Yangrui Xin material IPO second into the palace: fund occupancy selective confidence, impact on real-controlled person spouse

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Yangrui Xin material IPO second into the palace: fund occupancy selective confidence, impact on real-controlled person spouse

2021-11-26 00:17:59 6 ℃

Source: 财信

Author: white feather

On October 21st, Jiangsu Yangrui New Material Co., Ltd. (hereinafter referred to as "Yangrui New Material") updated the third round of inquiry reply file, this IPO is Yang Rui new material Diaoguan GET GEM. July 2019 Yang Rui Xin Ma's first IPO has been met with five consecutive meetings at the Trial Commission.

There have been many media reports that Yang Rui new materials have been concerned about the related transactions concerned by the Securities Regulatory Commission. In addition, "财信" found that Yang Rui new materials also have a subsidiary and raised project construction period. Changes, related parties funds, such as selective interpretation, or add variables to their market.

Increation is not increased, the official website information is lagging, and the safety hazard is squeezed.

Yangrui new material is mainly engaged in the development, production and sales of functional coatings. The functional coatings of development, production and sales at this stage include food beverage metal packaging coatings, inks and 3C coatings.

2018-2020 (hereinafter referred to as "reporting period)), Yang Rui new materials achieved operating income of 276,637,700 yuan, 31,669,900 yuan, 3546.53 million, 2019,2020, a year-on-year increase of 12.30%, 14.42%. In the same period, net profit was $ 6,85,748,000, $ 6,710,0100, 838.43,500 yuan, 2019,2.15%, 24.95%, respectively, in 2019, and income income is not increased.

During the reporting period, Yang Rui new materials (after excluding shipping) were 43.48%, 41.50%, 42.91%, declined in 2019, or caused income or purity; in the same period, peers compared to company gross profit margin The average value is 45.97%, 46.66%, 44.84%, and the gross profit margin of Yangrui new material is slightly lower than the peers.

The prospectus shows that Yangrui new material registration fund is 36 million yuan, and the "Company introduction" in its official website shows that Yang Rui new material has a registered capital of 1,1989,600 yuan.

(Screenshot from the company's official website)

The public information has contradictory or the official website information of Yangrui New Materials Co., Ltd. is lagged.

According to the national corporate credit information publicity system (hereinafter referred to as "Enterprise News Network"), Yang Rui new material has changed its registered capital on December 27, 2016, an increase of $ 36 million from 1,19.89 million yuan. At the same time, the latest information on the official website news center also stayed in April 2017. As an important window of the company's foreign information disclosure, the information is timely update.

In addition, the company's letter network also shows that in an inspection of the Safety Production Authority on October 16, 2018, the results show that there is a safety hazard in Yangrui new materials, and the specific situation is unknown, and the present invention has not disclosed this matter.

(Screenshot from national credit information publicity system)

Only the holding subsidiary of Yangrui new materials was disclosed in the present invention, Yangzhou Dongrui New Coatings Co., Ltd. (hereinafter referred to as "Yangzhou Dongrui") has illegal violations.

On December 27, 2017, Yangzhou Jiangdu Environmental Protection Bureau issued Yangjiang Wanzhi [2017] No. 151 "Administrative Punishment Decision Book", because of the emergency plan of the emergency environment in Yangzhou Dongrui, did not record according to the regulations, Violation of Article 6 of the "Emergency Management Measures for Emergency Administration Emergency Administration, ordered Yangzhou East Rui to change the illegal act, and fined 20,000 yuan.

Fundraising project implements the main injury, the project construction period is extended

As of the signing date, Yang Rui new material has 2 holding subsidiaries, which is 75% of Yangzhou Dongrui and wholly-owned Holdings, Jiangsu Yangrui New Materials Co., Ltd. (hereinafter referred to as "Changzhou Yangrui").

Changzhou Yangrui was established in June 2016, engaged in the development, production and sales of functional coatings. As of December 31, 2020, Changzhou Yangrui's total assets were 200.56.01 million yuan, the net assets were 274.03 million yuan, and the net profit in 2020 was 465,700 yuan.

