Source: China Economic Network
China Economic Network Editor's Note : On August 25, Zhejiang Weigang Technology Co., Ltd. (hereinafter referred to as "Weigang Technology") will be held at the meeting. The sponsor (lead underwriter) is Everbright Securities , and the sponsor representatives are Wang Ruyi and Li Mingfa. The actual controllers of
company are Zhou Bingsong and Li Yuhe. Before this issuance, Zhou Bingsong, the actual controller of Weigang Technology, Li Yuhe, and his joint actor Zhou Xiang, jointly controlled a total of 91.32% of the company's shares. Zhou Xiang is the son of Zhou Bingsong and Li Yuhe. Zhou Bingsong is appointed as the chairman and general manager of Weigang Technology, Li Yuhe is appointed as the company's director, and Zhou Xiang is appointed as the company's director and secretary of the board of directors.
In addition, Zhou Bingsong's brothers Zhou Bingwen and Zhou Bingguang, one of the actual controllers, Li Yuhe's brothers Li Jianbo, Zhijie Li Yuqin , Li Yulian and Zhijie Li Yuyun, both indirectly hold the company's shares through the shareholding platform, and the proportion of shares before the company's issuance before this issuance was 0.46%, 0.23%, 0.21%, 0.10%, 0.08%, and 0.08%, respectively, with a total of 1.16% of the shares.
Weigang Technology plans to issue 35.6535 million new shares on the main board of the Shenzhen Stock Exchange, accounting for no less than 25% of the company's total share capital after issuance. It plans to raise 554.7652 million yuan, of which 432.6916 million yuan is used for the "annual production of 180 all-wheel printing machines and other intelligent printing equipment construction projects", 55.0374 million yuan is used for the "research institute expansion project", and 67.0362 million yuan is used for the "marketing and service network construction project".
In 2019 and 2020, Weigang Technology's operating income increased by year-on-year by , respectively; net profit increased by 12.76% and 21.72% year-on-year respectively.
From 2018 to 2020 and January to September 2021, Weigang Technology's operating income was RMB 357.8641 million, RMB 382.1044 million, RMB 380.0763 million, and RMB 316.5775 million, respectively. The cash received from selling goods and providing services was RMB 366.3239 million, RMB 374.6718 million, RMB 379.4778 million, and RMB 31, respectively. 8.9278 million yuan; net profits were RMB 75.1014 million, RMB 84.6811 million, RMB 103.071 million and RMB 66.2069 million, respectively, and the net cash flow generated by operating activities was RMB 69.7618 million, RMB 44.2597 million, RMB 109.7993 million and RMB 61.5628 million, respectively, with net-cash ratios of 0.93, 0.52, 1.07, and 0.93, respectively.
From 2018 to 2020, Weigang Technology achieved a total net profit of 263 million yuan. In the past three years, the company distributed dividends three times, with a total dividend of 265 million yuan, of which 180 million yuan was paid in 2020. The specific dividend distribution situation is as follows: According to the resolution of the shareholders' meeting of Weigang Co., Ltd. (the predecessor of the company) in August 2018, Weigang Co., Ltd. distributed RMB 5 million in cash dividends. According to the resolution of the Weigang Limited shareholders' meeting in October 2018, Weigang Limited distributed RMB 80 million in cash dividends. According to the resolution of the second extraordinary shareholders' meeting in 2020, the company distributed RMB 180 million in cash dividends.
The company's main business is outstanding. During the reporting period, the company's main business income was RMB 356.5982 million, RMB 381.0243 million, RMB 378.6509 million and RMB 315.2323 million, respectively, and the proportion of main business income to operating income was 99.65%, 99.72%, 99.62% and 99.58% respectively.
by product category, from 2018 to 2020 and January to September 2021, among Weigang Technology's main business revenue, the proportion of intermittent PS version trademark printing machine (offset printing) product revenue was 55.74%, 57.06%, 67.06%, and 64.88% respectively; the proportion of product revenue of unit type flexographic printing machine was 29.69%, 29.42%, 20.57%, and 22.50% respectively.
