Guangdong Guang Ji IPO Is Not: GEM Listing "Tender" Failed Truth

In June 25th, Guangdong's Guangzhou Machinery International Tendering Co., Ltd. (hereinafter referred to as Guangdong Guang Ji) rushed to the front door of the 20 million stock issuance audit of the gem, but the result of the issuance examination was a "Cup" for Guangdong Guang Ji. That night, the China Securities Regulatory Commission issued a notice to vote against Guangdong Guang Ji. Gem IPO application.

Insiders are not surprised by the result. A professional investment bank in Shenzhen told reporters that "Guangdong Guang Ji is just a tender procurement service provider. A company without any core technology and highly competitive industry must rush to the gem IPO, which is a bit like burning incense to the wrong temple gate."

Pseudo innovation business

In order to prove their compliance Gem According to the innovative positioning requirements, Guangdong Guang Ji has packaged itself into a high growth and high profit company with core competitive edge and continuous business innovation capability.

Guangdong Guang Ji said, "according to customer procurement needs, the company extends tender services to provide customers with follow-up tender value-added services on the basis of customer procurement requirements. It will integrate tender agency services and tender value-added services to provide customers with one-stop procurement services."

Its value added service is that "in the tender value-added service, we provide customers with settlement and matching services for customers, and pay part of quality customers including project purchase payments, customs clearance fees, logistics costs and other procurement execution costs."

However, with the development of tender value-added service business, the gross profit margin before Guangdong's Guangzhou machine eliminated the nominal sales factor decreased year by year.

Before the listing, the company consolidated gross profit margin from 2007. 23.50% Sharp decline to 2009 16.86% Tender value added service gross profit margin from 2007 11.56% Down to 2009 7.40% 。

Guangdong Guang Ji explained the above doubts: "because the gross profit margin of the sales settlement mode service is low, but the proportion of the value-added service revenue continues to increase, the agency settlement mode service gross profit rate is high, but the proportion of the value-added service revenue continues to decline, resulting in the sale settlement mode service gross margin has a strong dilution effect on the agency settlement mode service gross margin."

In the 2007-2009 year, the gross profit margin of Guangdong Guang Ji agent settlement mode business is 100%, and the gross profit margin of sales settlement mode business is respectively 4.28% , 6.29% , 4.22% 。

From this point of view, the industry innovation is not outstanding, and even does not match the positioning of the gem. It may be the direct reason why Guangdong Guang Ji IPO is not.

High debt operation worries

Apart from the industry's lack of innovation, publicly disclosed financial data show that Guangdong Guang Ji is still a company with high assets and liabilities, which is heavily dependent on financing development in the future and has been unable to maintain sustained and rapid growth for quite some time.

In the 2007-2009 year, the Guangdong Guangzhou airport mobile ratio was respectively One point one nine , One point two zero and One point one two Times, the asset liability ratio is 79.53% , 79.74% and 85.91% 。

In this regard, the explanation of Guangdong Guang Ji is that the tendering agent and tender value-added business of tendering enterprises will receive a large number of bidders' margin and pre paid purchase funds, and there will be a large amount of payments payable to them, forming a large amount of current liabilities of the tender enterprises. In the combined payment business, the company applies Renminbi deposits as pledge to apply for foreign exchange loans to the banks, which adds a large amount of short-term loans and flows. Dynamic liabilities lead to higher asset liability ratio and lower liquidity ratio.

In order to dispel the doubts of investors, Guangdong Guang machine listed the data of assets and liabilities of 8 well-known domestic bidding agencies, pointing out that the high asset liability ratio is a common phenomenon in the whole industry. On the other hand, it claims that the short-term loans formed by the renminbi appreciation or the spread between RMB deposits and foreign exchange loans do not constitute the company's real business. Qualitative liabilities.

But the problem is that a large number of bidders' deposits and purchases are not only current liabilities but also liquid assets. Therefore, with the increase of assets and liabilities, it is difficult to explain how Guangdong's gearing has risen steadily.

In addition, although short term loans for the payment of portfolio business are regarded as non substantive liabilities, loans are always loans and will always be paid back in the future.

In the 2007-2009 year, all short-term loans made by Guangdong Guang Ji for the settlement of foreign exchange settlement are respectively One point seven five Billion yuan. One point five five Billion yuan. Five point one five The ratio of short-term loans to total assets is respectively 50.04% , 29.26% , 55.46% 。

Not only the combined settlement business needs to occupy a large amount of capital, but also a huge amount of capital support for value-added services. Various accounts receivable of Guangdong Guang Ji due to value added services from 2007 Eight hundred and fifty-five point nine one Ten thousand yuan jumped to 2009. One point two four Billion yuan, the scale of funds occupied a full increase. Thirteen point five Times.

In the first three years of listing, the average annual growth rate of Guangdong Guang Ji's operating income was 34.25% If the company continues to maintain such rapid growth, the company needs to continue borrowing or refinancing to maintain it.

High asset liability ratio and low liquidity ratio make it difficult for Guangdong Guang Ji to give people enough safety.

In 2007 -2009, the short-term debt service ratio (cash and cash equivalents balance / current liabilities) of Guangdong Guang Ji company deteriorated year by year, respectively. Zero point four seven , Zero point four three , Zero point two seven 。 Normally, this proportion should be Zero point five Between -1, not less than Zero point three Once less Zero point three It often means the outbreak of liquidity risk.

In the same period, the cash purchase and sale ratio of Guangdong Guang Ji (cash received from goods receiving labor services / cash received from sales of goods sold) were respectively 147.8% , 82.7% , 85.8% The selling cost rates are respectively 49.1% , 64.7% , 69.2% 。

Under normal circumstances, the ratio of cash purchase and sale is less than the cost of goods sold by 5-10 percentage points. However, the cash purchase and sale ratio of Guangdong Guang Ji is far beyond the cost of goods sold this year. Once an enterprise's purchase and sale business is abnormal, its root is not the backlog of goods or the shrinking of its business. As Guangdong Guang Ji as the tendering agent's light assets attribute, we can only judge that the abnormal cash purchase and sale is caused by business shrinkage.