According to the statement, Changzhou Yangrui is the implementation subject of Yang Rui new material this unique fundraising project. As of the latest statement sign, Changzhou Yangrui's registered capital is RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RTIgUMENT, of which 3 million yuan were 30,000 yuan, and it had not been paid. For the implementation of important fundraising projects, Yangrui new materials should perform the obligation of registered capital full payment as soon as possible.

The IPO fundraising project is an annual output of 70,000 tons of functional coating project (hereinafter referred to as "Changzhou Factory"), and the total investment is estimated to be 50,000 million yuan, and the funds raised by $ 35,000 million will be put into the project.

When Yang Rui new material was previously IPO, the fundraising project was the same as Changzhou factory, and the amount proposed to raise funds and total investment in Changzhou factory project is quite. Changzhou Factory Project Record Time is April 7, 2017, Yang Rui new material said it has started construction within the validity period of the filing, and the IPO project did not re-record.

At the time of IPO, the prospectus showed that the construction period of Changzhou factory was 2.5 years (30 months). The latest statement of this IPO showed that Changzhou Factory (Phase I) began construction in December 2017 and put production in August 2020, lasted for 32 months, and Changzhou Factory (Phase II) will build 18 months, project The construction period is a total of 50 months. In addition to the construction period, the two IPOs have been disclosed for information on the size and program of Changzhou factory. Capital occupancy of funds, improving the real-controller spouse

Among the audit meetings of the previous IPO, the regulatory authorities have inquiries that many companies on Yang Rui new materials are related to Yang Rui new materials in the reporting period and existence of customers overlap. Shandong Longkou Bo Reti Metal Container Co., Ltd. (hereinafter referred to as "Shandong Boriit") is one of the related parties.

Shandong Budi is 89.99% of Yang Rui Xin material, Chen Yong shares, and his wife Chen Xue Chun hold 10.01%. In addition to related procurement and sales, Yang Rui new materials also have funds with Shandong Brett.

During the reporting period, the occasional association transactions occurred in Yangrui new materials were mainly to collect interests to Shandong Bo Rite, Hu Fengji (company directors), Chen Xuechun (real-controlled person spouse).

(Screenshot from the statement)

Although Yang Rui new material does not exist in the reporting period, it does not exist of related party funds, but the above-mentioned funds take up interests involve funding for funds outside the reporting period. Among them, Borrete, Shandong, was removed from the company 1396,300 in 2014-2017. Shandong Budit has repay the borrowing in November 2017.

When disclosing the above-mentioned funds, the presentation only discloses the amount of Borrete, Hu Fengji, without disclosing Chen Xuechun's borrowing amount.

According to the prospectus, Yang Rui Xin material has brought about 60,000 yuan to Judi from 2015-2016 to use the funds for its purchase property. Hu Fengji has returned to the pen. Yang Rui Xin material was used in 2015-2016 to disassemble funds to Chen Xuechun for its purchase of real estate, personal turnover, Chen Xuechun also returned all of the demolition funds before September 2016.

The two-related natural person funds are approached and returned, but the statement only discloses the specific borrowing amount, and he hosted the amount of funds borrowed by Chen Xuechun. According to the prospectus, Hu Fengji borrowed funds of 600,000 yuan, producing interest rate of 18,800 yuan. If the same borrowing time and the same interest rate, Chen Xuechun pays the company's interest by 322 million yuan, lending funds of approximately 96.47 million yuan. Due to the selective disclosure of the statement, Chen Xuechun actually led the amount of funds, or it should be added.

The prospectus also appeared in the associated payment payment, Yang Rui new material has other receivables to Chen Xuechun. As of June 30, 2021 is 165,600 yuan, Yang Rui new material is a bad debt of it 3.57 10,000 yuan.

(Screenshot from the statement)

After a year, I will hit the entrepreneurial board, and the "财信" will continue to pay attention.