GuShiio.com ① Jinyi Xincai has problems such as unclear equity structure and large debts of the actual controller;
② During the second round of inquiries from Hangbang Technology, its technology and R & D expenses, performance, and fundraising projects received special attention from the Shanghai Stock Exchange.
“Science and Technology Innovation Board Daily” February 16 (Reporter Chen Junqing) This week (February 10 to February 16), the IPOs of two companies planning to be listed on the Science and Technology Innovation Board are dynamically updated.
Among them, on February 13, Suzhou Jinyi New Materials Technology Co., Ltd.(hereinafter referred to as “Jinyi New Materials”) withdrew its IPO application and the Shanghai Stock Exchange terminated its listing review; on February 14, Jiangsu Hanbang Technology Co., Ltd.(hereinafter referred to as “Hanbang Technology”) disclosed the reply to the second round of inquiry letters and updated relevant financial data.
According to the prospectus, Jinyi New Materials was established in February 2017, focusing on the localized substitution and pioneering development of high-end inorganic non-metallic powder materials. Its main products include electronic information functional materials, thermal and heat conduction functional materials, coating functional materials and other There are four major categories of emerging functional materials.
The IPO application of Jinyi New Materials Science and Technology Innovation Board was accepted on December 30, 2022, and the Shanghai Stock Exchange issued an inquiry letter on January 20, 2023. However, as of the time it withdrew its application documents and terminated the IPO, the company did not respond.
For this IPO, Jinyi New Materials plans to raise 744 million yuan to expand production capacity and upgrade its R & D center.
The reporter of “Science and Technology Innovation Board Daily” noticed that Jinyi Xincai investors cover many well-known investment institutions, including three state-owned or state-controlled investment institutions: Bairui Trust, Yuanzhi Huaxin, and SDIC Venture Capital. In addition, Hubble Investment,China Power Research Investment Fund, China Guoxin Holdings, Shenzhen Capital, Changshu Guofa Venture Capital, a subsidiary of China Electronics Technology GroupOther state-owned capital also participated in the investment.
It is worth noting that
terms of equity structureThe prospectus shows that in August 2021, Zhengzhou Jinmou Trading Co., Ltd.(hereinafter referred to as “Zhengzhou Jinmou”), a shareholder of Jinyi Xincai, which had held more than 5% of shares during the reporting period, transferred its shares to Waniu Zhixiang and Suihe Investment.
However, the three plaintiffs, Ding Guo, Zhang Xinping and Zhang Xinmiao, believed that Zhengzhou Jinmou transferred equity at a low price and Zhengzhou Jinmou and Chen Hangbin maliciously evaded debt, and filed lawsuits twice. The Henan Province Higher People’s Court held a hearing on the case on November 7, 2023, and no judgment has yet been issued.
terms of liabilitiesAccording to Jinyi Xincai’s latest prospectus data, the company’s asset-liability ratio climbed from 24.35% in 2021 to 32.49% in the first half of 2024
The prospectus disclosed that at the end of each period from 2021 to the first half of 2024, Jinyi Xincai’s asset-liability ratio increased, mainly due to the company’s long-term and short-term borrowings from banks based on its own business development and funding arrangements.
Most of the guarantees of Jinyi Xincai’s borrowings from the bank are provided by the actual controller Chen Jinkui, andWhen the company filed for its IPO, Chen Jinkui personally had a cumulative large debt principal of 387 million yuan.As of December 20, 2024, Chen Jinkui’s large debt principal still amounts to 260 million yuan.
Let’s look at Hanbang Technology, which is mainly engaged in chromatography equipment, consumables and application technology. It mainly provides professional separation and purification equipment, consumables, application technical services and related technical solutions in the fields of pharmaceuticals, life sciences and other fields.
Performance,According to preliminary calculations by Hanbang Technology, it will achieve operating income of 691 million yuan in 2024, a year-on-year increase of 11.61%; net profit attributable to the parent company will be 79.3412 million yuan, a year-on-year increase of 54.07%. Regarding the reasons for the growth in annual performance, Hanbang Technology stated that it was mainly due to the increase in revenue from production-grade small molecule drug separation and purification equipment driven by GLP-1 and its analogues, as well as the benefits realized by the company’s overseas business expansion.
During this round of inquiries,Hanbang Technology’s technology and R & D expenses, performance, fundraising projects and other aspects have attracted the focus of the Shanghai Stock Exchange.At the same time, the company’s inventory situation was subject to key inquiries from the Shanghai Stock Exchange. During the reporting period, the amount of products in progress with a warehouse age of more than one year increased gradually.
In addition, in this round of inquiries, Hanbang Technology predicted the amount of products that can be removed in the future for more than one year. Based on 19.4388 million yuan, it is estimated that the balance after de-conversion in the future will be 3.5329 million yuan.At the end of June 2024, a total of 2.8604 million yuan was provided for depreciation of products in progress for more than one year.
A reporter from the Science and Technology Innovation Board Daily noticed that the amount raised by Hanbang Technology once reached 980 million yuan when it first submitted its statement. In its latest prospectus, the company’s fundraising amount shrank to 598 million yuan. Among them, the funds raised for the construction project of the chromatographic separation equipment R & D center shrank to 181 million yuan, and supplementary working capital was cancelled.
In this inquiry, the Shanghai Stock Exchange also conducted a key inquiry on the rationality of the new production capacity of Hanbang Technology’s investment project.
Hanbang Technology stated that the liquid chromatography series separation equipment production project is mainly used to expand the company’s production capacity of production-grade chromatography equipment. At the same time, sales of the company’s large-scale products continue to increase, with annual sales of full-caliber products remaining above 1000 units. Sales revenue has increased significantly, and orders on hand are sufficient.
In terms of financing, as of now, Hanbon Technology has gone through eight rounds of financing, with well-known companies such as WuXi AppTec and Sequoia making bets. Among them,WuXi AppTec holds 8.05%, making it the company’s second largest shareholder.
