The IPO Of The Car Head Is Going To Be Broken Again.

Song Wenhui diagram

Although the efficiency of IPO audit has been increasing continuously, some IPO companies are still defeated before the trend of strict audit.

In twenty-first Century, the economic report reporters learned from the latest disclosure of the initial public offering stock audit process and application form by the SFC, that the Zhejiang locomotive Limited by Share Ltd (hereinafter referred to as the front line pharmaceutical) has formally terminated the examination.

This means that since April last year, there has been a queue for a year and a half after a year and a half of the listed company has been formally declared aborted by the IPO plan.

It is worth mentioning that Jiuding investment (600053.SH) has been densely arranged through many partnership funds and has become an important shareholder of the latter.

Since Jiuding's participation in the IPO project last year was completely halted in the securities and Futures Commission, the IPO stranding of the locomotive company has also led to speculation in the industry and the participation of Jiuding department. It is worth mentioning that since last year's Jiuding group filed a case investigation, Jiuding's investment in the IPO field has been delayed until now, and the "invisible ban" on the IPO project of Jiuding has not been loosened so far.

Behind the "big soldier" of Jiuding

The IPO tour of the head office is coming to an end.

As a raw material drug company, it is mainly used to produce naproxen (sodium), A Silowe, clopidogrel, gemcitabine and D- ethyl ester and other intermediates.

According to the financial data, the operating income from 2015 to 2017 was 665 million yuan, 750 million yuan and 808 million yuan respectively, while the net profit of the parent company was 87 million yuan, 93 million yuan and 98 million yuan respectively.

But at the time of declaring IPO, many problems of the Locomotive Company were exposed.

On the one hand, its performance has turned the trend of a U-turn reversal. In the current disclosure of vehicle head pharmaceuticals, the financial data was only updated to the end of June 2018, and the net profit of its parent company in that period was 45 million 760 thousand and 800 yuan, with a 9.27% decline. This is related to the financial problems of the subsidiary, which are related to the loss of the current performance of the eight largest pharmaceutical companies (eight giant pharmaceuticals) in Jiangsu, the Shanghai Chiron International Trade Co. Ltd. and the Shanghai Yu Yu Medicine Technology Co., Ltd., according to the data. The data show that the loss of the eight giant pharmaceutical industry is close to 10 million yuan; on the other hand, the eight giant pharmaceutical industry has repeatedly faced the situation that environmental protection fails to meet the standards, and this situation has also been asked by the SFC.

However, behind the various problems of the front end pharmaceutical industry, the reason for the IPO abortion of the market participants is more likely to point to the blessing of Jiuding investment.

In fact, the "Jiuding Department" is not too small for the layout of the front end pharmacy.

As early as in February 2013, the head office pharmaceutical general meeting resolution agreed that Jiuding department's Silver Branch Jiuding, Bao Shou Jiuding, Shengshi Jiuding, Xingxian Jiuding, Zhi Shi Jiuding, Zhuoxing Jiuding six partnership funds increased capital stock.

According to the statistics from the reporter's statistics, the six funds of the Jiuding department have a total of 10 million 816 thousand and 800 shares, and the total shareholding ratio is 12.82%.

As early as last September, the SFC took a detailed look at the investment in Jiuding's investment in the feedback from the head office.

For example, the securities and Futures Commission pointed out that the company must disclose the complete shareholding structure, establishment time, main business and real controller information of the partnership fund under the Jiuding banner, and at the same time, it is also necessary to disclose in detail whether the funds invested in the stock ownership of the locomotive are legal and effective.

At the same time, the SFC also asked in the previous inquiry that the company's need to disclose whether the investigation initiated by the Jiuding group will affect the above equity arrangement.

"Jiuding group is currently subject to investigation, whether it will affect the above shareholders holding shares of issuers, whether the issuer's ownership structure will change. The lawyers of sponsors and issuers shall publish clear verification opinions and explain the verification methods, procedures, bases and conclusions. The SFC once asked.

In addition, the entry of Jiuding was not unconditional. It signed a series of supplemental agreements with the head office pharmacy and the real controller to make a bet on the company's performance and share repurchase. This also laid an uncertainty on whether there was a drawer protocol in the process of IPO.

For example, in the feedback at that time, the SFC asked the front end pharmaceutical and sponsor agencies to verify the gambling agreement, and understood whether it had been lifted, whether there was conditional suspension, whether there were other gambling agreements, and whether there were any unfulfilled obligations in the front line of the pharmaceutical companies and the actual controllers.

Filing is hard to get back.

Behind the arrest of IPO, it is actually the anxiety of Jiuding department.

Twenty-first Century economic news reporter was informed that last year, the Jiuding group encountered the Commission's investigation and investigation, and the audit of the quasi IPO project participated by the Jiuding department was put on hold. This further led to the failure of the Jiuding department to enjoy the corresponding dividend on the market in 2018 when IPO was speeding up.

Reporter statistics found that, in addition to the Xinjiang torch and Valin Seiko listed in early 2018, Jiuding's investment projects have not yet been realized or listed. Even when Jiuding became an important shareholder, and Tianfeng securities, which was held in May 3rd last year, it quietly eliminated the shareholders of Jiuding company on the eve of the meeting.

"Jiuding project began to be halted in a disguised form last year. Although it has not explicitly stopped the audit of these projects, the project of Jiuding has really been affected from the result level." A person close to Jiuding Department revealed that the shelving of "Che tou pharmaceuticals" is actually a cross section under this background.

According to an investment bank official close to the regulatory level, judging from the current securities laws and regulations, if there is a case investigation of venture capital institutions or real controllers, there will be no clear statement on whether the IPO project of the project will be involved. However, if the source of funds invested by venture capital institutions is related to the investigated items, it may have an impact on the invested IPO projects.

"Because the basic condition of a listed company is to ensure the stability of shares, if the venture capital institution is confronted with a case investigation, it is also necessary to verify the legal compliance of the investment fund when it is established." The investment bankers said, "but if the relevant investigation is not withdrawn from the case, it will definitely bring some impact on some of its investment projects."

In the industry view, venture capital institutions and real controllers are not seen in the market, and the Jiuding system will also provide a reference for the subsequent venture capital agencies involved in the IPO impact.

"The case is the main body of Jiuding group, but Jiuding investment as related party investment IPO project has been affected." An investment bank in Shanghai pointed out that "this is also a case where the venture capital institutions are placed on file and have any impact on their IPO projects. In the future, some IPO companies should also make comprehensive assessments based on this risk to the investors.