《Jin Zhengyan》Southern Capital Center Zhiyu/Author Yixi/Risk Control
》"Yu sets out nine states, and Jingzhou was the only cultural center in the south that has been continuously evolving to this day, Hubei Jingzhou City is the root of Jingchu culture. At the same time, Jingzhou, as the gateway to the middle reaches of the Yangtze River, has a superior location and convenient transportation. Hubei Jianghan New Materials Co., Ltd. (hereinafter referred to as "Jianghan New Materials") is located here.
Following him, the two suppliers who have traded with Jianghan New Materials have few social security payments, but they have supported the purchase amount of over 100 million yuan, and the authenticity of the transaction is questionable. It is worth mentioning that Jianghan New Materials is suspected of entrusting ordinary transportation companies without corresponding qualifications to transport dangerous chemicals, and its supplier selection mechanism may have loopholes. On the other hand, Jianghan New Materials raised 618 million yuan for "blood replenishment", while its cumulative dividends during the reporting period exceeded 13 yuan, and "holds" more than 300 million yuan of funds. The rationality of its fundraising may be "examined".
1. The account is "lying" over 300 million yuan, and after the dividend exceeds 1.3 billion yuan, it plans to raise funds to "replenish blood"
The use of funds raised by listed companies has always been a key area for regulatory authorities to verify. After this listing, Jianghan New Materials still raised 618 million yuan to supplement working capital after a "big deal" dividend of 1.3 billion yuan, which is a pity.
1.1 This time, Jianghan New Materials plans to raise 618 million yuan to supplement blood
According to the prospectus (hereinafter referred to as the "Prospectus") signed by Jianghan New Materials on January 25, 2022, this time, Jianghan New Materials plans to raise 2.059 billion yuan, of which 618 million yuan is used for the "replenishment of working capital" project.
1.2 At the end of the period, the debt-to-asset ratio was less than 40%, and the interest-bearing liabilities were 30 million yuan
According to the prospectus, the comparable companies selected by Jianghan New Materials include Jiangxi Hongbai New Materials Co., Ltd. (hereinafter referred to as "Hongbai New Materials") and Jiangxi Chenguang New Materials Co., Ltd. (hereinafter referred to as "Chenguang New Materials").
According to the prospectus, from 2018 to 2020 and at the end of each period from January to September 2021, Jianghan New Materials' debt-to-asset ratio was 19.11%, 14.15%, 39.37%, and 28.28% respectively; Hongbo New Materials' debt-to-asset ratio was 33.25%, 28.45%, 9.06%, and 20.98% respectively; Chenguang New Materials' debt-to-asset ratio was 24.55%, 22.23%, 9.02%, and 13.01% respectively. During the same period, the average debt-to-asset ratio of listed companies in the same industry was 28.9%, 25.34%, 9.04%, and 17%.
According to the prospectus, compared with comparable companies, Jianghan New Materials' debt-to-asset ratio in 2018 and 2019 was lower than the average of comparable companies; at the end of September 2020 and 2021, Jianghan New Materials' debt-to-asset ratio was higher than the average of comparable companies. It is mainly because Jianghan New Materials distributed large amounts of cash dividends to natural person shareholders in 2020, and the cash reduction was significantly reduced and the withholding and payment of personal income taxes paid in taxes and fees increased significantly, resulting in a decrease in Jianghan New Materials' current assets and an increase in current liabilities. At the same time, in 2020 and beyond, due to the initial public offering of Hongbo New Materials and Chenguang New Materials and financing on the main board of the Shanghai Stock Exchange, the debt-to-asset ratio has dropped significantly, resulting in Jianghan New Materials' debt-to-asset ratio being higher than the average of comparable companies.
Obviously, at the end of each period from 2018 to 2020, Jianghan New Materials' debt-to-asset ratio was less than 40%. Among them, at the end of each period from 2020 and January to September 2021, Jianghan New Materials' high debt-to-asset ratio was due to the distribution of large cash dividends.
According to the prospectus, Jianghan New Materials' short-term loans were RMB 0, RMB 0, RMB 0 and RMB 30.0377 million respectively at the end of each period from 2018 to 2020 and January to September 2021. Moreover, at the end of each period from 2018 to 2020 and January to September 2021, Jianghan New Materials did not have long-term loans and non-current liabilities due within one year.
can be seen. As of the end of September 2021, Jianghan New Materials' total interest-bearing liabilities were RMB 30.0377 million.