The average sales unit price of the above two major products of the company are both showing a downward trend. In each period, the average sales unit price of the intermittent PS version of offset printer was 1.2991 million yuan/unit, 1.2146 million yuan/unit, 1.1921 million yuan/unit, and 1.2471 million yuan/unit, and the average sales unit price of the unit type flexo printer was 2.2524 million yuan/unit, 2.1557 million yuan/unit, 1.8546 million yuan/unit, and 1.7736 million yuan/unit, respectively.
's gross profit margin has been on a downward trend, but has exceeded the average of peers for three consecutive years. From 2018 to 2020 and January to September 2021, the comprehensive gross profit margin of Weigang Technology’s label printing equipment was 34.91%, 36.03%, 34.65% and 32.07%. From 2018 to 2020, the average gross profit margins of comparable public companies in the same industry were 33.27%, 34.64% and 32.39% respectively.
During the reporting period, Weigang Technology was recognized as a high-tech enterprise and enjoyed preferential policies for paying corporate income tax at a tax rate of 15%, R&D expenses additional deductions for and software product value-added tax and refunding immediately at a tax rate of 15%.
In 2019 and 2020, the company's R&D expenses decreased. During the reporting period, the company's R&D expense ratio was lower than the average of the peers. From 2018 to 2020 and January to September 2021, Weigang Technology's R&D expenses were RMB 17.7219 million, RMB 16.8752 million, RMB 13.4245 million and RMB 12.9903 million, respectively, accounting for 4.95%, 4.42%, 3.53% and 4.10% of its operating income, respectively. The average R&D expense ratios of comparable public companies in the same industry are 5.20%, 6.54%, 6.08% and 6.03% respectively.
During the reporting period, the employee salary in the company's R&D expenses was RMB 4.7588 million, RMB 6.0745 million, RMB 5.4441 million and RMB 5.322 million, respectively, accounting for 26.85%, 36.00%, 40.55% and 40.97% of the R&D expenses, respectively; the equity incentive expenses in the company's R&D expenses were RMB 4.700 million, RMB 4.0725 million, RMB 5501 million and RMB 2.8485 million, respectively, accounting for 26.52%, 24.13%, 4.10% and 21.93% of the R&D expenses, respectively.
From 2018 to 2020 and January to September 2021, Weigang Technology's sales expenses were RMB 20.9101 million, RMB 24.5132 million, RMB 17.6111 million and RMB 18.0466 million, respectively, accounting for 5.84%, 6.42%, 4.63% and 5.70% of its operating income, respectively. The average sales expense ratios of comparable public companies in the same industry are 8.90%, 9.87%, 6.18% and 7.07% respectively.
At the end of each period of the reporting period, the company's inventory balance was RMB 101.5204 million, RMB 110.6688 million, RMB 140.0118 million and RMB 170.0436 million, respectively. During the reporting period, the company's inventory turnover rate was 2.70, 2.29, 1.97 and 1.38, respectively, and the peer averages were 3.51, 3.22, 4.28 and 2.17, respectively.
At the end of each period of the reporting period, the company's accounts receivable balance was small, which was RMB 22.7022 million, RMB 17.5752 million, RMB 16.7604 million and RMB 15.2622 million, respectively. The balance of accounts receivable accounted for 6.34%, 4.60%, 4.41% and 4.82% of operating income, respectively. During the reporting period, the company's accounts receivable turnover rate of was 14.46, 18.97, 22.14 and 19.77, respectively, and the average values of the peers were 5.83, 4.58, 5.32 and 4.15 respectively.
At the end of each period of the reporting period, the total assets of the company were 510 million yuan, 560.0734 million yuan, 544.6118 million yuan and 659.2221 million yuan, respectively. Among them, current assets are RMB 423.2088 million, RMB 406.3892 million, RMB 350.6608 million and RMB 427.1468 million, respectively, accounting for 82.98%, 72.56%, 64.39% and 64.80% respectively.
At the end of each period, the company's cash and funds were RMB 70.0432 million, RMB 141.0702 million, RMB 160.3209 million, and RMB 227.9972 million, respectively.
At the end of each period of the reporting period, the company's total liabilities were RMB 216.5476 million, RMB 171.3513 million, RMB 159.3374 million and RMB 154.9646 million, respectively. Among them, the proportion of current liabilities to total liabilities was 99.19%, 98.00%, 98.45% and 97.54% respectively.
