Text/Zhou Su
Electronic chemical materials are an indispensable and important supporting material for the integrated circuit industry and are the "water" and "air" required for the development of the integrated circuit industry. my country's electronic wet chemicals, electronic special gases and precursor materials that can be used for integrated circuit manufacturing above 8 inches are still heavily dependent on imports, which restricts the healthy development of my country's integrated circuit industry.
To serve the major strategic needs of the national integrated circuit industry, Zhongjixin Technology Co., Ltd. (hereinafter referred to as Zhongjixin) has focused on electronic chemical materials for integrated circuit manufacturing since its establishment, striving to become one of the largest, most comprehensive and highest quality electronic chemical materials providers in China, and provide customers with one-stop services such as electronic wet chemicals, electronic special gases and precursor materials.
is not short of money on the account, but the funds are raised and repeated replenishment
Zhongjuxin Science and Technology Innovation Board IPO is still in an inquiry state. Its sponsor is Haitong Securities and the auditing agency is Tianjian Institute. Zhongjixin was founded in 2017 and began to turn losses into profits in 2020.
From 2018 to January-June 2021 (hereinafter referred to as the reporting period), Zhongjixin achieved operating income of RMB 156.0986 million, RMB 331.2633 million, RMB 400.1819 million and RMB 251.6481 million, and net profits were -14.3341 million, RMB -5.1627 million, RMB 23.6076 million and RMB 36.62 million, respectively. The net cash flow generated by operating activities was RMB 13.9529 million, RMB 9.2887 million, RMB 84.681 million and RMB 17.6364 million, respectively, with a year-on-year increase of 811.66%.
, the account of Juxin is rich in funds. During the reporting period, its cash balance was RMB 118.6801 million, RMB 392.1396 million, RMB 374.1137 million and RMB 414.5241 million, respectively, accounting for 18.11%, 55.33%, 54.31% and 49.53% of current assets, respectively. In addition, Zhongjixin has also purchased 400 million yuan of wealth management products (redempted). At the end of June 2021, there were also transactional financial assets with a total principal of 170 million yuan on the books. In
, Juxin's debt-to-asset ratio (merged) during the reporting period was 11.41%, 14.91%, 20.32% and 23.89%, respectively, with current ratios (folds) of 6.30, 4.46, 3.19 and 2.54, respectively, and quick ratios (folds) of 6.03, 4.27, 3.02 and 2.40, respectively; during the same period, the debt-to-asset ratios (folds) of listed companies in the same industry (multiple) were 29.76%, 32.43%, 27.91% and 29.74%, respectively, and the current ratios (folds) of 3.40, 2.55, 2.97 and 2.88, respectively, and the quick ratios (folds) were 2.94, 2.22, 2.66 and 2.56, respectively. From 2018 to 2020, Zhongjixin's current ratio and quick ratio were higher than comparable companies in the same industry, lower debt-to-asset ratio than comparable companies, and better debt repayment ability than peers.
At the same time, at the end of each period of the reporting period, the average turnover rates of accounts receivable by listed companies in the same industry were 3.80 times, 3.90 times, 4.15 times and 2.36 times, respectively, and the average turnover rates of inventory were 6.28 times, 5.38 times, 6.42 times and 4.16 times, respectively; during the same period, the turnover rates of accounts receivable by Zhongjuxin were 5.19 times, 4.81 times, 4.91 times and 2.29 times, respectively, and the inventory turnover rates were 8.02 times, 6.71 times, 8.15 times and 4.76 times, respectively. From 2018 to 2020, the accounts receivable turnover rate and inventory turnover rate of Zhongjuxin were generally higher than comparable companies in the same industry, and its operating capabilities were also better than those of peers.
Zhongjuxin raised 300 million yuan of funds for this IPO to supplement working capital, but Zhongjuxin Qianjiang's annual output of 196,000 tons of ultra-pure electronic chemicals project (hereinafter referred to as: ultra-pure electronic chemicals project) is also planned to invest 55.6 million yuan of working capital. Zhongjuxin has repeated funds to replenish the flow when it is not short of money in the account.
The fundraising and investment project or the project starts construction without approval
It is worth noting that the fundraising and investment project of Zhongjixin may have procedural flaws in the planning without approval.