1.3 At the end of September 2021, the cash funds in the account were 377 million yuan, and financial products and structured deposits were 160 million yuan
In addition, as of the end of September 2021, Jianghan New Materials' cash funds were 377 million yuan.
According to the prospectus, Jianghan New Materials' cash funds were RMB 570 million, RMB 984 million, RMB 477 million and RMB 377 million respectively from the end of each period from 2018 to 2020 and from January to September 2021.
During the same period, the balances of cash and cash equivalents at the end of the period of Jianghan New Materials were RMB 543 million, RMB 960 million, RMB 464 million and RMB 334 million, respectively.During the same period, the net cash flow generated by Jianghan New Materials' operating activities was RMB 385 million, RMB 419 million, RMB 334 million and RMB 348 million, respectively.
From the Shangzhi, from 2018 to 2020 and January to September 2021, the net cash flow generated by Jianghan New Materials' business activities was positive. And as of the end of September 2021, Jianghan New Materials' account had 377 million yuan of cash.
According to the prospectus, from 2018 to 2020 and January to September 2021, Jianghan New Materials' financial expenses were -14.1752 million yuan, -5.2874 million yuan, 7.8649 million yuan and 5.3072 million yuan respectively.
Among them, from 2018 to 2020 and January to September 2021, Jianghan New Materials' interest expenses were RMB 108,500, RMB 300,000, RMB 191,500, and RMB 1.2209 million respectively; interest income was RMB -3.075 million, RMB -1.6807 million, RMB -963,400, and RMB -1.2069 million respectively, mainly due to interest income from Hubei Sanjiang Construction Development Co., Ltd.
According to the prospectus, as of the end of each period from 2018 to 2020 and the end of September 2021, Jianghan New Materials' trading financial assets were RMB 2.7174 million, RMB 5.5312 million, RMB 0 and RMB 160.21 million, respectively.
, at the end of September 2021, Jianghan New Materials' trading financial assets were financial products and structured deposits, and there was no forward foreign exchange settlement and sale.
According to the prospectus, Jianghan New Materials' undistributed profits were RMB 776 million, RMB 881 million, RMB 36 million and RMB 377 million respectively at the end of each period from 2018 to 2020 and January to September 2021.
It is worth noting that Jianghan New Materials distributed cash dividends from 2018 to 2020 and January to September 2021.
1.4 Cash dividends were distributed for four consecutive years from 2018 to 2021, with the total dividend amount reaching 1.3 billion
mentioned above that at the end of each period from 2020 and January to September 2021, Jianghan New Materials' high debt-to-asset ratio was due to the distribution of large cash dividends.
depends on the dividend situation. According to the prospectus, Jianghan New Materials conducted four cash dividends from 2018 to 2020 and January to September 2021.
From 2018 to 2019, Jianghan New Materials distributed cash dividends of RMB 140 million and RMB 209 million respectively. In 2020, Jianghan New Materials conducted two cash dividends, with the amounts of 399 million yuan and 601 million yuan respectively. From January to September 2021, Jianghan New Materials' cash dividend amount was RMB 14 million. Among them, all the above amounts include tax.
According to calculations, the total cash dividend of Jianghan New Materials was 1.364 billion yuan from 2018 to 2020 and January to September 2021.
According to the prospectus, from 2018 to 2020 and January to September 2021, Jianghan New Materials' operating income was RMB 1.479 billion, RMB 1.506 billion, RMB 1.363 billion and RMB 1.584 billion, respectively, and its net profit was RMB 328 million, RMB 321 million, RMB 310 million and RMB 355 million, respectively.
According to the calculation of "Jinzhengyan" Southern Capital Center, the cumulative net profit for each period from 2018 to 2020 and January to September 2021 was 1.313 billion yuan.
