21 Century Economic Report reporter Zhang Wang reported
Ten years ago, on December 15, 2011, Yang Zhishan, who was the chief analyst of CITIC Securities Power and Utilities, was investigated by the China Securities Regulatory Commission because of an insider trading case. was transferred to the public security organ.
Yang Zhishan, who graduated from Fudan University with a master's degree in 1997 and entered the securities industry, is quite experienced. He once wrote such a "famous saying" in a PPT "Seller Research Experience": About the seller! (That is) making up stories and successfully selling them.
In the year he graduated with his master's degree, Yang Zhishan and a Fudan classmate named Cao Jian jointly published a paper titled "The Reasonable Speed and Scale of the Development of my country's Securities Market." Both of them pointed their career plans after graduation to the capital market. After graduating from
, both of them entered the securities industry as they wished. Yang Zhishan went south to join the popular Southern Securities, while Cao was admitted to and Shanghai Stock Exchange on the spot.
Qin Chong, who was studying for a master's degree in and at Fudan University at almost the same time as them, also followed suit and started working in a securities company.
At that time, these three talented people who entered the capital market together should not have thought that many years later, they would also face a similar fate.
The proud son of heaven who has reached the same goal through different paths
Compared with the "story" compiled by Yang Zhishan as a seller researcher, the "story" performed by Cao Ship in the capital market is obviously much more "grand".
In June 2021, Cao Shipian, who had been a member of the Main Board Issuance Review Committee for three terms and then served as the deputy director of the Science and Technology Innovation Board Review Center, lost contact with his Fudan classmate Qin Chong at the age of 48.
As early as November 2006, Qin Chong, then general manager of the Financing and M&A Department of Everbright Securities, led nearly 20 people in his department to "transfer" to Essence Securities . Before the incident, he had already been in charge of investment banking business of Essence Securities. Vice President.
Soon after, the answer was revealed. On December 3, the website of the Central Commission for Discipline Inspection and the State Supervision Commission disclosed that A member of the 12th, 13th, and 16th Main Board Issuance Review Committee of the China Securities Regulatory Commission, and a deputy director of the Shanghai Stock Exchange’s original Science and Technology Innovation Board Listing Review Center A case review and investigation was conducted on the serious violation of discipline and law by the chief officer while operating the ship.
(The picture shows the resume of the ship operator posted on the website of the Central Commission for Discipline Inspection and the State Supervision Commission)
In fact, in early September, when the information about Qin Chong’s resignation from Essence Securities was just disclosed, there were rumors that he might be related to the investigation of the ship operator. "Qin Chong has a very good relationship with Cao Ship," a person close to Essence Securities once revealed in an interview with a reporter from Jiemian News.
But until the details of the investigation into ship maneuvering were made public, there was still little information about the details of Qin Chong's investigation.
However, the relevant content disclosed in the aforementioned ship manipulation case may provide some clues.
"formed a small circle with regulatory service recipients, often accepted banquets, and accepted gifts and gifts lavishly." Content disclosed on the website of the Central Commission for Discipline Inspection and the National Supervisory Commission showed that in addition, the operator also "disclosed work secrets and undermined the order of issuance supervision; and had a sense of public power." Indifferent, willing to be 'hunted', turning the issuance review power into a profit-making tool, illegally receiving a large amount of property, and illegally making huge profits by taking shares in companies to be listed."
"China is a society of personal relationships. The most common ones are circles of classmates and fellow villagers. These are also applicable in the financial circle." A senior investment banker in Shanghai was not surprised by this.
As for whether Cao Ship formed such a "small circle" with his Fudan classmate Qin Chong, or even the company that Qin Chong works for to be listed, the industry insider said that he did not know the specific situation and was inconvenient to comment.
In fact, compared with the success of operating in regulatory agencies, Qin Chong has also opened up his own world in the investment banking field.
's semi-annual report this year shows that Essence Securities' investment banking business revenue was 674 million yuan, a significant increase of 72.68% year-on-year, ranking first among all its main businesses. This revenue scale also ranks 12th in the industry, jumping up 8 places year-on-year.
In the first half of the year, Essence Securities’ stock lead underwriting projects reached 12 (including 9 IPOs), with lead underwriting revenue of 486 million yuan, ranking 8th in the industry. During the same period, Essence Securities ranked 9th in the industry in terms of the number of entrepreneurs it served on the Science and Technology Innovation Board.Behind the series of achievements of
, it is still unknown whether it has received support from the ship operators.