According to the "Xiaoxiang Morning News", on February 18 this year, the construction of the Zhongjixin Qianjiang ultra-pure electronic chemical project started. However, Qianjiang Municipal Natural Resources and Planning Bureau issued a construction land planning license to Zhongjuxin on March 15 this year.
(Picture from Qianjiang Municipal Natural Resources and Planning Bureau)
According to Article 38 of the Urban and Rural Planning Law of the People's Republic of China (hereinafter referred to as the Urban and Rural Planning Law of the People's Republic of China) stipulates that if state-owned land use rights are provided in the urban and town planning area by transfer, before the state-owned land use rights is transferred, the urban and rural planning department of the city and county people's government shall propose planning conditions such as the location, use nature, development intensity of the transferred land according to the control detailed plan, as part of the state-owned land use rights transfer contract. The land that has not determined the planning conditions shall not be transferred to the state-owned land use rights. For construction projects that obtain state-owned land use rights through transfer, the construction unit shall obtain a construction land planning license from the urban and rural planning department of the city and county people's government after obtaining the approval, approval, filing documents of the construction project and signing the state-owned land use rights transfer contract.
Article 40 of the Law stipulates that if buildings, structures, roads, pipelines and other projects are carried out in urban or town planning areas, the construction unit or individual shall apply for a construction project planning license from the urban and rural planning department of the city or county people's government or the town people's government determined by the people's government of the province, autonomous region or municipality directly under the Central Government. When applying for a construction project planning permit, you must submit relevant supporting documents for the use of the land, construction project design plans and other materials. Construction projects that require the construction unit to prepare a construction detailed plan shall also submit a construction detailed plan. For those who meet the control detailed planning and planning conditions, the town people's government shall issue a construction project planning license determined by the urban and rural planning department of the city or county people's government or the people's government of the province, autonomous region or municipality directly under the Central Government.
In addition, according to Article 64 of the Urban and Rural Planning Law, if the construction has not been obtained or the construction has not been carried out in accordance with the provisions of the construction project planning permit, the urban and rural planning department of the local people's government at or above the county level shall order the construction to stop; if corrective measures may be taken to eliminate the impact on the implementation of the plan, it shall be corrected within a time limit and shall be fined not less than 5% but not more than 10% of the construction project cost; if corrective measures cannot be taken to eliminate the impact, it shall be demolished within a time limit and cannot be demolished, physical objects or illegal income may be confiscated, and a fine of not more than 10% of the construction project cost may be imposed.
In addition, another investment project of Zhongjixin, the ultra-pure electronic chemical project, also has a chaotic construction cycle.
According to the "Environmental Assessment Report on the Project of Ultrapure Electronic Chemicals with Annual Production of 196,000 Tons of Ultrapure Electronic Chemicals", the construction period of the ultrapure electronic chemicals project is 48 months (i.e. 4 years), while the planned construction period of the project in the prospectus is 5 years.
(Pictures come from Hubei Province investment project online approval and supervision platform)
. According to the prospectus, the ultra-pure electronic chemical project is divided into two phases. The first phase is 40,000 tons/year electronic grade sulfuric acid and 12,500 tons/year electronic grade ammonia water. It is expected to be trial production in June 2023; the second phase is the rest of the project, and it is expected to be trial production in October 2025. If the ultrapure electronic chemical project is to be trial-production in October 2025 and calculated based on a five-year construction cycle, the project may have started in November 2020. Public information of
shows that the ultra-pure electronic chemical project will only start construction in February 2021. Chen Gang, director and general manager of Zhongjixin, told the Yangtze River Daily when starting construction, "Strive to achieve the production of the first phase of the project within this year." The first phase of the project will be put into production six months ahead of schedule. The construction cycle of the Zhongjuxin Ultrapure Electronic Chemicals project is quite "elastic".
(Picture from the official website of Wuhan Municipal People's Government)
Whether there are any flaws in the construction procedures of the above-mentioned Zhongjuxin's fundraising and investment project, as well as the conflicts between the prospectus and the public information about the fundraising and investment project, may require Zhongjuxin and its sponsor to verify and give explanations.
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-