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More than 70% of the initial fundraising "lying" banks to eat interest. Seagull shares plans to raise another 240 million.
Securities dailyCao Weixin
Seagull shares (603269)
If the construction of the previous fundraising project is not completed, the financing application will be filed again.Seagull sharesThe proposed issuance of convertible corporate bonds to raise more than 200 million yuan has caused many questions in the market.
Following the announcement by the CSRC in December last year that the China Securities Regulatory Commission's Administrative Licensing Project Review Feedback Notice requires the company to explain the necessity and rationality of the issuance of convertible bonds, a recent “seagull share of net profit has not increased for 7 years”. The news that IPO raised 90% of the funds and raised 240 million yuan again pushed the company to the forefront.
The reporter learned from relevant informants that the slow progress of the company's initial fundraising has caused concern of all parties in the market. Relevant persons of the company responded to the above matters in an interview with the Securities Daily.
614 days of initial fundraising progress is only 25%
As the largest power ventilation cooling tower enterprise in China, on May 17, 2017, Seagull shares were listed on the Shanghai Stock Exchange. According to the latest 2018 performance report disclosed by Seagull, the company achieved operating income of 608 million yuan in 2018, an increase of 7.51% year-on-year. The net profit attributable to shareholders of listed companies was 32.152 million yuan, down 15.11% year-on-year, excluding non-recurring After the profit and loss, the net profit attributable to shareholders of the listed company was 27,740,400 yuan, a year-on-year decrease of 21.71%.
"According to the disclosed performance report, there will be no 10% difference between the data of the express and the annual report." The above-mentioned relevant person told the reporter. When talking about the development dilemma of the company's performance increase and increase in 2018, the above-mentioned personnel admitted that first, the gross profit margin of individual large-scale projects is relatively low, and at the same time, in the sales strategy layout, especially in the overseas market, the sales expenses in 2018 are expanded. The second is that the company failed to pass the high-tech enterprise assessment in 2018, and the income tax rate changed from 15% to 25%, which also affected the profit to some extent.
For the 11 million shareholder of Seagull, the trouble is that while the company’s operation is trapped in the “increasing income and not increasing profits”, the initial fundraising project has not yet progressed. On September 10, 2018, the report on the use of the previous raised funds disclosed by the company showed that as of June 2018, the company had invested a total of 15.144 million yuan in the initial public offering of 3 fundraising projects, and the remaining 155 million yuan was raised, including The 93 million yuan raised funds were used for cash management, and the progress of fundraising was less than 10%. According to the prospectus, the investment quotas for the environmental protection cooling towers, green JXY cooling tower technology R&D center and marketing network construction of the three fundraising projects were 118 million yuan, 22 million yuan and 27 million yuan respectively.
"This is actually the data of June 2018. The company has been investing in it. The public investment progress can refer to the reply to the CSRC feedback in January this year." In the interview, the above-mentioned people proposed the "IPO" on the market. The clarification of the 90% of the fundraising has not been clarified.
According to the company's feedback and reply announcement, as of January 21, 2019, the feedback progress of the company's three initial investment projects has changed. The initial investment of the initial fundraising investment is 4,205,500 yuan, and the investment progress is 25.19. %.
When talking about the slow progress of IPO fund-raising, the above-mentioned personnel said frankly: "The largest investment in the initial fund-raising project is the environmentally-friendly cooling tower project. The amount of funds raised is 118 million yuan. This project involves the government demolition plan. The implementation location has changed and affected the implementation progress of the project.” For the time when the project reaches the expected usable status, it means “refer to the relevant announcement of the company’s subsequent fundraising use”.
Idle the fundraising refinancing
The progress of the investment is not as expected, how is the raised funds managed? The reporter noted that since the initial public offering of funds raised 200 million yuan in 2017, the company has repeatedly implemented entrusted wealth management, and will raise funds for idle cash management. From August 15 to 2018, the company implemented a total of 8 entrusted wealth management businesses, ranging from 10 million yuan to 50 million yuan. According to the semi-annual report of 2018, the interest income from the brokerage wealth management products purchased by the company using raised funds was 1,788,200 yuan.
In December 2018, the CSRC raised questions about the slow progress of the company's initial fundraising, and asked the company to conduct the fundraising in the case of less use of the previous fundraising, whether the decision was prudent and reasonable, and the previous fundraising project was not completed. The necessity and rationality of the project, whether it is frequently over-funded, etc., are explained, and the sponsor institution is required to issue verification opinions.
Regarding financial management, the company responded that “As of the date of this feedback, the wealth management products have been withdrawn, and the balance of wealth management products held by the company is 0 yuan.” The company’s response to the rationality and necessity of financing It is said that “the fundraising investment project of this issuance includes the closed cooling tower intelligent manufacturing center project, the cooling tower intelligent environmental control research and test center project, the supplementary working capital, and the fundraising investment project under the condition that the pre-raising project construction is not completed. Necessity and rationality, there is no frequent over-funding."
In this regard, Song Qinghui, chief economist of Qinghui Think Tank, expressed different opinions in an interview with the reporter of Securities Daily. For the listed company to spend half of the funds raised in the bank to eat interest, it said that this is a listed company's confidence in its main business, not aggressive. “All the time, listed companies have been financing for a long time, which has caused a 'very bad' impact on the market, and there are also frequent over-funding suspicions. If listed companies are excessively addicted to investment and wealth management, or use financial management as a long-term investment. It may ruin the main business, which is not conducive to the long-term development of the company."
Song Qinghui told reporters that listed companies do not have scientific financing plans and the frequency of financing is too high, which should attract the attention of the regulatory authorities.
Editor in charge: Fu Jianqing RF13564
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