funding needs, the FCC respects the company's judgment.
However, if the parent company's business has been heavily moved to China and then listed, resulting in the parent company's 'industry's hollowness', the FSC is more concerned. In the future, it will require sufficient information to be disclosed, and the subsidiary will be approved by the shareholders' meeting in the past.
The official of the Financial Management Association said that the listing of subsidiaries of listed companies has been regulated overseas. The management of the FSC has been further strengthened, including the first. According to the provisions of the M&A Law, the special committee must be established for the financial structure and price rationality. , and the release situation, etc., for review, and then the board of directors, shareholders meeting.
The number of members of the special committee shall not be less than three. One of them shall be the convener and the independent director shall be composed of independent directors. If there is no independent director or the number of independent directors is insufficient, the members shall be elected by the board of directors. Relevant regulations, can not be interested parties, etc. If an audit committee has been set up, it can be considered by the audit committee.
Officials said that the increase in this regulation is intended to make the company's overseas listing cases more rigorous, and to the parent company's influence, shareholders' rights and other issues, can have more assessment.
Second, the current regulation of 'important subsidiaries' to be listed overseas is subject to the approval of the parent company's shareholders' meeting and will be extended to all subsidiaries in the future. The identification of important subsidiaries, including the consolidated financial income of the past two years, comes from the subsidiary. More than %, the future will be extended to all subsidiaries, and the scope will be wider.
Third, expand the scope of information disclosure. At present, only the re-announcement announcement is made. The contents of the disclosure are very simple. The future impact on the parent company, organizational changes and response planning are not explained.
3. Fenghua Hi-Tech once again significantly increased the unit price of chip resistors, the highest increase of 72%
Fenghua Hi-Tech, the largest passive component factory in the mainland, recently announced that it has significantly increased the unit price of chip resistors. Among them, the 0402J model has a 42.28% increase, and the 0603J model has a 72% increase.
Fenghua Hi-Tech is the largest chip resistor factory in the mainland. The multilayer ceramic capacitor (MLCC) products ranks the eighth largest in the world, and it is the largest single shareholder of the domestic thin film chip resistor factory. This year, it actively followed the price increase of Taiwanese manufacturers.
Fenghua Hi-Tech's move for the chip resistor announced in the second quarter of this year, the mainland passive components led the first shot to raise the price, and the market chip resistor factory is brewing in September will be another wave of increase, showing the previous day, The price increase effect of Handa has shifted some orders to Taiwan and mainland China, and opened up the price increase.
Although Fenghua Hi-Tech announced a big increase in product prices, yesterday, the mainland stocks were hit to a limit, the market to 'Lite's exhausted' to see the Fenghua Hi-Tech price increase.
This wave of passive component group stocks fell sharply, which was caused by the huge shareholder selling in the country, which affected the investor's confidence. In addition, a few days ago, Tianfeng Investment analyst Guo Mingxi delivered a speech that MLCC will be out of stock until 2020, but next year MLCC The increase in supply will change the investment climate and cause another selling pressure for the short-term.
From the operational fundamentals, passive component manufacturers generally believe that from the perspective of MLCC, aluminum electrolytic capacitors, solid capacitors, chip resistors, etc., the shortage and price increase trend has not changed since the end of the year.
4. Passive devices are in short supply, South Korea Amotech intends to enter the MLCC market
According to Korean media reports, South Korean company Amotech is optimistic about the MLCC market is in short supply, the opportunity to climb the market, decided to enter the MLCC market, the company is scheduled to mass production in the first half of 2019, the production capacity is expected to be 4 to 5 billion per month.
It is understood that Amotech mainly produces special resistors, which has a certain market position in the field of electrostatic protection components (Chip Varistor) for protecting IT equipment lines. Now Amotech intends to cross the MLCC field.