In other words, during the reporting period, the cumulative amount of cash dividends of Jianghan New Materials was higher than the cumulative amount of net profit.
can be seen that as of the end of September 2021, Jianghan New Materials' interest-bearing liabilities were RMB 3,003.77, and the account was "littled" of RMB 377 million, and the financial products and structured deposits were as high as RMB 160 million. In addition, from 2018 to 2020 and January to September 2021, Jianghan New Materials' cumulative cash dividend exceeded 1.3 billion yuan. Jianghan New Materials raised 618 million yuan to "replenish blood", and the rationality of the fundraising may be "examined".
On the other hand, the selection mechanism for Jianghan New Materials logistics suppliers may be insufficient.
2. During the cooperation period of hazardous chemical transportation suppliers, the logistics supplier selection mechanism is worrying. Because there are huge dangers in the transportation of dangerous goods, generally only enterprises that have been strictly reviewed by relevant national functional departments and have corresponding facilities and equipment that can ensure the safe transportation of dangerous goods can be qualified to transport dangerous goods.
From 2018 to 2020 and January to September 2021, there are three logistics companies in Jianghan New Materials that may be transporting dangerous goods for Jianghan New Materials. However, the business scope of these three logistics companies during the cooperation period is only ordinary logistics.
2.1 The production of Jianghan New Materials products involves the chemical synthesis process and the use of hazardous chemicals
According to the prospectus, Jianghan New Materials' main business is the research, development, production and sales of functional organosilanes and other silicon-based new materials.
Among them, Jianghan New Materials' main products are functional silanes, including silane coupling agents and silane crosslinkers, etc.
silane coupling agent is a type of organosilic compounds that contain two functional groups of different chemical properties in a class of molecules, mainly including sulfur-containing silanes, alkyl silanes, aminosilanes, epoxy silanes, acyloxy silanes, vinyl silanes and other different series. The main products include JH-S69, JH-O187, JH-V171, JH-T28, JH-S75, JH-N308, JH-A110, JH-O174 and JH-A112, etc.
According to the prospectus, the main raw materials produced by Jianghan New Materials are trichlorosilicon, chloropropylene, glycidyl ether, anhydrous ethanol, etc.
It is worth noting that in the prospectus, Jianghan New Materials also pointed out that the production of its products involves the chemical synthesis process and the use of hazardous chemicals, and there are unsafe factors such as high temperature and high pressure during the production, transportation and sales.
It is worth mentioning that in 2010, Jianghan New Materials had a "black history" of entrusting unqualified transportation companies to transport dangerous chemicals.
2.2 He once entrusted an ordinary logistics company to transport dangerous goods. After a fire, he was sentenced to compensate for property losses of 60,000 yuan
According to the document (2013) E Jingzhou Zhongmin Kaizhong No. 00032, in 2013, Jianghan New Materials had a civil case with the ordinary logistics company Jingzhou Xinglong Logistics Co., Ltd. (hereinafter referred to as "Xinglong Logistics"). The case was caused by Jianghan New Materials in November 2010 that when transporting dangerous chemicals, it did not entrust enterprises with hazardous chemical transportation qualifications, but instead entrust ordinary transportation companies Xinglong Logistics to transport dangerous chemicals. A fire occurred during transportation caused property losses. The final judgment was held that Jianghan New Materials compensated other companies for product losses of 60,000 yuan.
Specifically, on November 9, 2010, Jianghan New Materials produced and commissioned the chemical raw material JH-T28, which was transported by Xinglong Logistics. The chemical name is ethyl orthosilicate, is a flammable and explosive hazardous chemical. It is included in the original "Hazardous Chemicals Name List" (GB12268) flammable liquid item 3 high flash point liquid (No. 33609) and the current "Hazardous Chemicals List" (No. 33609).
It is worth noting that when transporting dangerous chemicals, Jianghan New Materials does not entrust enterprises with hazardous chemical transportation qualifications, but rather entrust ordinary transportation companies. At the same time, there is no warning sign on the goods packaging nor does it inform the transportation company that its goods are flammable and explosive items.
One or two years before the accident, Jianghan New Materials had been entrusting Xinglong Logistics to transport chemicals, and Jianghan New Materials said that before that, Xinglong Logistics Company had consigned JH-T28 (ethyl orthosilicate) for it. Jianghan New Materials also claimed that there are few companies in Jingzhou that have the qualifications to transport dangerous chemicals, and Jianghan New Materials has always entrustd ordinary logistics companies to transport its goods, including dangerous chemicals.
