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. Companies that have made capital reductions before IPO application may not be uncommon, but it is rare for Yihao New Materials to reduce capital by 64.66%.
In addition, the IPO Daily found that the description of Yihao New Materials application was very "exquisite". For example, in the bribery case involved in the actual controller, only bribery was mentioned in order to "avoid from difficulties" and not "to take care of".
Source: Company official website
Reduced capital by 64.66% before application
Yihao New Materials, full name Ganzhou Yihao New Materials Co., Ltd. The company is mainly engaged in the research, development, production and sales of electronic circuit copper foil and its downstream aluminum-based copper clad plate.
From 2018 to 2020 and the first half of 2021 (hereinafter referred to as the "reporting period"), Yihao New Materials' operating income was RMB 588 million, RMB 756 million, RMB 838 million and RMB 638 million, respectively, and net profit attributable to shareholders was RMB 22.897 million, RMB 26.1895 million, RMB 57.6395 million, and RMB 95.8012 million, respectively. In addition, Yihao New Materials stated in the second round of inquiry reply letter of the Shenzhen Stock Exchange that it expects its net profit to be 168 million yuan in 2021, a year-on-year increase of 191.74%.
In response to this, Yihao New Materials stated in the application draft that since the second half of 2020, downstream industries such as consumer electronics, 5G base stations, automotive electronics, and IDCh have developed rapidly, the PCB industry has accelerated, the demand for upstream electronic circuit copper foil has increased, the electronic circuit copper foil industry has increased, the market price has increased, and the company's electronic circuit copper foil revenue has increased rapidly.
However, the growth rate and size of Yihao New Materials are not impressive among comparable companies in the electronic circuit industry. There are 5 comparable companies listed in the inquiry reply letter, namely Nord Co., Ltd., Chaohua Technology , Jiayuan Technology , Copper Crown Copper Foil, and Zhongyi Technology.
In the announcement, Nord Co., Ltd. expects the net profit attributable to shareholders in 2021 to be RMB 390 million to RMB 420 million, an increase of 7142% to 7699% year-on-year; Chaohua Technology expects the net profit attributable to shareholders in 2021 to be RMB 118 million to RMB 130 million, an increase of 449.63% year-on-year to 505.53%; Jiayuan Technology expects the net profit attributable to shareholders in 2021 to be RMB 530 million to RMB 603 million, an increase of 184.25% year-on-year to 223.56%.
Comparable company growth rate summary, data source: Nord Co., Ltd. Announcement
In addition, Tongguan Copper Foil stated in the prospectus that the company's net profit attributable to shareholders in 2021 was 349 million yuan, a year-on-year increase of 387.26%; Zhongyi Technology stated in the registration draft that the company's net profit forecast for 2021 was 360 million yuan to 410 million yuan, a year-on-year increase of 190.38% to 230.71%.
Interestingly, although it is not outstanding compared to comparable companies, Yihao New Materials, which has increased its performance, reduced its capital in November 2020. The company's total share capital decreased from 359 million shares to 127 million shares, and its registered capital decreased from 359 million yuan to 127 million yuan. All shareholders of reduced capital in the same proportion, and the reduced share capital (registered capital) was included in capital reserve .
In response to this, the Shenzhen Stock Exchange asked questions in the first round of inquiry letters, and Yihao New Materials stated that in order to adjust the total capital of to adapt to the company's development stage.
The Shenzhen Stock Exchange was not very satisfied with this reply and continued to ask about in the second round of inquiry letter. Yihao New Materials stated that before this capital reduction, the issuer's registered capital was 359 million yuan (shares). If calculated based on the planned public offering of 25% of the shares, the total number of shares after the company's listing is expected to exceed 470 million shares, while the company's net profit in 2019 was 26.1895 million yuan. Therefore, compared with the company's development stage and operating scale at that time, the number of shares is relatively large.
Summary of the Reduction of Capital, Data Source: Reply to Second Round of Inquiry
Seeing this, some readers may still have a question mark in their minds.
For this situation, has certified public accountant told the IPO daily report that this may be related to the rules for forced delisting of trading types where the daily closing price of for twenty consecutive trading days is lower than 1 yuan. is calculated based on 2019 data. If Yihao New Materials wants to have a price of more than 1 yuan per share, it needs to have a price-to-earnings ratio of 18.26 times, otherwise it will face the risk of delisting.
only mentions "avoid from difficulties"?
Yihao New Materials' actual controllers are Zhang Jianmeng and Zhang Xinchen. They are father-son relationships and control a total of 88.89% of the company's shares.
