206 IPO Queuing Enterprises Stop At The Fork: Who Will Be The "Stumbling Block" Of The Last "Lucky Dog"?

"Some of our projects are translational, and now we are working overtime to change materials. With a command, it's about to start running. " A senior investment bank in Shanghai told the economic news reporters twenty-first Century.

In April 27th, the gem registration system shot, and more than two hundred gem queuing enterprises stopped at the fork road.

As of May 8th, the total number of listed companies that had been declared but not issued was 206. According to the previous arrangements of the SFC, these enterprises will be transferred to the Shenzhen stock exchange level, which will be examined by the Shenzhen stock exchange according to the registration rules of the gem reform.

The stock enterprises do not apply the supervision of "negative list", trying to minimize the impact of the transition period.

"There are mainly some pressure to make materials." Securities Dealers admitted.

From another angle, how the qualification of the 206 enterprises will be faced with and what kind of stumbling block will be faced with the future market, and whether the future is consistent with the overall positioning of the growth enterprise market is still worth considering.

Statistics show that the above companies involve 55 investment banks, of which 15 of the "black horse" livelihood securities reserve gem projects are second only to CITIC's 17.

Who will be a "stumbling block"?

Under the previous approval system, the IPO financial problems most frequently concerned by the issuance examination committee will still affect the listing of enterprises under the registration system.

In twenty-first Century, the economic report reporters combed the 206 queuing enterprises, and found that some enterprises still had serious problems such as large customer dependence, high export accounts, high accounts receivable, low utilization of capacity, and still needed to raise funds and expand production.

The high degree of customer concentration often leads to poor ability to resist risks, and is also a frequent occurrence of interest transmission or financial fraud.

Reporter statistics found that in 2018 annual report data, there are 53 declared enterprises, the top five customers sales revenue of more than 60%, most of these enterprises are concentrated in the downstream industries with high concentration of military, telecommunications, optoelectronics, new energy and other industries.

Among them, the highest degree of customer concentration is Hengyu Xintong. Its military electronics industry has a high barrier to entry. During the reporting period, all sales of Hengyu Xintong came from 5 fixed customers. In the first half of 2019, the sales revenue from the subordinate units of the aviation industry group accounted for the total income of Heng Yu Xin Tong. 99.59% 。

And in response to the "concentration" of the performance, the accounts receivable ratio of the company is quite high. In the first half of 2019, Hengyu communications accounts receivable. Two point seven seven Billion yuan, which is nearly 4 times the current operating income. Two point seven seven Billion yuan. These two characteristics make many market participants worried about the company's ability to resist risks.

In addition, Shi Jing environmental protection, Tian Yan communications, Antarctic optoelectronics, Czechoslovakia power, Xiang Fenghua technology and other companies are also questioned because of high customer concentration, large proportion of credit sales, excessive dependence on large customers and other reasons.

In addition, overseas business accounts for relatively high reporting companies, and has been frequently questioned by the market and regulators about business authenticity.

According to the twenty-first Century economic report reporter statistics, in the annual report of 2018, overseas enterprises accounted for more than 30% of overseas revenue, accounting for more than 35 of total revenue.

Among them, more than half of the business of 26 enterprises came from overseas, which caused the worry of market investors.

Because overseas revenue recognition and enterprise information can not be effectively querying, there has been precedent for regulating profits through related party transactions. Regulators and the market have always been more prudent for enterprises with relatively large overseas businesses.

Allianz is more typical than any other company. Its business is mainly sold overseas.

The company is mainly engaged in sales of video surveillance equipment such as front-end cameras, back-end hard disk recorders and suits. In 2019, the company's overseas business revenue was as high as Eight point one zero Billion yuan, accounting for total revenue. Eight point three eight The proportion of billion yuan is as high as 96.66% 。

At present, Allianz has sharply attacked the third impact of A shares, which was one of the main reasons why it was rejected by the board in September 2018.

The issuing committee questioned the Allianz's rapid growth in revenue and profits, but its gross profit margin continued to decline, and the difference between overseas sales revenue and customs enquiry data was large, and the cost of sales and management fees were far lower than those of comparable industries.

In addition, Jin Yuan lighting, easy to see the world, jade horse shading technology, wolfberry and other listed companies have been questioned by the market because of the high proportion of overseas business.

Run Fung chemical because performance mainly depends on export tax rebate problem encountered "attack", Hai Chang new material because the customer concentration overseas may be affected by the epidemic, the first application was postponed to vote.

The last "lucky dog"

"We have customers belonging to traditional industries. We heard that the gem registration system wanted to catch up with the first class, but after the negative list was released, it found that it did not meet the positioning. The volume is relatively large, and now ready to go to small plates or backdoor. A senior investment bank in Shanghai told reporters.

From this point of view, queuing enterprises are much more fortunate.

Twenty-first Century economic report reporter statistics show that, now has been pre disclosure but has not yet been or will be, but suspend voting on the gem to declare a total of 183 enterprises, total assets ranging from 100 billion to 100 billion.

