Companies that failed to attend the meeting came from all walks of life. The rejected companies are Duoli, Chengda Pharmaceutical, Shenzhou Computer, Baose, Xintai Electric, Jinguan Automobile, Huaheng Welding, Lianming Machinery, Hengyuanfa, Creative Information, Deloitte Group, Peng Ling Rubber Pipe, Zhongji Pile Industry, 13, and the audit was cancelled by Eaton Electronics and Lei Bai Science and Technology.
Shenzhou Computer, sponsored by Haitong Securities and proposed to be issued on the Growth Enterprise Market, was rejected at the meeting on March 22nd. The reason is that it is questioned about the lack of growth. Shenzhou computer is famous for its low-priced sales in the PC market, but in the eyes of the industry, this is the fatal injury that led to its rejection. Insiders pointed out that in the already meager profit PC market, whether the low-cost sales strategy of Shenzhou Computer can continue to make profits is questioned. The data shows that the gross profit margin of Shenzhou Computer's overall products in 20 10 is only 6.3 1%, which is contrary to the requirements of high growth of GEM.
And some companies are questioned because the performance growth is too high and unreasonable. Deloitte Group, initiated by Guo Jin Securities, was accused of being one of them. Deloitte Group's main business is domestic coastal and inland dry bulk transportation business. According to the prospectus of Deloitte Group, the main business income of Deloitte Group from 2008 to 20 10 was 450 million yuan, 94 10 million yuan and1289 million yuan respectively, with a compound annual growth rate of 73%. The net profit is 654.38+007 billion yuan, 654.38+079 million yuan and 238 million yuan respectively, and the net profit rate of sales is 23.82%, 654.38+09.02% and 654.38+08.48% respectively. Among the listed companies in the same industry, due to the financial crisis, most companies' shipping business income and profits have fallen sharply. From 2008 to the end of 2009, the profitability of Deloitte Group increased steadily, even far exceeding that of powerful large enterprises in the same industry. Its bizarre high performance growth is obviously contrary to common sense, which may be the reason why the company's IPO was rejected.
In addition to the above reasons, Kunshan Huaheng, Baose, Lianming Machinery and other companies were rejected due to related party transactions, sales dependence and other reasons. The golden crown car is due to the lack of subject qualification.
Let's take a look at Lei Bai Science and Technology and Eaton Electronics, two companies that were canceled IPO audit this year. It is reported that Eaton Electronics sponsored by China Merchants Securities was cancelled in February this year and was accused of being tied up by tax and environmental issues. According to the regulations, issuers who have been punished by industry and commerce, taxation, customs, environmental protection and other administrative penalties in the last three years and the circumstances are serious are not allowed to go public. According to the data, from 2006 to 2008, Eaton Electronics was fined100000 yuan by Gongbei Customs due to sales violations, tax evasion and other reasons. In addition, the company mainly uses "etching" process to produce and sell PCB boards, which is very serious to the environment. Both of the above reasons may become obstacles to the listing of companies.
After the successful meeting, new shares were frequently questioned.
Even though the IPO process is getting faster and faster, it doesn't mean that the new shares will be listed smoothly through the IPO. Companies that get away with it still have many doubts in the industry, and there are countless examples of being banned before listing. There are many problems in listed companies, which not only expose the motives of enterprises to maliciously circle money through the capital market, but also expose many loopholes in IPO audit.
Snow storage after the IPO meeting is not a case. At present, many companies that had a meeting last year or even three years ago have not been listed. These companies that have not held a meeting may have no hope of listing. From April 2008 to the end of 20 10, there were 16 companies successfully meeting, but these 16 companies have not been listed for various reasons. Zunyi Titanium sponsored by Founder Securities and Shengtong Printing sponsored by China Merchants Securities successfully met on April 29, 2008 and July 25, 2008, but nearly three years later, the listing process of these two companies was repeatedly blocked. After the IPO was restarted in 2009, Hengbo Commercial became the only company that successfully held the meeting that year, but the listing process has not progressed since June165438+1October of that year. Companies like Hengbo Commercial, such as Wenfeng World and Northern Glass, were silent for more than a year after the meeting.
The reason why the new shares were silent again and again after the meeting was because they failed to meet the listing standards. After the meeting, Zunyi titanium industry was dragged down by the economic environment, and the company's performance fell sharply, resulting in losses, which led to repeated delays in the listing process. These companies are really helpless. However, most companies were found to have various problems after the meeting and could not be listed normally. Wenfeng World sponsored by Essence Securities successfully held a meeting in June 20 10, but it was later found that the problem of unclear assets was solved. 20 10 garden creatures encountered in August, because the trade union's shareholding is unclear.
After the issuance of new shares, the listing was blocked, which is typical of Suzhou Hengjiu and Shengjingshan River not long ago. Last year, due to patent fraud, Suzhou was suspended from IPO for a long time in the media. Shengjingshanhe, on the other hand, was urgently stopped half an hour before listing because of alleged sales data fraud, and was also rejected at the second meeting a few days ago.
The sponsors are hard to blame for the problems exposed after IPO. The heads of the relevant sponsors of the above two companies were also punished by the CSRC. The termination of listing due to fraud highlights the loopholes in the new share issuance system, allowing malicious money-circling behavior to take advantage of it, while the sponsor's sponsorship ability and moral issues are also questioned.
Further reading: How to buy insurance, which is good, and teach you how to avoid these "pits" of insurance.