A strange intersection
Another detail worthy of attention is that when the website of the Central Commission for Discipline Inspection and the State Supervisory Commission announced the situation related to the ship manipulation case, it also mentioned, "Especially after the establishment of the Science and Technology Innovation Board and the pilot registration system , it still does not converge, Don’t stop.”
This means that Cao Ship’s violations were not limited to his time as a member of the main board issuance review committee of the China Securities Regulatory Commission. Since he served as the deputy general manager of the second review department of the Science and Technology Innovation Board Listing Review Center in January 2019, he still has violations. Starting from February 2020, Cao Jiang was promoted to the general manager of the second and third review departments of the Science and Technology Innovation Board Listing Review Center, and the deputy director of the Science and Technology Innovation Board Listing Review Center.
It is not difficult to imagine that compared to the role of the issuance review committee, Cao Ship has a much wider scope of power in the field of review of listings on the Science and Technology Innovation Board. This is also one of the objective backgrounds for his "non-convergence and non-stop".
Because of this, the listed companies listed on the Science and Technology Innovation Board during the aforementioned term have attracted special attention.
Coincidentally, Essence Securities’ investment banking business was not ranked in the top twenty in 2018, but after entering 2019, Essence Securities’ investment banking business suddenly began to gain momentum.
Among them, it played a big role in the layout of the Science and Technology Innovation Board IPO. That year, all three IPO projects sponsored by Essence Securities on the Science and Technology Innovation Board were registered and effective, and the fastest one, Hanchuan Intelligent (688022.SH), took only 3 months.
Entering 2020, Essence Securities also received three IPOs on the Science and Technology Innovation Board, among which the fastest one, CITIC Bo (688408.SH), took less than 5 months.
(The picture shows the signature page of the sponsor agency of CITIC Bo's listing sponsorship letter)
It is this science and technology innovation board company named CITIC Bo that appears at the intersection of the "two circles" of the ship.
According to the investigation of 21 Century Economic Report reporter, the actual controller of CITIC Bo is Cai Hao from Susong, Anqing, while the ship operator is from Qianshan, Anqing. The two places are less than a hundred miles apart. Behind the secret relationship of
’s “classmates and fellow townspeople”, CITIC Bo originally chose to apply for an IPO on the Small and Medium-sized Board of the Shenzhen Stock Exchange in early 2019. However, after the Science and Technology Innovation Board officially opened on July 21, 2019, it quickly withdrew on September 6. The IPO application.
htmlAfter being approved to withdraw on September 27, CITIC Bo reported to Jiangsu Securities Regulatory Bureau on December 20, received guidance from Essence Securities on the Science and Technology Innovation Board IPO, and disclosed the Science and Technology Innovation Board prospectus on April 7, 2020, and then in It passed the review of the Science and Technology Innovation Board Listing Committee on June 17, received the registration approval on July 28, and completed the listing on August 28.After a series of smooth operations, CITIC Bo landed on the Science and Technology Innovation Board as expected. Whether it was "taken care of" by the ship operator during this process is also unknown to the outside world. Everything remains to be further investigated and reviewed by the relevant departments. .
"Essence Securities is still sponsoring other companies. The China Securities Regulatory Commission has not stopped his project teams, which shows that the regulators have their own considerations for them." On the afternoon of December 13, Liu Yijun, Secretary of the Board of Directors of CITIC Bo, expressed this responded.
When asked whether the relevant departments had contacted the company about Qin Chong or the ship maneuvering issue, Liu Yijun blurted out before the reporter had finished asking, "I don't know the second person you mentioned (ship maneuvering)." According to him, "the regulatory authorities did not have any communication with CITIC Bo because of Qin Chong's performance of duties."
CITIC Bo's IPO is full of doubts
According to public statistics from the media, Cao Ship and the original main board issuance review committee member who were also investigated Zhu Yi, co-chairman of the 187 listed companies that were "released", 58 companies experienced a decline in net profits or even losses in the first year after listing.
Coincidentally, after entering 2021, CITIC Bo, which has been listed for less than a year, has also begun to enter a "changing face" mode, and has even suffered losses in the latest third quarter. The relevant financial reports of
show that starting from the first quarter of this year, CITIC Bo's operating income and net profit have both declined year-on-year, with operating income falling by 5.85% year-on-year, and non-net profit after deducting non-net profits falling by 35.04% year-on-year; by the half-year report, operating income has accelerated year-on-year decline 18.22%, and non-net profit fell by 85.27% year-on-year.
has reached its third quarter report. Although the decline in revenue has somewhat subsided, total revenue in the first three quarters still showed a year-on-year decline of 6.84%, and the year-on-year decline in non-net profit has expanded to 92.6%.
