At the beginning of financial news
July 28, 2022 10: 14 Jiangsu
watch out for
Lying in Wang Yongshun Thailand: the core technical personnel are z
At the beginning of financial news
July 28, 2022 10: 14 Jiangsu
watch out for
Lying in Wang Yongshun Thailand: the core technical personnel are zero; Management confusion causes fatal accidents; Envelope hides more key information.
Yuehai Yongshuntai Group Co., Ltd. (Yongshuntai for short), which applied for listing on the main board on July 28th, turned out to be a liar, because the information disclosed in the prospectus is actually irrelevant and hides a lot of key information that should have been disclosed. However, these problems cannot be hidden without publicity. The history of IPO proves that lying comes at a price. Don't be smart.
Yongshuntai's products are relatively simple, mainly malt for beer, but its customers are well-known, such as Tsingtao Beer, Yanjing Beer, Zhujiang Beer, China Resources Beer and Budweiser InBev. The listing plan raised 930 million yuan.
The number of core technicians is zero, while the R&D investment of peers is several times.
Speaking of listed companies, scientific research, technology and innovation are always the focus of enterprises, no matter which sector is no exception, which is the basic premise to support the development of enterprises.
Yongshuntai's greatest sorrow is that there are no core technicians. According to the prospectus, there are only 665,438+0 R&D technicians, accounting for 9.065,438+0% of the total number of employees in the station.
Without core technicians, how can we make technological inventions and improve product innovation ability? During the reporting period, Yongshuntai formed 4 invention patents and 37 utility model patents. Pay attention to this word: formation. Generally, the words used for invention patents in other enterprise specifications are owned. These two words actually represent different levels of invention patents. Molding more represents the accumulation of a process, and ownership represents the ownership of enterprise invention patents, that is, independent creation.
In this regard, the prospectus describes that it has mastered the malt production technology under different requirements in Canada, France, Argentina, Australia and other producing areas, and has the core technology of mass and high-quality production of basic malt and special malt. Obviously, Yongshuntai's technology is only the production technology under these different requirements abroad, and strictly speaking, it is not the technology invented by itself.
From R&D investment, we can also see Yongshuntai's neglect of R&D. According to the prospectus, in the first half of 2018-202/kloc-0, R&D expenses were 6,543,805,467 yuan, 9,270,000 yuan, 6,543,868,300 yuan and 8,205,400 yuan respectively.
The ratio of R&D expenses to operating income is 1.24%, 1.20%, 1.28% and 0.9 1%, respectively, which is 3. 1 times, 3.75 times and 2.5 times that of Yongshuntai.
Since there are no core technicians, the disclosure of core technologies is limited to the projects and progress under development, so how to implement R&D? In March, 20021,Yongshun TaiChangle signed a technical cooperation agreement with Qilu University of Technology, and the company entrusted Qilu University of Technology to research and develop new malt derivative products. The date is March, 20021year, so there is no intellectual property right at present.
Frequent management confusion has caused fatal accidents.
1, major environmental violations are regarded as child's play.
In fact, management is a serious problem for Yongshuntai. Under the situation that the country attaches unprecedented importance to environmental protection, it actually committed crimes against the wind. According to the prospectus, the three administrative penalties were all due to environmental protection issues. Yongshuntai Qinhuangdao was fined 200,000 yuan, 300,000 yuan and 500,000 yuan respectively by Qinhuangdao Environmental Protection Bureau on March 8, 2065+September 5, 2008+10/October 30, with a total fine of 6,543,800 yuan. According to the Central Environmental Protection Law of People's Republic of China (PRC) and the following articles 1, 2, 9 and 10, it is obvious that these three times belong to major environmental violations.
In addition, the prospectus concealed two penalties. According to Lezi [2020] No.08 1 No.095, the subsidiary Yongshun Taichangle started construction without obtaining a construction permit, which was unapproved and was fined 5 13600 by Changle County Housing and Urban-Rural Development Bureau. There is no mention of this major punishment in the prospectus.