From the above, we can see that in 2010, Jianghan New Materials entrusts ordinary logistics to transport dangerous goods, and a fire broke out during transportation. Therefore, Jianghan New Materials was sentenced to compensate other companies for property losses of 60,000 yuan. In the case, Jianghan New Materials said that at least one or two years before the accident, Jianghan New Materials had been entrusting ordinary logistics companies to transport its goods, including dangerous chemicals. In other words, Jianghan New Materials once had a "black history" of cooperating with the logistics company to transport dangerous chemicals while knowing that it has no qualifications for transporting dangerous chemicals.
It is worth noting that Jianghan New Materials may still entrust unqualified logistics companies to transport dangerous goods.
2.3 During the period from 2019 to 2021, Jianghan New Materials commissioned Zongheng Logistics to transport dangerous goods
According to the prospectus, Jianghan New Materials has overlapping suppliers and customers, including Jingzhou Zongheng Logistics Co., Ltd. (hereinafter referred to as "Zongheng Logistics").
From 2018 to 2020 and from January to September 2021, Jianghan New Materials purchased content from Zongheng Logistics as raw material freight, with the amounts of RMB 1.0944 million, RMB 1.039 million, RMB 856,800 and RMB 255,800 respectively.
That is to say, from 2018 to 2020 and January to September 2021, Jianghan New Materials purchased transportation services from Zongheng Logistics.
In 2019, Jianghan New Materials' sales content for Zongheng Logistics were alkyl silanes, vinyl silanes, iron barrels, etc., with a total sales amount of 5,200 yuan. Among them, the silane coupling agent sold by Jianghan New Materials to Zongheng Logistics mainly caused damage to the goods during transportation. Zongheng Logistics purchased damaged products from Jianghan New Materials to bear compensation to customers.
In 2020, Jianghan New Materials' sales content for Zongheng Logistics were sulfur-containing silanes, epoxy silanes, acyl silanes, ton barrels, and plastic pots, with a total sales amount of 5,100 yuan. Among them, the silane coupling agent sold by Jianghan New Materials to Zongheng Logistics mainly caused damage to the goods during transportation. Zongheng Logistics purchased damaged products from Jianghan New Materials to bear compensation to customers.
It is worth mentioning that from January to September 2021, Jianghan New Materials' sales of Zongheng Logistics included aminosilane, epoxy silane, barrels, plastic pots and other packaging materials, with a total sales amount of 13,300 yuan.
It can be seen that from 2019 to 2020, the Zongheng Logistics had transported silane coupling agent products for Jianghan New Materials, including alkyl silanes, vinyl silanes, sulfur-containing silanes, epoxy silanes, and acyl silanes. From January to September 2021, Jianghan New Materials' sales content for Zongheng Logistics include aminosilanes, epoxy silanes, or goods transported by Zongheng Logistics.
According to the prospectus, Jianghan New Materials' main products are sulfur-containing silanes (JH-S69, JH-S75, etc.), alkyl silanes (JH-T28, JH-T32), amino silanes (JH-A110), epoxy silanes (JH-O187), vinyl silanes (JH-V171), phenyl silanes (JH-N610) and some intermediates.
After comparison, it can be found that the goods entrusted by Jianghan New Materials to transport include most of the main product types produced by Jianghan New Materials. The products produced by Jianghan New Materials are dangerous goods.
In addition, the goods entrusted by Jianghan New Materials to transport in 2019 include alkyl silane, namely tetraethoxysilane (T28), also known as ethyl orthosilicate. According to the "Catalogue of Hazardous Chemicals (2015 Edition)", it can be seen that ethyl orthosilicate is a hazardous chemical.
From the above situation, we can see that in 2019, the goods entrusted by Jianghan New Materials to transport were vinyl silane (JH-V171), and the chemical composition was vinyl trimethoxysilane.
and, the cargo involved in aminosilane (JH-A110), JH-A110 also known as 3-aminopropyltriethoxysilane. It is also a dangerous product.
In summary, from 2018 to 2020 and January to September 2021, Jianghan New Materials entrusted Zongheng Logistics to transport products produced by Jianghan New Materials, including dangerous goods.