At the end of each period of the reporting period, the company's debt-to-asset ratio was 42.46%, 30.59%, 29.26% and 23.51%, respectively, and the average values of the peers were 39.97%, 41.74%, 48.59% and 50.21%, respectively. At the end of each period of the reporting period, the company's current ratio was 1.97, 2.42, 2.24 and 2.83, respectively, and the peer averages were 2.02, 2.04, 1.80 and 2.12, respectively; the quick ratios were 0.48, 1.60, 1.22 and 1.62, respectively, and the peer averages were 1.60, 1.57, 1.35 and 1.68, respectively.
During the reporting period, Weigang Technology had problems using personal cards to settle the settlement, and the actual controller formed financial transactions with the company due to the failure to return the personal card funds in time.
In 2018 and 2019, the total inflows of funds from the company to make revenue and expenditure through personal cards were RMB 9.8936 million and RMB 8.7509 million, respectively, and the total outflows were RMB 10.7222 million and RMB 6.9893 million, respectively. Among them, in the above two years, the outflow of funds for the company's personal card to pay employees' salaries was RMB 5.8448 million and RMB 4.0654 million respectively; the inflow of funds for the equipment and accessories collected through the personal card was RMB 9.3407 million and RMB 5.6303 million respectively.
million yuan, this period decreases by year, and the funds receivable by the actual controller of Weigang Technology increased by 10,000 yuan in this period; 10,000 yuan, after the use of personal cards was reduced by 10,000 yuan in this period, Zhou Bingsong did not have any further financial transactions. During the reporting period, the company's funds receivable by Zhou Bingsong were charged interest at the bank loan interest rate during the same period. When Zhou Xiangnianri distributed dividends to shareholder Zhou Bingsong, he paid the dividends to Zhou Bingsong's son Zhou Xiang. The core business personnel paid 10,000 yuan. The company has also confirmed the cost and capital reserve . The company is 10,000 yuan.In the year, Zhou Bingsong considered the support of core business personnel Yu Jinhua and Zhou Yue as entrepreneurial partners to their early stages of their entrepreneurship and their great contribution to the company's development process in R&D and sales, but the two did not hold equity in the company, and gave 10,000 yuan to Jinhua and Zhou Yue respectively in their personal capacity outside the company's compensation system. The company paid the fees as cash-settled shares and confirmed capital reserves.
Weigang Technology disclosed 2 editions of prospectus books on September 27, 2021 and February 16, 2022 respectively. In these two versions of the prospectus, there are inconsistencies in the data of large customer disclosures by the company.
2021 version of the prospectus shows that Weigang Technology's operating income to Taixin Financial Leasing in 2020 was RMB 76.7633 million, while the 2022 version of the prospectus shows that it was RMB 77.6925 million, 929,200 more than the previous version of the prospectus.
2021 version of the prospectus shows that Weigang Technology's operating income to the fourth largest customer Ping An International Financial Leasing Co., Ltd. in 2019 was 3.823 million yuan, while the 2022 version of the prospectus shows that it was 3.9055 million yuan, 82,500 yuan more than the previous version.
2021 edition prospectus shows that Weigang Technology’s fourth largest customer in 2018 was Zhongxing Zhongda Printing (Shenzhen) Co., Ltd., with its operating income of 5.125 million yuan. The 2022 edition of the prospectus shows that Weigang Technology's third largest customer in 2018 was Zhongxing zhongda (including Zhongxing zhongda Printing (Shenzhen) Co., Ltd. and Jinhan Printing (Shenzhen) Co., Ltd., which are under the same control), with operating income of 7.8608 million yuan.
tag printing equipment company plans to raise 550 million yuan. The actual controller and the family of three hold 91.32%
Since its establishment, Weigang Technology has been engaged in the research, development, production and sales of label printing equipment. Its products include intermittent PS version trademark printing machine (offset printing), unit type flexographic printing machine and other printing equipment, as well as die-cutting machine and and other post-printing equipment. It is widely used in label printing in daily chemicals, wine (wine, liquor, etc.), food and beverage, medicine, household appliances, anti-counterfeiting, ticketing, electronic products and other fields.
As of the date of signing the prospectus, Chengwei Investment held 45.7585 million shares of the company, with a shareholding ratio of 42.78%, and is the controlling shareholder of the company.