2. Lack of safety management leads to fatal accidents.
20 15, 17, that is, the Yongshuntai Qinhuangdao company above, 1 person died, 1 person was seriously injured. The investigation team analyzed the cause of the accident and concluded that the first was that the enterprise management was not in place, and the second was that the safety education was not in place. The punishment results show that the company and related personnel were fined 5 items and the enterprise was fined 250,000 yuan. Such a serious death accident was not disclosed in the prospectus.
As can be seen from the above, there are major loopholes in the management of Yongshuntai, especially in environmental protection and safety. It is precisely because of the lack and negligence of management education that such a big accident happened, even causing life accidents! The key point is that these accidents have not been disclosed or reflected in the nursing book.
3. There may be fraud in fundraising projects.
According to the prospectus, the first project raised this time is the middle and high-grade beer malt project with an annual output of 6.5438+0.3 million tons, with a planned investment of 522.04 million yuan.
The demonstration, bidding, design and related examination and approval of this project started on February 20 19. The implementation plan includes civil construction, equipment installation, equipment debugging and acceptance. It is expected to be put into trial operation in June 2022+0 1 year, and the implementation time is expected to be about 35 months.
After the project is put into production, the annual sales revenue will increase by 435.75 million yuan, the total annual profit will increase by 242,654.38 million yuan, the payback period of the project investment will be 14.52 years, and the internal rate of return of the project will be 5.84%.
However, the local news reports are quite different. Baoying. Com in Baoying County, where the project is located, shows in the article "Wheat Malt Breeding 65.438+0 Billion Large Project" that the annual output of this project is 250,000 tons of medium and high-grade beer malt, with a total investment of 65.438+0 billion yuan. The first phase of the 6,543,800+3,000-ton middle and high-grade beer malt project has an investment of 350 million yuan, an annual income of 200 million yuan and a tax payment of nearly 10 million yuan. Compared with news reports, the items in the prospectus are much more exaggerated, with an extra investment of 654.38+72.04 million yuan, an extra income of 235.75 million yuan and an extra tax payment of1426.5438+0 million yuan.
Envelope hides more key information.
Yongshuntai's prospectus discloses a lot of key information that should be disclosed and concealed, so there is nothing wrong with saying that he is a liar.
1, concealing confiscated expenses.
As mentioned above, Yongshuntai Qinhuangdao was given three administrative penalties on 20 18, with a fine of 10000000 yuan. However, among the non-operating expenses, 20 18 has 02,000 yuan. What is this? The prospectus was not disclosed. 20 19 year's fine expenditure 1009500 yuan, which should include three administrative penalties in 20 18 year, but what is the remaining 9500 yuan? Didn't say either. Therefore, this is also contradictory to the administrative punishment disclosed in the prospectus! Because the prospectus only discloses that Yongshuntai Qinhuangdao 2065,438+08 was fined 654,380 million yuan, what are the other fines and penalties? Do you want to give the public an explanation?
The debt of 22,500 million is missing.
2065438+May 2008, Ningbo malt lent Yongshuntai (Baoying) malt 45 million yuan, but according to the prospectus, Baoying malt repaid Guangzhou malt 20 million yuan, that is, only 20 million yuan was recovered later, so the remaining 25 million yuan was gone. Where did so much money go? Why didn't the prospectus explain? Even if Ningbo malt and Guangzhou malt were later merged into Yongshuntai, they should have been reflected, but they were gone. Yongshuntai China alone recovered 32.88 million, including 25 million? Even if it is included, why did Yongshuntai recover 7.88 million yuan more? Where did the money come from? So this question is not clearly explained.
3. Historical defects are covered up.
In the feedback to Yongshuntai, the regulatory authorities questioned that Baoying malt had a competitive relationship with the issuer in the same industry, and the reason why Baoying malt was not included in the listed subject was that "there were some flaws in historical evolution". (1) Please explain the specific defects, and explain the necessity and rationality of the Ministry to solve the competition problem in Baoying malt industry through equity transfer.
However, judging from the two versions of the prospectus issued by Yongshuntai, Baoying malt was not listed as the main body because of "some flaws in historical evolution". I have been avoiding it without explanation. Why avoid this question? Is it because there are major defects that affect the listing?