2.4 As of May 2022, Zongheng Logistics' business scope does not include dangerous goods transportation
According to the Market Supervision and Administration Bureau, Zongheng Logistics was established on July 26, 2016. In its business scope, the licensed projects are road cargo transportation (excluding dangerous goods). General projects are domestic cargo transportation agents, domestic container cargo transportation agents, ordinary cargo warehousing services (excluding hazardous chemicals, etc., which require licensing approval), loading, unloading and handling.
As of the query date, August 25, 2022, the shareholders of Zongheng Logistics are Huang Chengbiao, Huang Chengliang and Huang Chengjun, with shareholding ratios of 50%, 40%, and 10% respectively.
On May 27, 2022, the business scope of Zongheng Logistics has been changed. Before the change on May 27, 2022, Zongheng Logistics' business scope will be ordinary cargo road transportation, warehousing, transportation agents, and cargo loading information consultation services. (If you involve licensed business projects, you should obtain permission from relevant departments before you can operate them). At the same time, it was not until May 27, 2022 that Zongheng Logistics had filed the road freight business license-Transportation Bureau (Committee).
It can be seen that from 2018 to 2020 and January to September 2021, Jianghan New Materials commissioned Zongheng Logistics to transport dangerous goods produced. However, Zongheng Logistics' business scope during this period showed that it was an ordinary logistics company.
2.5 According to regulations, hazardous goods transport companies shall apply for industrial and commercial registration and obtain hazardous chemical transportation license
According to Article 2 of the "Regulations on Safety Management of Hazardous Chemicals", the safety management of the production, storage, use, operation and transportation of hazardous chemicals shall be subject to this regulation.
According to Article 3, hazardous chemicals referred to in these regulations refer to highly toxic chemicals and other chemicals that are toxic, corrosive, explosive, combustion, and igniting properties, and are harmful to the human body, facilities and the environment.
According to Article 43, those engaged in road transportation and water transportation of hazardous chemicals shall obtain road transportation permits for dangerous goods and water transportation of dangerous goods in accordance with the provisions of relevant laws and administrative regulations on road transportation and water transportation, and shall go through the registration procedures with the industrial and commercial administrative department.
According to Article 85, if you fail to obtain a road transport permit for dangerous goods or water transport permit for dangerous goods in accordance with the law and engage in road transport and water transport of dangerous chemicals, you shall be punished in accordance with the provisions of relevant laws and administrative regulations on road transport and water transport.
From the above regulations, it can be seen that enterprises engaged in the transportation of hazardous chemicals should obtain a road transport license for dangerous goods in accordance with relevant road transport regulations and complete the registration procedures with the industrial and commercial administrative department.
According to Article 1 of the "Regulations on the Transportation of Road Dangerous Goods" (hereinafter referred to as the "Regulations on the Transportation of Road Dangerous Goods") revised on November 28, 2019, these provisions are formulated in accordance with relevant laws and administrative regulations such as the "Regulations on the Safety Management of Hazardous Chemicals". Article 2: Those who engage in road hazardous goods transportation shall comply with these regulations.
According to Article 10, enterprises applying for road hazardous goods transportation operations shall apply to the municipal road transportation management agency in accordance with the law and submit relevant materials.
From the above regulations, it can be seen that enterprises applying for road hazardous goods transportation operations shall apply for a "Road Transportation Business License" to the municipal road transportation management agency in accordance with the law after completing the relevant registration procedures with the industrial and commercial administrative authority. If the licensee has obtained other road transport business licenses, the municipal road transport management agency with a prefecture-level city shall issue a "Road Transport Business License" to it and add new licenses to the business scope.
According to Article 8 of the "Regulations on Registration and Management of Market Subjects" (hereinafter referred to as the "Registration and Management Regulations"), general "registration" matters of market subjects include business scope.
According to Article 20, if a market entity changes its business scope and is a project that requires approval according to law, it shall apply for change registration within 30 days from the date of approval. If the license or approval document is revoked, revoked or the validity period expires, it shall apply to the registration authority for change of registration or cancellation registration within 30 days from the date of revoked, revoked or the validity period expires.