Yihao New Materials Application Draft shows that Zhang Jianmeng assisted in investigating the case of Yang Zhijun, former director of the Zhanggong Branch of the Ganzhou Environmental Protection Bureau, who was suspected of committing serious violations of duty (hereinafter referred to as the "Yang Zhijun Case"). The Yang Zhijun case was finalized by the Ganzhou Intermediate People's Court of Jiangxi Province in March 2019, and sentenced Yang Zhijun to commit the crime of accepting bribes and sentenced him to death. According to the second-instance criminal ruling of Yang Zhijun's bribery, in early June 2017, Yang Zhijun asked Zhang Jianmeng for 182,000 yuan in the name of paying for cigarettes and alcohol. In order to avoid difficulties in the company's environmental protection work, Zhang Jianmeng agreed to his request. In addition, Yang Zhijun accepted a meal coupon worth 20,000 yuan from Zhang Jianmeng.
Summary of the case involving bribery, data source: declaration
It should be pointed out that this passage only mentions that bribery is to "avoid the company's environmental protection work" and does not say that "for the purpose of taking care of" in the judgment document. judgment document shows that before the "avoiding trouble" in June 2017, one day at the end of 2016 or early 2017, in order to get Yang Zhijun's care for Yihao New Materials' environmental protection work, Zhang Jianmeng gave Yang Zhijun a meal voucher worth 20,000 yuan when he had dinner with Yang Zhijun at the Yuejing Hotel run by the CRV Vientiane City in Ganzhou.
In addition, although Yihao New Materials did not have administrative penalties for environmental protection during the reporting period, Zhang Jianmeng seemed to have not done enough in environmental protection.
Ganzhou Yihao Youmeike Industrial Co., Ltd. (hereinafter referred to as "Yihao Youmeike") is an enterprise controlled by Zhang Jianmeng. This company and another company controlled by Zhang Jianmeng, Xingguo Yihao, once paid some suppliers' payments for Yihao New Materials. In 2018 and 2019, the amount of payments paid by related parties was RMB 20.5661 million and RMB 23.2728 million, respectively.
As Yihao Youmeike, which is related to Zhang Jianmeng's control and Yihao New Materials, has many environmental problems.
In April 2018, law enforcement officers of Ganzhou Municipal Environmental Protection Bureau inspected Yihao Youmeike in accordance with the law and sampled and tested Yihao Youmeike 10-ton biomass combustion boiler and 15-ton vulcanized bed boiler. The test results show that the average conversion value of smoke and dust in a 10-ton biomass combustion boiler (mg/standard m³) is 141.8, exceeding the maximum allowable emission concentration standard for boiler particulate matter in Table 1 of Table 1, which is an emission exceeding the standard. For this reason, the bureau fined Yihao New Materials 200,000 yuan.
Administrative Penalty Summary, Data Source: Ganzhou Municipal Environmental Protection Bureau
It is also a gas problem. The official website of Ganzhou Municipal Environmental Protection Bureau shows that from mid-to-late August 2021, the bureau has successively received petition complaints from the public that the "Yihao Youmeike Company" disturbed the public. After investigation and investigation, in order to solve the problem of odor disturbing the public, the bureau put forward the following rectification requirements. First, it issued a decision to order production restrictions, requiring enterprises to rectify production restrictions from now on to reduce the source emissions of odors. Currently, the company's output is only 1/4 to 1/3 of the original production; second, it requires the addition of environmental protection facilities; third, it strengthens monitoring and timely discloses information.
In addition, the announcement of Ganzhou Municipal Environmental Protection Bureau in August 2021 showed that on the afternoon of August 7, 2021, Fu Xiaoxin, Secretary of the Party Group and Director of the Municipal Ecological Environment Bureau, inspected the discharge of industrial wastewater in the enterprise on-site at "Yihao Youmeike Company", and required enterprises to seriously learn profound lessons from secret discharge of wastewater, learn from one example and make thorough rectifications, and effectively fulfill their main responsibility for pollution control. We must comprehensively investigate the problems existing in the sewage pipeline network in the factory, cut off the path of mixed discharge of sewage, comprehensively solve the problems of mixed discharge of foreign domestic sewage and industrial sewage in the factory, and achieve the complete diversion of rain and sewage.
The reporter did not find the previous article "Yihao Youmeike Company" through Tianyan Check. The closest name is the full name of Yihao Youmeike. In addition to the administrative penalty for gas, , Yihao Youmeike may still have problems in subsequent gas treatment, and there may also be a criminal record of secretly discharged wastewater.
These situations seem to be inconsistent with "making things difficult".
END
Reporter Zou Xuchen
layout Chu Nianying
edited by Wang Ying
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