Before this issuance, Zhou Bingsong, the actual controllers of Weigang Technology, Li Yuhe and his joint actor Zhou Xiang jointly controlled a total of 91.32% of the company's shares. The actual controllers of
company are Zhou Bingsong and Li Yuhe. Zhou Bingsong directly holds 34.86% of the company's shares, and Li Yuhe directly holds 9.65% of the shares; Chengwei Investment is owned by Zhou Bingsong 80% of the shares, and Li Yuhe holds 20% of the shares, and the two control 42.78% of the company's shares through Chengwei Investment. Therefore, the actual controllers Zhou Bingsong and Li Yuhe jointly controlled a total of 87.29% of the company's shares.
Zhou Xiang is the son of Zhou Bingsong and Li Yuhe, and is the joint actor of the actual controller of the company. Zhou Xiang is the executive partner of Weishi Investment and indirectly controls 4.03% of the company's shares through the partnership. In exercising shareholder rights, participating in board decision-making and daily management, Zhou Xiang must follow the opinions of his parents, namely Zhou Bingsong and Li Yuhe, keep a consistent with the two, and be the joint actors of the actual controller of the company.
Zhou Bingsong is the chairman and general manager of Weigang Technology, Li Yuhe is the company's director, and Zhou Xiang is the company's director and board secretary.
Net profit growth
3 net profit was 263 million yuan, dividends were 265 million yuan
2018-2020, Weigang Technology achieved a total net profit of 263 million yuan. In the past three years, the company distributed dividends three times, with a total dividend of 265 million yuan. The specific dividend distribution situation is as follows:
According to the resolution of the Weigang Co., Ltd., Ltd., in August 2018, Weigang Co., Ltd. distributed cash dividends of 5 million yuan.
According to the resolution of the Weigang Co., Ltd. Shareholders' Meeting in October 2018, Weigang Co., Ltd. distributed RMB 80 million in cash dividends.
According to the resolution of the second extraordinary shareholders' meeting in 2020, the company distributed RMB 180 million in cash dividends.
2 unit prices of major main products all showed a downward trend
The company's operating income mainly comes from the main business income. During the reporting period, the company's main business income was RMB 356.5982 million, RMB 381.0243 million, RMB 378.6509 million and RMB 315.2323 million, respectively. The proportion of main business income to operating income was 99.65%, 99.72%, 99.62% and 99.58% respectively. The company's main business is outstanding.
The factors influencing the company's main product production capacity include factory area, production equipment, number of employees, raw material supply, outsourcing processing situation, etc., which will also be affected by order volume. Therefore, the production capacity of the company's main products cannot be accurately quantitatively counted.
in each period, the company's intermittent PS version trademark printing machine (offset printing) production and sales rates of were 106.99%, 85.65%, 99.53%, and 110.81%, respectively, and the production and sales rates of unit-type flexographic printing machine were 90.38%, 106.12%, 105.00%, and 108.11%, respectively.
gross profit margin showed a downward trend
According to Weigang Technology's prospectus, the comprehensive gross profit margin in 2019 increased by 1.12 percentage points compared with 2018, mainly due to the simultaneous increase in gross profit margins of intermittent offset printers and unit flexo printers; in 2020, the company's comprehensive gross profit margin decreased, among which the gross profit margin of intermittent offset printers increased, while unit flexo printers decreased due to competition and decline in export revenue; from January to September 2021, the company's comprehensive gross profit margin decreased by 2.58 percentage points compared with 2020, mainly due to the simultaneous decrease in gross profit margins of intermittent offset printers and unit flexo printers.
During the reporting period, the company's gross profit margin was basically the same as the average gross profit margin of comparable public companies in the same industry and the trend was consistent. However, due to differences in the operating scale, product type, product application field and sales area of each company, there are certain differences in gross profit margins.
R&D expense ratio is lower than the average of peers
During the reporting period, the employee salary in the company's R&D expenses was RMB 4.7588 million, RMB 6.0745 million, RMB 5.4441 million and RMB 5.322 million, respectively, accounting for 26.85%, 36.00%, 40.55% and 40.97% of R&D expenses, respectively. Employee salaries increased by 27.65% in 2019 compared with 2018, mainly due to the significant progress in the research and development of new products in 2019, and the bonus of core technical personnel increased; the salary level in 2020 decreased compared with 2019, mainly due to the lack of new product R&D bonus of main core technical personnel that year, resulting in a decrease in employee salaries in 2020 compared with the previous year.