According to Article 46, if a market entity fails to apply for a change of registration in accordance with the regulations, the registration authority shall order the correction; if the correction is refused, the fine of not less than RMB 10,000 and not more than RMB 100,000 will be imposed; if the circumstances are serious, the business license shall be revoked.
In short, companies engaged in road dangerous goods transportation operations need to handle relevant registration matters with the industrial and commercial administration department in accordance with the law and apply for relevant licenses from the road transportation management agency. Moreover, after obtaining the license approval, the industrial and commercial change registration of the business scope should be carried out in a timely manner within 30 days.
In other words, Zongheng Logistics may not have the qualifications to transport hazardous chemicals. However, from 2018 to 2020 and January to September 2021, Jianghan New Materials purchased transportation services from Zongheng Logistics for a long time, and the items entrusted to transport it include hazardous chemicals. In addition, Zongheng Logistics damaged products during transportation every year. Are there loopholes in the selection system for Jianghan New Materials Supplier? unknown.
problem is not over yet.
2.6 In addition, the two logistics and transportation companies that cooperate with Lulushun Transport and Huayan Transport may only be ordinary logistics companies
It is worth noting that there are two other logistics companies that may also be entrusted by Jianghan New Materials to transport dangerous goods chloropropylene.
According to the prospectus, in 2020, Jianghan New Materials sold high-grade chloropropylene to Zibo Lulushun Transport Co., Ltd. (hereinafter referred to as "Lulushun Transport") and Gaoqing Huayan Transport Co., Ltd. (hereinafter referred to as "Huayan Transport"), with sales amounts of 1,400 yuan and 0,800 yuan respectively. In the same year, Jianghan New Materials paid the raw material freight for Lulushun Transport and Huayan Transport to Luyuan Transport at 69,100 yuan and 175,600 yuan respectively.
Among them, is the reason why Jianghan New Materials sells high-grade chloropropylene to the transportation company also because it damages the goods during transportation and purchases the above goods from Jianghan New Materials. In other words, are the above-mentioned transportation companies Lulushun Transport and Huayan Transport also transporting high-grade chloropropylene for Jianghan New Materials? It is still unknown.
It should be noted that chloropropylene is also among the ranks of hazardous chemicals.
According to the prospectus, the molecular formula of chloropropylene is ClCH2CH=CH2, which is an organic synthetic raw material. It can be used as an intermediate for the production of epoxychlorohydrin, propylene alcohol, glycerin, etc., as a solvent for special reactions, and is also a raw material for pesticides, medicines, fragrances, and coatings.
According to the public information of Guangzhou Green Network Environmental Protection Service Center, the "Environmental Assessment Impact Report on the Construction Project of Functional Silane Coupling Agents and Intermediates of Hubei Jianghan New Materials Co., Ltd." dated April 15, 2021, involves chemical substances including chloropropylene.
According to the "Environmental Assessment Impact Report on the 60,000 tons of annual trichlorosilane and 52,000 tons of annual green silane project of Jingzhou Jianghan Fine Chemical Co., Ltd.", the CAS number of chloropropylene is 107-05-1.
According to the "Table of Dangerous Goods", the CAS number of 3-chloropropylene is 107-05-1. 3-chloropropylene is a dangerous goods. Moreover, chloropropylene is a first-class flammable liquid, that is, explosives, and is a particularly dangerous product.
In other words, in 2020, Jianghan New Materials will purchase and transport services for Lulushun Transport and Huayan Transport. In the same year, Jianghan New Materials also sold high-grade chloropropylene to it, which is a hazardous chemical and dangerous goods. In the context of Jianghan New Materials' sale of silane coupling agent products to Zongheng Logistics is that Zongheng Logistics purchases its damaged products during transportation as compensation for customers, in 2020, Lulushun Transport and Huayan Transport may also be transporting dangerous chemical chloropropylene for Jianghan New Materials.
Coincidentally, Lulushun Transportation and Huayan Transportation may also not have the qualifications for transportation of hazardous chemicals.
According to the Market Supervision and Administration Bureau, Lulushun Transport was established on January 4, 2019. As of the inquiry date, August 25, 2022, its business scope is ordinary cargo transportation, professional cargo transportation (tank transportation), large-scale transportation, container transportation, road asphalt, construction asphalt, lubricating oil, rubber products and raw materials, chemical products and raw materials, plastic products and raw materials, textile raw materials (the above business scope does not include hazardous chemicals), daily necessities, office supplies, hardware and building materials, building materials, steel, wood, automobiles, automobile accessories, tires, coal sales, and vehicle information consultation services. (Projects that require approval according to law can only be carried out after approval by relevant departments).
