(Source: Visual China)
Text | "Financial World" Weekly Yang Qiao
Editor | Yangyi
The supplier behind Naixue's tea, Yidiandian, Shanghai Auntie and other new tea drinks is preparing to rush to the market.
Recently, Ye Ye Innovation Co., Ltd. (hereinafter referred to as "Ye Ye Co., Ltd.") officially submitted a review draft to Beijing Stock Exchange and plans to be listed on Beijing Stock Exchange. Guohai Securities serves as the sponsor. Ye Ye was listed on the New Third Board on February 13, 2015, and planned to IPO on the Shenzhen Stock Exchange. However, in March this year, the board of directors of Ye Ye passed a resolution to terminate the application for listing on the main board of the Shenzhen Stock Exchange and redirected it to the Beijing Stock Exchange.
Tianye Co., Ltd. is mainly engaged in the research and development of tropical fruit and vegetable products, with more than 40 kinds of fruit and vegetable product formulas and processes such as mango and pineapple. The amount of funds raised from this listing will be used by Ye Ye Co., Ltd. for the Hainan Free Trade Port Smart Factory (Phase I) construction project and the Hainan Dachuan Tropical Specialty Industry Expansion Project.
At present, Ye Ye Co., Ltd. has become the raw material juice supplier for new tea drinks such as Nayuki's tea, Tea Momoichi , a little bit , etc. It is also the supplier of Nongfu Spring , Coca-Cola , Wahaha and other food and beverages. business. The relationship between Tianye Shares, Naixue’s tea , Shanghai Auntie, etc. is not only between suppliers and customers, but also has a deep "binding".
In May 2021, Ye Ye Holdings conducted a directional stock issuance. Ye Ye shares plans to issue no more than 30 million shares to qualified investors at 3.22 yuan per share, raising total funds of no more than 96.6 million yuan.
Naixue’s Tea and Hushang Auntie, which are already the top five customers of Tianye Holdings, also participated in this subscription. In November 2021, there were 8 subscribers for Ye Ye’s share issuance, of which Nai Xue’s Tea invested 38.64 million yuan and Shanghai Auntie invested 3.22 million yuan. It is worth noting that this is also Nayuki’s first external investment after its tea was launched.
During this capital increase, Tianye shares also signed an gambling agreement . Yao Jiuzhi, one of the actual controllers of the company, signed a supplementary agreement to the "Stock Subscription Agreement" with the above eight subscribers. Among them, Ye Ye shares promised to complete the listing before the end of December 2024. If the listing is not completed within the specified time, it will need to Repurchase privately issued shares.
An insider in the investment industry told "Financial World" weekly that if investment institutions agree on gambling agreements and other similar arrangements when investing in issuers, in principle the issuers are required to clean up before filing; however, if they meet the following requirements at the same time, they do not need to clean up. , including that the issuer is not a party to the gambling agreement, does not affect the change of the company's control, is not linked to the company's market value, and does not affect the company's ability to continue operating, etc.
As of the end of 2021, Yeye Shares has used 43.3094 million yuan of raised funds to supplement working capital and repay bank loans. There is no early use of raised funds, and there is still 53.2906 million yuan of raised funds. The
prospectus shows that before this issuance, Naixue's Tea (the main company behind it is "Shenzhen Pindao Catering Management Co., Ltd.") held a shareholding ratio of 4.44%, making it the fourth largest shareholder of Ye Ye.
At the same time, Naixue’s Tea is also one of the top five customers of Tianye Shares. In 2020, Naixue's tea became the second largest customer after Nongfu Spring, with revenue accounting for 9.63% of the total revenue of Ye Ye. In 2021, with the exception of Nongfu Spring, which remains its second largest customer, the company's other four major customers are all new tea brands, including Yidiandian and Shanghai Auntie. The
prospectus shows that from 2019 to 2021, Ye Ye’s revenue was 290 million yuan, 266 million yuan, and 459 million yuan respectively, and its net profits during the same period were 24.32 million yuan, 21 million yuan, and 65.18 million yuan respectively. By 2021, Naixue’s tea has accounted for 20.04% of the revenue, while Shanghai Auntie’s revenue accounted for 10.49%.