During the reporting period, the equity incentive expenses of the company's R&D expenses were RMB 4.70 million, RMB 4.0725 million, RMB 550,100 and RMB 2.8485 million, RMB 26.52%, 24.13%, 4.10% and 21.93% of the R&D expenses, respectively. The actual controller of the company, Zhou Bingsong, considering the contributions made by entrepreneurial partners and core technical personnel in Jinhua in the early stage of the company's entrepreneurship and the development of the company, gave 4.70 million yuan in cash and 4.0725 million yuan in Jinhua in 2018 and 2019 respectively. Based on the principle of prudentity , the company confirmed the share payment fee as cash settlement shares. In October 2020, Zhou Bingsong signed a share transfer agreement with Yu Jinhua, stipulating that Zhou Bingsong would transfer 4 million shares of the company he held to Yu Jinhua. The company determined the equity incentive to grant equity tool as a equity incentive, and the share payment fee was confirmed based on the two price differences.
According to Weigang Technology's prospectus, from 2018 to 2020, the company's R&D expense rate was slightly lower than that of comparable public companies in the same industry, and there was no significant difference from Dayilong . The company's R&D expense rate is lower than that of Wanjie Technology, mainly because Wanjie Technology's operating income is small and the R&D expense rate is high. The company's main product is label printing machine, which has a certain difference from Honghua Digital Technology, which mainly produces digital printing equipment and Evergreen Co., Ltd. , which produces die-cutting equipment, and R&D projects are also different. The company formulates R&D plans and conducts R&D projects based on product technology development status, industry development trends and customized needs of some customers every year, and makes corresponding R&D investments based on this. The company attaches great importance to R&D investment to promote the company's existing products and launch products that are more technical and can better meet market demand.
sales expense ratio is lower than the average of peers
From 2018 to 2020 and January to September 2021, Weigang Technology's sales expenses were RMB 20.9101 million, RMB 24.5132 million, RMB 17.6111 million and RMB 18.0466 million, respectively, accounting for 5.84%, 6.42%, 4.63% and 5.70% of operating income, respectively. The proportion of sales expenses in 2020 is low, mainly due to the adjustment of transportation costs inclusion in operating costs. The average sales expense ratios of comparable public companies in the same industry are 8.90%, 9.87%, 6.18% and 7.07% respectively.
During the reporting period, the employee salary in the company's sales expenses was RMB 7.4313 million, RMB 9.2708 million, RMB 9.5609 million and RMB 7.9072 million, respectively, accounting for 35.54%, 37.82%, 54.29% and 43.82% of sales expenses, respectively.
According to Weigang Technology's prospectus, the proportion of sales expenses in the company's operating income was lower than the average level of comparable companies in the same industry, which was close to Honghua Digital Technology and Wanjie Technology, which are also engaged in the production of Indian and Chinese equipment, but lower than Evergreen Shares and Dayilong. The main reason is that Evergreen Shares and Dayilong operate the production of post-print equipment and liquid packaging machinery , respectively, which is different from the company's product type and product application field; and the company is large in scale and has a large number of subsidiaries, and its employee salary, travel expenses, office expenses, etc. are relatively high, and its proportion of operating income is higher than that of the company.
At the end of September last year, the inventory balance was 170 million
At the end of each period of the reporting period, the company's inventory balance was RMB 101.5204 million, RMB 110.6688 million, RMB 140.0118 million and RMB 170.0436 million, RMB 1,013.266 million, RMB 110.4591 million, RMB 138.2633 million and RMB 167.7574 million, respectively, accounting for 23.94%, 27.18%, 39.43% and 39.27% of current assets, respectively.