Wuxi's Jiangnan Yi fan electric drive technology, which has the smallest registered capital, is only 28 million yuan. It has revealed that Luoyang's software technology is the only one with the smallest total assets in 2019. One point six Billion yuan.

Only the largest of the data disclosed is the food and oil products of the golden sea fish. By the end of 2018, the total assets were as high as One thousand six hundred and ninety-four point two one Billion yuan.

From the performance data, the profitability of each enterprise is also different. In 2018, for example, revenue scale spanned One point two six Billion yuan to One thousand six hundred and seventy point seven four Net profit is the smallest. One thousand five hundred and twelve point nine zero 000 yuan (Heng Yu Xin Tong) to the largest Fifty-five point one seven Billion (Yi Hai Jia Li) varies.

However, overall, the profitability of GEM companies is generally strong. In 2018, there were only 3 enterprises with net profit less than thirty million, while those with higher than 50 million yuan amounted to 168. Among them, 25 enterprises had a net profit level of over 100 million in 2018.

From the point of view of industry distribution, 183 enterprises mainly come from 45 SFC industries, mainly high-tech manufacturing or information service industries, including 27 computers, telecommunications and other electronic equipment manufacturing, 15 specialized equipment manufacturing, software and information technology services, and 10 professional and technical services.

But there are also some traditional industries such as animal husbandry, real estate, nonferrous metals and so on.

For example, in April 10th, Xiaoming farming and herding in Ningxia were mainly engaged in breeding chickens and laying hens, and total revenue and net profit in 2019 were respectively Five point three nine Billion yuan. One point one one Billion yuan, but the company was losing money in 2017. The Shenzhen special service which was accepted in June 25, 2019 is mainly engaged in various types of property management services, including hi-tech parks, commercial complexes, government agencies, schools, and housing.

According to the arrangements made by the Shenzhen Stock Exchange, the "negative list" industry in the trial enterprises can declare to the Shenzhen Stock Exchange listing on the growth enterprise market according to the principle of "new and old delimitation", not affected by the registration reform plan.

But for the enterprises that will be declared later, or will face industry restrictions, reconsider the choice of listing.

Regulatory requirements include traditional industries such as agriculture, forestry, animal husbandry and fishery, agricultural and sideline products processing, mining, food and beverage, textile and clothing, ferrous metals, power and heat gas, construction, transportation, warehousing and postal service, accommodation and catering, finance, real estate, residential services and repair. In principle, enterprises that belong to the above industries do not support the listing of gem.

In twenty-first Century, the economic report reporters learned from the regulatory authorities that the negative list is not "one size fits all", and the traditional industry can be integrated with "four new".

In May 15th, Yang Delong, chief economist of Qianhai open source, told reporters on twenty-first Century economic report: "if it is purely a traditional industry, it is not recommended for a long time. If the traditional industry is deeply integrated with new technologies, new industries, new formats, and new models, it has been transformed, so we can consider the gem and have to meet four new standards."

Investment banks calmly change materials

In addition to the declared enterprises, changes in the conditions of listing will also change the business ecosystem of the intermediary business.

At present, although the large brokerage firms still have strong advantages in project reserve, but some small and medium-sized brokerages are struggling to catch up.

Among the 206 queuing companies disclosed by the SFC, the top five of the project reserves are CITIC,, CITIC Securities, Haitong Securities and state securities, with 17, 15, 14, 13 and 10 queuing on the gem respectively.

In addition, the performance of small and medium-sized brokerages such as Changjiang Securities, Dongxing securities and state Yuan Securities is also very bright, with 8, 7 and 5 projects respectively.

It is worth mentioning that many small and medium brokerages' project reserves reflect strong regional characteristics. For example, the securities companies of Anhui province do not have a large scale, but the company relies on their geographical advantages to develop local projects in depth. In the investment banking market, three of them are local enterprises in Anhui. In addition, there are 1 other enterprises (founder automobile). The mold comes from neighboring Zhejiang.

In twenty-first Century, the economic news reporter noted that although the reform of the gem has suspended the acceptance and audit progress of the reporting enterprises, and the conditions of issuing and listing have changed, the investment bank seems not to be in a panic.

"The new IPO material may only be partially adjusted in some form, but the substance is basically the same as before. This concern will be consistent with the previous response. " A large brokerage firm in Southern China told reporters.

"For example, for a relatively high proportion of export sales, the regulatory authorities are mainly concerned about the authenticity of the performance and the impact of the current global epidemic on their overseas sales, and are concerned about the firm's performance and stability." The investment bank further pointed out.

It is expected that compared with the previous stage, some details need to be adjusted, such as prospectus Format Criteria and other declaration materials may change. "At present, the specific rules have not yet come out, of course, this is also the operational level of the problem."

A senior brokerage investment bank also said: "concerns and risk warning changes should not be large, mainly to speed up the audit, and from reporting to the securities and Futures Commission to the exchange."