The above-mentioned industry insiders said that if it is a related-party transaction, fairness also needs to be required. The pricing of transactions between similar businesses and related parties needs to be consistent with the pricing for transactions with non-related parties. In response to the above situation, "Financial World" weekly called Yeye Shares, but as of press time, the company had not responded.The
prospectus shows that the company’s actual controllers are brothers Yao Jiuzhi and Yao Jiuzhuang. Before this issuance, Yao Jiuzhi and Yao Jiuzhuang’s combined shareholding ratio was 17.78%.
Tianye shares were listed on the New Third Board as . Previously, they also tried to land on the A shares of , but failed. In this sprint to the Beijing Stock Exchange, Ye Ye shares also revealed its desire for funds.
But before that, many companies had been stranded on their way to listing due to complicated relationships with major customers.
Like Guotai Liquor Industry , the sales model of its liquor products has always been based on distribution channels. A large part of the company's revenue comes from related transactions and stock-holding dealers, which has also caused external concern. dispute.
From 2017 to 2019, 44 companies under Yan Xijun, the actual controller of Guotai Liquor Industry, participated in the sales of Guotai Liquor Products. The transaction amounts generated were 51.24 million yuan, 68.27 million yuan, and 80.45 million yuan respectively, accounting for the company's total operating revenue in the same period. 8.9%, 5.8%, 4.2%.
In the first half of 2020, the top five customers of Guotai Liquor Industry changed. Guangdong Yueqiang Liquor Co., Ltd. , Shenzhen Yueqiang Zhenpin Liquor Co., Ltd. and Guangdong Yirun Trading Co., Ltd. have become the largest customers of Guotai Liquor, and these three companies are all owned by stock-holding dealer Wang Fuqiang. company. According to the prospectus of Guotai Liquor Industry, among the company's top five customers, Guangdong Yueqiang Liquor Industry holds 1.19% of the equity of Guotai Liquor Industry, and Katwela International Trading Co., Ltd. holds 1.24% of the equity of Guotai Liquor Industry. At the same time, They are also distributors of Guotai Liquor Industry.
This also caused Guotai Liquor Industry to encounter Shanghai Stock Exchange doubts during the listing process. The Shanghai Stock Exchange requires Guotai Liquor Industry to provide supplementary disclosures on this situation, requiring dealers to select criteria, shareholding prices, whether the shareholding is true and valid, whether there is interest transfer, and whether there is any mediation of profits through shareholding dealers. In June 2021, Guotai Liquor Industry actively terminated the IPO process.
In addition, in April 2022, the IPO of Tangshan Caofeidian Wood Industry Co., Ltd. (hereinafter referred to as "Wood Industry Shares") was also rejected by the Shanghai Stock Exchange. The high proportion of related transactions is also one of its problems. It is understood that the shares held by Liu Shaojian, the actual controller of Wood Industry Shares, were transferred from his father Liu Wenfeng. At the same time, Tangshan Wenfeng Special Steel, Hebei Wenfeng New Materials, Tangshan Wenfeng Resources and Hebei Wenfeng International Trading Co., Ltd. controlled under his father's name are all major customers of Wood Industry Co., Ltd. Until the first half of 2021, these four companies were merged to become the largest customer of Wood Industry Shares, accounting for 28.05% of revenue.
This situation is not uncommon among companies planning to IPO, including Tianye shares, and their IPO process is still worthy of attention.
For example, Marco Polo Holdings Co., Ltd., which is also sprinting to be listed recently, according to its prospectus, its largest customer in 2019 and its second largest customer in 2020 are aesthetic decoration, accounting for 13.21% of sales revenue in the two years respectively. ,7.56%. In addition, another identity of Weimei Decoration is the supplier of Marco Polo. This company is the company of Huang Jianping, the actual controller of Marco Polo.