At the end of 2019, the company's inventory book balance increased by 9.1484 million yuan compared with the end of 2018, an increase of 9.01%, mainly due to the increase in 's inventory goods . At the end of 2019, the balance of inventory goods increased by 17.6359 million yuan compared with the end of 2018, mainly due to the increase in the company's production and some equipment have not yet met the delivery conditions agreed in the contract, resulting in an increase in the company's equipment that did not ship at the end of the period; at the end of 2019, the balance of 's product decreased by 8.0041 million yuan compared with the end of 2018, mainly due to the increase in production, the company's production efficiency has led to a decrease in the product inventory. At the end of 2020, the company's inventory book balance increased by 29.3429 million yuan compared with the end of 2019, an increase of 26.51%. At the end of September 2021, the inventory balance increased by 30.0318 million yuan compared with the end of 2020, an increase of 21.45%, mainly due to the increase in raw materials and products.
During the reporting period, the company's inventory turnover rate was 2.70, 2.29, 1.97 and 1.38 respectively, and the peer average was 3.51, 3.22, 4.28 and 2.17 respectively.
Weigang Technology stated in its prospectus that during the reporting period, the company's inventory turnover rate was lower than the average level of comparable public companies in the same industry, mainly lower than the inventory turnover rate of Wanjie Technology, mainly because the inventory turnover rate of Wanjie Technology is abnormally higher than that of comparable public companies in the same industry; the issuer is basically the same as other comparable public companies in the same industry, and the inventory turnover rate began to decline in 2019, mainly due to the continuous increase in order volume and the increase in the customization functions of some of the company's equipment, resulting in a longer production and debugging time, which has increased the product and increased the inventory balance. In addition, starting from the fourth quarter of 2020, due to the tight chip supply and the expectation of rising prices of mechanical materials, in order to ensure the timely supply of raw material products such as electrical components and mechanical components, the company increased some material inventory to ensure the company's production continued to be stable, and the inventory amount increased compared with the previous year, resulting in a decline in inventory turnover rate.
Account receivable balance at the end of September last year 15.26 million
Account receivable balance at the end of each period of the reporting period, the company's accounts receivable balance was relatively small, namely RMB 22.7022 million, RMB 17.5752 million, RMB 16.7604 million and RMB 15.2622 million, respectively. The balance of accounts receivable accounts receivable accounted for 6.34%, 4.60%, 4.41% and 4.82% of operating income, respectively.
During the reporting period, the company's accounts receivable turnover rate was 14.46, 18.97, 22.14 and 19.77, respectively, and the average values of the peers were 5.83, 4.58, 5.32 and 4.15 respectively.
Weigang Technology stated in its prospectus that during the reporting period, the company's accounts receivable turnover rate was higher than that of comparable public companies in the same industry, mainly because the company formulated a scientific and reasonable sales settlement policy.According to the company's sales model and sales policy, the company's domestic sales settlement policy is mostly a deposit of 20%-30% when the contract is signed, and the final payment is collected before shipment or 10% is reserved, and the payment is paid after the installation and commissioning is completed without objection; the export settlement policy is generally a deposit of 30% when the contract is signed, and the final payment is paid before shipment. The company implements a relatively strict credit policy . The balance of accounts receivable at the end of each period of the reporting period is small, and the accounts receivable turnover rate is high, which is in line with the company's actual operating status.
At the end of September last year, the total assets were 660 million, and the total liabilities were 150 million
At the end of each period of the reporting period, the company's asset-liability ratio was 42.46%, 30.59%, 29.26% and 23.51%, respectively, and the average values of the peers were 39.97%, 41.74%, 48.59% and 50.21%, respectively.
At the end of each period of the reporting period, the company's current ratios were 1.97, 2.42, 2.24 and 2.83, respectively, and the peer averages were 2.02, 2.04, 1.80 and 2.12, respectively; the quick ratios were 0.48, 1.60, 1.22 and 1.62, respectively, and the peer averages were 1.60, 1.57, 1.35 and 1.68, respectively.
Carry and pay with personal cards during the reporting period,
During the reporting period, the company made cash receipts and expenditures through personal cards, mainly involving the collection of equipment and accessories payments, collection of deposits, payment of materials, deposit refunds, payment of employee salaries, and payment of various expenses, and was successively returned to the issuer during the reporting period. As of the month, all the funds have been returned. The company is a label printing equipment manufacturer, mainly selling directly to terminal printing companies. Some terminal printing companies are established by individual funds. The company's sales orders occur in a non-fixed time, including urgent orders and weekend orders. There are delays in personal payments for personal accounts, and the bank counter pays for public payments for public payments is working days. In order to cooperate with customers' trading habits, facilitate customers and lock customers in time, the company has stopped all personal cards from receiving and paying by the company at the end of the year.
