Qinchuan Wulian Ke Chuang Chuang Board IPO Twists And Turns Letter Will Squeeze Water Again Two Times Will Be Postponed Again.

Chengdu Qinchuan Internet of things Polytron Technologies Inc science and technology board IPO can be described as twists and turns, which was postponed at the end of last year's deliberation, originally will be greeted on March 26th, the two consideration of the board of science and technology board, due to the cause of the epidemic postponed again.

Qinchuan Wulian company is the second company that has been postponed for consideration. The previous municipal Party committee's audit results show that the main problem of Qinchuan intangible cultural heritage lies in the fact that the quality of information disclosure has not reached the requirements, and the content is not smooth enough and accurate.

In twenty-first Century, the economic report reporter found that after the comparison of the old and new prospectus, the QTL made a lot of cuts in the formulation, and changed the head of the accounting institution. At the same time, however, the company's financial data problems have not improved.

There are two cases in which Trina Solar science will create a successful breakthrough. What kind of fate will the Qinchuan Intangible Cultural Alliance usher in? Is the smart gas meter company recognized by regulators after squeezing water again?

Delete international leading expressions

On the evening of March 25th, the bulletin board of the science and Technology Board showed that an urgent announcement was received from the relevant Party committee members. According to the relevant regulations of the new crown pneumonia epidemic prevention and control, the Committee confirmed that it was not possible to arrive at the designated video conference place at the time of the announcement of the meeting, and to participate in the two Review Conference of the CPC Committee, which was originally scheduled to be held in March 26th and 31st.

The two companies involved are Qinchuan, and the other is Fudan Zhangjiang. Both companies were postponed for consideration by the upper Municipal Committee. According to the relevant regulations of the Shanghai Stock Exchange, the members of the committee were postponed for deliberation in principle. Accordingly, the listing committee decided to postpone the two review conference, and it will be held separately in the near future.

Qinchuan material union is the second company to suspend deliberation after the Fudan Zhangjiang. The third board of Trina Solar has been postponed for consideration after two deliberations.

On the previous question of the municipal Party committee, the focus of attention was on the market position, financial data and technical advantages of Qinchuan Union, especially for its "leading position in the market position".

The municipal Party committee pointed out that the application documents disclosed that the issuer ranked eighth in the 2018 smart gas meter sales, of which IC card intelligent gas meter sales ranked sixth. However, the prospectus says that the issuer's market position is the leading position in China, and the issuer's business is positioned as "intelligent gas overall solution provider" and the name is "Internet of things technology company". The municipal Party committee asked the company to explain the market position and the advantages of intellectual property. If it is not accurate, it needs to be deleted.

In twenty-first Century, the economic news reporter learned from the authorities close to the previous audit meeting that Qinchuan Wulian Federation was subjected to rounds of inquiries due to information disclosure. Location and patent issues were the focus of every concern. The draft and initial declaration had been repeatedly expressed and adjusted. Overall, no substantive problems were found in the company's letter, but the quality did not meet the requirements. There was still room for further improvement in the quality of the letter.

Reporters found that the draft of the new edition of Qinchuan Wulian prospectus showed that compared with the old version, the language was quite smooth, and in accordance with the audit opinion, the company's position of "intelligent gas overall solution provider" was deleted, and the "Internet of things intelligent gas meter and its operation system" independently developed by the company were deleted. It was selected as the "state intellectual property advantage enterprise" and so on.

However, Qin Chuan seems to have confidence in the company's technology. In March 25th, the reporter telephoned Qinchuan's iPhone announcement, saying: "our company is a hi-tech enterprise with international leading patent technology."

While cutting out some expressions, the new prospectus also increased the impact of the new crown pneumonia on the company.

Qinchuan Wulian said that it is not expected that the new crown pneumonia epidemic will have a significant impact on the issuer's annual performance and its ability to continue operation, but it has a certain impact on the company's first quarter results in 2020. It is estimated that the first quarter revenue in 2020 will be about 34 million yuan -4000 million, down 13.32% from the same period last year to 1.97%, and the net profit after deducting non recurring gains and losses is 0-300 yuan, down 43.2 over the same period last year. 7%-100.00%.

Accounts receivable account for about 8 of the total.

In addition to the issue of the letter, the financial problems of Qinchuan Union are also the focus of supervision. After the previous meeting of the municipal Party committee, regulators asked the sponsor agencies to verify the effectiveness of financial internal control and the financial indicators are different from peers.

The Listing Committee notes that the company has resigned from two chief financial officers, and has no accounting education background and accounting experience. It is required that the sponsor and the certified public accountant verify the validity and improvement measures of the financial internal control of the issuer and make clear opinions.

In response to this problem, in response to the letter, the relevant side responded: Chief Financial Officer Li Yong has been the head of accounting institutions since March 2018, when he was engaged in accounting work for less than three years, and temporarily did not meet his terms of service. But by July 2018, Li Yong had had more than three years of experience in accounting work, and was in line with relevant regulations. This situation was confirmed by the Finance Bureau of Longquanyi District, Chengdu Finance Bureau.

Or to avoid suspicion, Qin Chuan said that since January 1, 2020, Luo Yuan, Vice Minister of the company's former finance department, has been the head of the company's accounting department (Finance Minister). Li Yong has no longer served as the head of the accounting institution.

On the relevant financial data, the listing committee also found that the gross profit margin of the company was significantly higher than that of the comparable industry. The proportion of accounts receivable balance in business income was higher than that of comparable companies in the same industry. The proportion of accounts receivable bad debts was lower than that of comparable companies in the same industry, and the rate of sales expenses and management expenses were lower than those of comparable companies in the same industry.

Take the accounts receivable that the market is more concerned about, for example, in the 2017-2019 years, the company's accounts receivable balance was 114 million yuan, 155 million yuan and 194 million yuan respectively, accounting for 70.65%, 76.29% and 79.28% of the current operating income, showing a trend of increasing year by year. The average value of comparable companies in 2017 and 2018 was 52.61% and 56.30% respectively.

In response, Qin Chuan union replied that the proportion of accounts receivable balance increased with the trend of the same industry companies, which was higher than that of the main sectors of the same industry: sales accounted for a relatively high proportion in the fourth quarter, and the proportion of gas carriers at prefecture level or above was better than that of county and township gas carriers.

"Qin Chuan Wu Lian does not see big injuries at present. High accounts receivable will not necessarily affect the meeting, so long as it is disclosed truthfully. In fact, it is an intelligent gas meter company, because it was a bit too packaged before. Now that it has been deleted, the problem should be small. A senior investment bank told reporters.

It is worth noting that Qinchuan Wulian was originally the first company to welcome the company after its publication. Reporters found that the company nearly three years of R & D investment accounted for more than 5% of the total, with 92 main business related national invention patents, in the past three years, the compound growth rate of 23.30%, to meet 3 conventional indicators. (Editor: rono)

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