In addition, Huayan Transport was established on July 13, 2006. As of the inquiry date, August 25, 2022, the licensed items in its business scope are road cargo transportation (excluding dangerous goods). General projects are loading, unloading, handling, car rental, and new car sales.
It is worth noting that in 2021, the business scope information of Huayan Transportation had two changes. Before the change on January 8, 2021, Huayan Transportation's business scope was ordinary freight, special cargo transportation, and large-scale cargo transportation. Before the change from January 9, 2021 to March 2, 2021, the general projects of Huayan Transport's business scope are sales, loading, unloading and handling of new cars; the permitted projects are road cargo transportation (excluding dangerous goods).
It can be seen that from 2018 to 2020 and January to September 2021, Lulushun Transport and Huayan Transport both showed that they were ordinary logistics companies and did not have the qualifications to transport dangerous chemicals and dangerous goods.
That is to say, from 2018 to 2020 and January to September 2021, the logistics and transportation company Zongheng Logistics, which was jointly cooperated with by Jianghan New Materials, may not obtain a transportation business license for hazardous chemicals during the cooperation period, and is only an ordinary logistics company. However, the prospectus information shows that the items transported by Zongheng Logistics for Jianghan New Materials contain dangerous chemicals. In addition, the other two logistics companies that Jianghan New Materials cooperated with, Lulushun Transport and Huayan Transport, had only business scopes for ordinary logistics during the cooperation period, or they also did not have the qualifications for transportation of hazardous chemicals. At this point, the logistics supplier selection mechanism of Jianghan New Materials may be worrying.
To make matters worse, Jianghan New Materials’ suppliers have few social security payments, but they support a transaction volume of over 100 million yuan.
3. The supplier may lack trading capabilities, and the authenticity of the transaction volume of over 100 million yuan is questionable.
Procurement activities are closely related to the production costs of enterprises. What is puzzling is that the two suppliers who have traded with Jianghan New Materials have few social security payments, but they have supported the transaction volume of hundreds of millions of yuan. The authenticity of the transaction data between Jianghan New Materials and the two suppliers may be "questioned".
3.1 From 2020 and January to September 2021, the total purchase amount of supplier Youtai New Materials reached over 100 million
According to the prospectus, from 2020 and January to September 2021, Luoyang Youtai New Energy Materials Co., Ltd. (hereinafter referred to as "Youtai New Materials") was the top five suppliers of Jianghan New Materials. Among them, Youtai New Materials is the second largest and third largest supplier of Jianghan New Materials in 2020 and January-September 2021.
Specifically, from 2020 to September 2021, Jianghan New Materials purchased trichlorosilicon from Youtai New Materials, with the purchase amounts of RMB 69.5886 million and RMB 65.0999 million respectively.
According to calculations, from 2020 and January to September 2021, Jianghan New Materials' cumulative purchase amount from Youtai New Materials was 135 million yuan.
Based on this, Jianghan New Materials stated that the reason why Youtai New Materials added to the top five suppliers in 2020 is mainly due to the large number of trichlorosilicon suppliers. Jianghan New Materials flexibly adjusts its procurement based on the current market and quotation situation. The supplier's current quotation has certain advantages, so it has increased its procurement.
In addition, as of September 30, 2021, Jianghan New Materials and Youtai New Materials still have important contracts that are being fulfilled. The product purchased is trichlorosilicon, the contract amount is RMB 6.9 million, and the contract validity period is from September 27, 2021 to October 28, 2021.
From the above, from 2018 to 2020 and January to September 2021, Youtai New Materials was the top five suppliers of Jianghan New Materials, with a cumulative purchase amount of over 100 million yuan.
3.2 The number of people who paid social security in Youtai New Materials has been 0 for many years, and it has become 2 in 2021
However, the number of people who paid social security in the supplier Youtai New Materials in 2021 was 2, and the number of people who paid social security in 2018-2020 was 0.