Especially in the third quarter, CITIC Bo's net profit after deducting non-recurring gains and losses showed a loss of 4.68 million yuan.
As for the reasons for the change in performance and the decline in gross profit margin, CITIC Bo explained in a recent "Clarification Announcement on Market Rumors" that "factors such as rising prices of raw materials such as steel and increased logistics costs have led to an increase in the company's unit cost. "
However, according to the "Reply Announcement to the Implementation Letter of Feedback on the Issuance and Registration Link" disclosed on July 28, 2020, In response to the regulator’s question on “the specific impact of rising prices of major materials on gross profit margins,” CITIC Bo said, “Due to the company’s sales strategy adjustments, sales structure and sales area continuous optimization, the company’s gross profit margins have remained stable despite the rise in steel products. Rising."
Why was it able to resist the pressure of rising costs by relying on "strategic adjustments" and "organization optimization" during the IPO stage, but lost this "superpower" once it went public?
Liu Yijun explained, "At the beginning of the year, the industry association estimated that this year could increase by 30%, but the semi-annual report from the Energy Bureau showed that the market dropped by 24.2%. Under this situation, everyone in the domestic market has excess production capacity and can only fight for prices. Only then can we win the bid. The premise of what we called bargaining power before is Based on a healthy market. "
In addition, Liu Yijun also pointed out that the decline in gross profit was caused by a combination of factors. The sharp increase in shipping and logistics costs this year, the sharp increase in the company's headcount, and the increase in research and development expenses have all compressed the company. gross profit, "the labor wages alone have increased by tens of millions."
Not only that, but also contradictory is the statement about Indian customers.
Why did the Indian market, which still accounted for 86.54% of overseas sales revenue (reaching 373 million yuan) in 2017, shrink significantly in 2018 and 2019 and almost disappear? In the first round of IPO inquiry responses, CITIC Bo explained this, "In 2018, after completing the Indian order, the company took into account the high price sensitivity of customers in the Indian region and the fierce market competition. Due to strategic adjustment considerations, it did not undertake any new Indian orders."
The Indian customer Adani, who was once disliked, returned to the list of CITIC Bo's top five customers in 2020. It ranked among the company's second largest customers with 422 million yuan that year. This year's semi-annual report ranked first with 214 million yuan.
Why did a customer who was not making money back then suddenly become a hot commodity?
"In 2019, the Indian market was dominated by fixed brackets and . The gross profit was much less than that of tracking brackets, so the sales revenue in India was very low that year. In addition, my production capacity was only 3.6GW that year, so I must allocate production capacity to make higher income. product." Liu Yijun responded.
CITIC Bo's prospectus shows that in 2019, the company's gross profit margin for fixed brackets was 22.41%, and that of tracking brackets was 25.79%, with a difference of 3.38%.
(Gross profit margins of different stent products disclosed in CITIC Bo's prospectus)
As for what this newspaper previously reported, CITIC Bo won the bid at a "loss" during the bidding for the Weinan Whitewater Project of CGN (for details, please see this newspaper's previous report: 21 Survey丨Yes The leader or the “partner”? 445 times PE CITIC Liu Yijun also explained.
"Due to the increase in component prices, some projects have been postponed. For some projects we previously tendered, the quotations were based on steel lock-in, which means that we based on the steel price at that time, plus gross profit. If we can confirm the annual report in May The project has been postponed, so the steel locked at that time can be used for the current project. There is also a second possibility that we may also have some steel stocks that have not increased in price before," Liu Yijun told the 21st Century Business Herald reporter.
But he also emphasized, “I have not studied this specific project, it is just a personal inference based on the business development of CITIC Bo."
(The picture shows the winning bid document of CITIC Bo's Weinan Whitewater Project)
But another problem that comes with it is that the customers who had previously postponed will one day ask to start construction. Where will CITIC Bo find the steel that was once low-priced? ? If steel is stored on a large scale to resist the risk of price increases, how can CITIC Bo accurately predict steel prices? What about the rise and fall of prices?
Perhaps as a senior photovoltaic industry insider told this reporter, "Currently, all brackets for large photovoltaic power stations are purchased through centralized procurement, and bidding is based on how much per ton. In this case If there is no real core technology, it is difficult to have a large profit margin unless there is a strong steel trading capability. "
The loss-making third quarter report seems to indicate that CITIC Bo does not have such "strong steel trading capabilities." It fell into a passive situation of "hand-to-hand combat" during bidding, which further revealed the quality of CITIC Bo's scientific and technological innovation .
For more information, please download 21 Finance APP
.-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-