htmlIn 0, the total inflow of funds from the company's personal cards was RMB 10,000, and the total outflow of funds was RMB 10,000, respectively. Among them, the above mentioned 10,000 yuan, 10,000 yuan, and 10,000 yuan, the funds receivable by Zhou Bingsong, the actual controller of Weigang Technology increased by 10,000 yuan in this period; 10,000 yuan, the funds receivable by Zhou Xiang, the actual controller of Weigang Technology increased by 10,000 yuan in this period.Weigang Technology stated in its prospectus that during the reporting period, the company had funds receivable by the actual controller Zhou Bingsong, which was caused by the failure to return the payment and other funds received by the company using its personal bank card in time. The funds transactions with the company were after the company was in the month of the day. Zhou Xiang returned the dividend payment to the company. The company repaid it to Zhou Bingsong himself on the same day. Due to the short time, the interest related to was not set aside.
includes the adjustment of funds during the settlement period using personal cards into other receivables for the actual controller Zhou Bingsong, and disclosed as the related party's financial transactions. The relevant funds are transferred to the related party year and month respectively.
The total appraisal price of the company's 10,000 shares held by Pingyang Rural Commercial Bank is RMB 10,000, and the equity transfer payment has been collected monthly. Pingyang Rural Commercial Bank has reported to the Wenzhou Supervision Branch of the China Banking and Insurance Regulatory Commission for the equity transfer matter.
The total appraisal price of the 10,000 shares held by the company in Pingyang Pufa Bank is RMB 10,000, and the equity transfer payment has been collected in the month, monthly issue), and the above-mentioned equity transfer is approved.
The company holds 10,000 shares of Pingyang Xiaodai, and appraised the total price of the above-mentioned equity transfer.
According to Weigang Technology's prospectus, the above-mentioned equity transfer price is determined with reference to the appraisal value, and the transfer price is fair. The company disposes investments of Pingyang Rural Commercial Bank and Pingyang Pudong Development Bank every year and every month, but has not affected the company's current profits. Pingyang Microfinance, which the company dealt with in the month, is listed as a "long-term equity investment" accounted for in equity method . The investment income recognized by the equity method is 10,000 yuan per year, which generates a total investment income, and a small proportion, and will not have a significant impact on the company's current profits.
The above equity transfer price is determined with reference to the appraisal value. The transfer price is fair and has a small impact on the current net profit. It does not affect the issuer's operating independence. It does not constitute a dependence on related parties. There is no adjustment to the issuer's income profit or cost expenses through related transactions, and there is no situation of transferring the issuer's interests.
Other related transactions in the company's reporting period also include:
Zhou Bingsong paid 2 core business personnel an annual bonus of 1.863 million yuan in 2018. The company has confirmed costs and capital reserves at the same time.
In 2018, the company purchased a batch of red wine of 50,000 yuan from Shanghai Yi'an International Trade Co., Ltd., controlled by its director and financial director Mu Jinwei's brother-in-law.
In 2018 and 2019, Zhou Bingsong considered the support of core business personnel Yu Jinhua and Zhou Yue as entrepreneurial partners to their early stages of their entrepreneurship and their great contribution to the company's development process, but the two did not hold the company's equity and donated Yu Jinhua and Zhou Yue in their personal capacity outside the company's compensation system. The company paid the fees as cash-settled shares and confirmed the capital reserves.
2 version of the prospectus disclosed inconsistent data of major customers
Weigang Technology disclosed 2 versions of the prospectus on September 27, 2021 and February 16, 2022 respectively. In these two versions of the prospectus, there are inconsistencies in the data of large customer disclosures by the company.
screenshot from Weigang Technology's prospectus disclosed in 2021
screenshot from Weigang Technology's prospectus disclosed in 2022
2021 edition of the prospectus disclosed in 2019 shows that Weigang Technology's operating income to its fourth largest customer Ping An International Financial Leasing Co., Ltd. in 2019 was 3.823 million yuan, while the 2022 edition of the prospectus showed that 82,500 yuan more than the previous version.
screenshot from Weigang Technology's prospectus disclosed in 2021
screenshot from Weigang Technology's prospectus disclosed in 2022