In response to this news, the response of MLCC related manufacturers and distributors in Taiwan is that Amotech has limited status in the MLCC industry. In the case that the market is in short supply, the company is not easy to get the equipment, and the current estimated capacity of the company is Look, the impact on the supply of MLCC market is not big. Economic Daily
5. Self-raised 300 million! Han's laser plans to build rolling functional parts product project (Phase I)
Set micro-network news (text / Lee), July 31, Dazu laser issued an announcement, the company's board of directors reviewed and approved on July 30, Dazu laser according to business needs, combined with rolling functional components (linear guide rail and ball screw) project construction Overall planning, it is planned to self-raise funds of about 300 million yuan to invest in the construction of rolling functional components products (the first phase).
According to the disclosure, in order to meet the market demand, Dazu Laser set up a transmission machinery product line in early 2018, and successively set up ball screw product development department, linear guide product development department, rolling function component research institute and other departments under the transmission machinery product line. For the development of rolling functional parts projects, after the preliminary research on materials, product structure, heat treatment process, processing technology, and on-the-spot investigations of well-known equipment manufacturers in Japan and Europe, and relevant market research on competitors, we have mastered Product design and manufacturing process, and has the ability to design and manufacture rolling functional components with certain market competitiveness. At present, the project has entered product samples, equipment procurement, plant planning and construction, capacity evaluation and production line layout. stage.
The announcement shows that the name of the Dazu Laser Project is a rolling functional component product project (Phase I), and it is planned to apply for industrial land in Junan Town, Shunde District, Foshan City. The planned investment completion period is about 15 months.
The project plans to introduce advanced production, testing and testing equipments with high cost performance, such as three-side grinding, internal grinding of sliders, thread grinding, induction heat treatment equipment, etc., while introducing integrated coating technology, screw thread rolling A number of core technologies, such as technology, precision screw and nut processing technology, can achieve scale production, greatly reduce production and manufacturing costs, and obtain strong price competitive advantages. The products of this project include ball screw and linear guide products, mainly Used in CNC machine tools, laser equipment, industrial automation, electric vehicles.
Han's Laser said that the implementation of this project is in line with the requirements of the national development of high-end manufacturing and core supporting industry development planning, and is a national encouraged investment project, supported by a series of industrial policies. Rolling functional components are widely used in CNC machine tools, industrial automation, electric vehicles. In other fields, the market capacity is huge and the prospects are good.
Dazu Laser has invested in rolling functional component products with its own funds, and increased investment in upstream core unit technology for high-end equipment integration applications. It is in line with the company's medium and long-term development strategy, which is conducive to optimizing the company's product structure and creating new business growth points. Enhance the company's comprehensive competitiveness, which is conducive to maximizing the interests of shareholders. (Proofreading / Lee)
6. Datang Telecom's controlling shareholders are conducting 5G related research and testing
Set micro-network news (text / Lee), July 31, Datang Telecom said on the interactive platform that the company's controlling shareholder is currently conducting 5G-related research and testing, and at the same time carrying out 5G industry planning and layout. Facing the development opportunities of 5G The company is also actively carrying out related research work. The company and the Qualcomm joint venture company are already in the process of registration and capital contribution.
It is reported that Qualcomm and Datang Mobile jointly announced on June 21, 2018 that the two parties will cooperate on the 5G new air interface interoperability test in the 3.5GHz band based on the 3GPP Release 15 standard. The test will use the base station provided by Datang Mobile and User terminals (UE) provided by QualcommTechnologies, both of which comply with the 3GPP5G new air interface specification.
In addition, Datang Telecom Group also signed a 5G strategic cooperation framework agreement with Tencent to accelerate the industrialization of 5G. According to the agreement, Tencent and Datang Telecom will jointly establish related joint laboratories and combine the unique advantages of Datang in the field of mobile communications. And Tencent's unique advantages in the field of mobile Internet, strive to cooperate in 5G new application areas such as VR/AR, Internet of Vehicles, AI, HD map, car communication and car entertainment, e-sports and live video to achieve a win-win situation.
According to public information, Datang Telecom Technology Co., Ltd. was established in 1998. It is a high-tech enterprise controlled by the Institute of Telecommunications Science and Technology. It is mainly engaged in various communication network systems, various communication terminals, computer hardware and software and external equipment, network management. And information security application software, microelectronics and other product development, production, sales and system integration and network construction. The company relies on the accumulation of technology and industry in the field of 3G, 4G, and has achieved certain results in the 5G field.