Source Haizhou talks about stocks
four month twenty-three The official website of the Beijing Stock Exchange updated the disclosure documents and decided to terminate the decision on the public offering of shares of Red Oriental and its listing in the Beijing Stock Exchange.
Red East is two thousand and twenty-three year nine month one The application documents for public offering submitted on August 1 were accepted by Beijing Stock Exchange. two thousand and twenty-four year three month twenty-seven On December 1, Hong Dong applied to the Beijing Stock Exchange to withdraw the listing application documents. In less than a year, Red Oriental IPO The journey was ended.
Red oriental IPO The trip came to an end in a hurry, and to a large extent IPO The former is related to "clearance type" dividends. As early as last year twelve In September, the Beijing Stock Exchange mentioned in the announcement that Red Oriental still needed to further implement the application for suspension of review due to media concerns, and the Beijing Stock Exchange decided to suspend the review of its public offering and listing. This is also the first time since the opening of Beijing Stock Exchange that the audit was terminated due to "media concerns" IPO Project. The most important "media concern" here is the "clearance" dividend of the company.
According to statistics, Red East is IPO There were two surprise large dividends on the eve, up to eight point two RMB 100 million, becoming the auditor of Beijing Communications Corporation IPO The enterprise with the most dividends. two thousand and twenty-two year nine Month, Red East Dividend four point six one 100 million yuan, the company's annual net profit is seven point four six 100 million yuan; two thousand and twenty-three year five Month, Red East Dividend three point five nine 100 million yuan, while the company's net profit in the first half of the year was only one point three seven 100 million yuan. The two dividends basically shared all the profits of the company in the same period.
This is the current strict review by the management IPO A big taboo. After all, since the second half of last year, IPO The issue of raising funds while sharing dividends has always been highly concerned by the market, and has also become IPO An issue that the audit process attaches great importance to. this year three month fifteen The CSRC issued the Opinions on Strictly Controlling the Access to Issuance and Listing to Improve the Quality of Listed Companies from the Source (for Trial Implementation) on September,, In which, it was clearly proposed that we should pay close attention to whether the enterprises to be listed have the situation of "clearance" dividend distribution before listing, strictly prevent and investigate, and implement negative clearance management. and four month twelve The "New National Ninth Article" issued on September, also proposed to include the situation of "clearance type" dividend distribution before listing into the negative list of listing.
It is against this background that the Red East IPO It is not surprising that the process was eventually terminated. This also shows that the Beijing Stock Exchange is not IPO Safe haven for supervision and strict review by CSRC IPO The policies of the Beijing Stock Exchange are also applicable to the Beijing Stock Exchange. Because of this, Red East IPO The process is terminated. For Baiyuan equipment IPO It is undoubtedly an alarm bell.
Baiyuan Equipment is a textile machinery and equipment manufacturer mainly focusing on the R&D, production and sales of circular knitting weft knitting machines. last year nine In April, Baiyuan Equipment submitted a prospectus to the Beijing Stock Exchange, and planned to raise about one point one six 100 million yuan, used for the reconstruction and expansion project of Baiyuan equipment production base, the construction project of technology research and development center and the supplement of working capital. Up to now, Beijing Stock Exchange has conducted two rounds of inquiries on Baiyuan Equipment. Among them, performance sustainability, huge amount of funds occupied by the controller, related parties, and the authenticity and accuracy of sales revenue have become the focus of inquiry.
However, from the current IPO From the perspective of the new policy, the "clearance" dividend issue is a hurdle that the company is difficult to cross. The prospectus shows that, 2020~2022 The operating revenue of Baiyuan Equipment in each year of two point four three 100 million yuan two point nine six 100 million yuan and two point three two RMB 100 million, net profits not attributable to the parent company are three thousand eight hundred and ninety-nine point three eight 10000 yuan three thousand four hundred and twenty-eight point three five 10000 yuan and three thousand three hundred and ninety-six point one nine Ten thousand yuan. During the reporting period, Baiyuan Equipment has paid dividends twice, with a total amount of dividends one point five two 100 million yuan. Among them, two thousand and twenty Annual dividend one point three 100 million yuan; two thousand and twenty-two Annual bonus of Baiyuan Equipment two thousand one hundred and ninety-six Ten thousand yuan. actually, two thousand and twenty Year to two thousand and twenty-two In, the total net profit of Baiyuan Equipment was only one point three four The two dividends of Baiyuan Equipment directly exceeded the company's net profit in the past three years, which is a veritable "clearance" dividend.
It is such a company that has implemented "clearance type" dividend distribution, but still plans to pass IPO Supplementary working capital three thousand The rationality and necessity of this approach is questionable. And the company's "clearance type" dividend amount has reached one point five two 100 million yuan, even exceeding the amount proposed to be raised one point one six 100 million yuan, which also shows that the company IPO The necessity of raising funds is also questionable. In fact, if the company does not engage in "clearance" dividends one point five two The dividend amount of 100 million yuan can fully meet the capital needs of fund-raising projects. Because of this, the company's IPO How far can the journey go? This is worthy of market attention. Investors may wish to wait and see.
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Editor in charge: Jiang Yuhan