According to the Market Supervision and Administration Bureau, Youtai New Materials was established on September 21, 2016. In its business scope, the licensed projects are the operation of hazardous chemicals. The general projects are the sales of petroleum products (excluding hazardous chemicals), chemical products (excluding licensed chemical products), plastic products, synthetic materials sales, hardware products wholesale, building materials sales, special chemical products sales (excluding hazardous chemicals), graphite and carbon products sales, and special equipment sales.
As of the query date, August 25, 2022, since October 2018, the shareholder of Youtai New Materials has been Qiao Shiteng, with a shareholding ratio of 100%.
According to the Market Supervision and Administration Bureau, the number of social security payments of Youtai New Materials in 2018-2021 was 0, 0, 0 and 2 respectively.
public information shows that there are no other shareholders under the name of shareholder Qiao Shiteng, and Youtai New Materials may not have paid social security on their behalf.
From the above, we can see that the number of people who pay Youtai New Materials’ social security is small, but it supports a transaction volume of over 100 million yuan.
3.3 In 2020, the purchase amount of Jubairui Chemical, the top five suppliers, reached 40 million yuan
According to the prospectus, from 2018 to 2020 and January to September 2021, Henan Jubairui Chemical Technology Co., Ltd. (hereinafter referred to as "Jubairui Chemical") was the top five suppliers of Jianghan New Materials.
It is worth noting that in 2020, the product purchased by Jianghan New Materials from Jubairui Chemical was anhydrous ethanol, with a purchase amount of 41.8057 million yuan. Jubairui Chemical therefore became the fourth largest supplier of Jianghan New Materials that year.
According to this, Jianghan New Materials said that the supplier's payment method was cash on delivery before 2020, and began to provide Jianghan New Materials with a 30-day accounting period, so Jianghan New Materials began to increase its procurement of it in 2020.
In addition, as of September 30, 2021, there is still an important contract being fulfilled between Jianghan New Materials and Jubairui Chemical. The product purchased is anhydrous ethanol. The contract amount is 5.0592 million yuan, and the contract validity period is from September 27, 2021 to October 30, 2021.
From the above, it can be seen that Jubairui Chemical, the fourth largest supplier in 2020, supported Jianghan New Materials' purchase amount of 40 million yuan.
and information from the Market Administration Bureau showed that it was not until April 16, 2020 that the business scope of Jubairui Chemical had changed, and anhydrous ethanol was added.
means that when Jianghan New Materials added anhydrous ethanol in Jubairui's business scope, it purchased anhydrous ethanol from Jubairui Chemical, and the transaction amount reached 40 million yuan.
3.4 From 2016 to 2021, the number of social security payments of supplier Jubairui Chemical was 0
As one of Jianghan New Materials’ top five suppliers, Jubairui Chemical was 0 0 in 2018 to 2021.
According to the information of the Market Supervision and Administration Bureau, Jubairui Chemical was established on January 19, 2009. Its business scope is the technical development of chemical products (non-developed), and the sale of glass products, other chemical products (excluding flammable and explosive hazardous chemicals), disinfection products, and ethanol (anhydrous). The change information shows that from the date of establishment to the inquiry date, from August 25, 2022, the shareholders of Jubairui Chemical are Pi Hongyan and Li Zhengjun, holding 51% and 49% of the shares respectively.
At the same time, as of the query date, August 25, 2022, from 2018 to 2021, the number of people who paid social security by Jubairui Chemical was 0.
public information shows that shareholders Pi Hongyan and Li Zhengjun do not have other shareholders under their names, and Jubairui Chemical may not have paid social security on their behalf.
From the above, it can be seen that the number of people who paid social security in Jubairui Chemical in 2018-2021 was 0, but in 2020, it supported Jianghan New Materials' purchase amount of 40 million yuan.
The above phenomenon may indicate that among the top five suppliers of Jianghan New Materials, Youtai New Materials and Jubairui Chemical, the two companies, may have "limited" employees, and there are even "zero people" companies. The transaction data between Jianghan New Materials and the aforementioned suppliers may be "questioned".
The rope sawed and broken wood, and the water drips through the stone. Under the feast of the capital market, Jianghan New Materials has many doubts. Where will it go in the future? It's yet to be tested.
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