In the case of the unfinished construction of the previous fundraising project, the financing application was filed again. The proposed fundraising of convertible corporate bonds by Seagull Co., Ltd. raised more than 200 million yuan.
Following the issuance of the "Notice of Feedback of the China Securities Regulatory Commission's Administrative Licensing Project Review" issued by the CSRC in December last year, the company is required to issueConvertible bondAfter the explanation of the necessity and rationality of financing, the recent news that “the net profit of Seagull shares has not increased by IPO for 9 years and the fundraising of 90% has not been raised and raised 240 million yuan” has once again pushed the company to the forefront.
The reporter learned from relevant informants that the slow progress of the company's initial fundraising has caused concern of all parties in the market. Relevant persons of the company responded to the above matters in an interview with the Securities Daily.
614 days of initial fundraising progress is only 25%
As the largest power ventilation cooling tower enterprise in China, on May 17, 2017, Seagull shares were listed on the Shanghai Stock Exchange. According to the latest disclosure of Seagull shares in 2018PerformanceExpress shows that in 2018, the company realizedOperating income608 million yuan, an increase of 7.51% year-on-year, achieving ownership at a listed companyshareholderofNet profit32.152 million yuan, down 15.11% year-on-year. After deducting non-recurring gains and losses, the net profit attributable to shareholders of listed companies was 27,740,400 yuan, down 21.71% year-on-year.
"According to the disclosed performance report, there will be no 10% difference between the data of the express and the annual report." The above-mentioned relevant person told the reporter. Talking about the development dilemma of the company's performance increase and increase in 2018, the above-mentioned personnel admitted that one is the gross of individual large projects.interest rateLower, at the same time in the sales strategy layout, especially in the overseas market, the sales expenses increased in 2018; second, the company failed to pass the high-tech enterprise assessment in 2018, the income tax rate was changed from 15% to 25%. To a certain extent, it affects profits.
For the 11 million shareholder of Seagull, the trouble is that while the company’s operation is trapped in the “increasing income and not increasing profits”, the initial fundraising project has not yet progressed. On September 10, 2018, the report on the use of the previous raised funds disclosed by the company showed that as of June 2018, the company had invested a total of 15.144 million yuan in the initial public offering of 3 fundraising projects, and the remaining 155 million yuan was raised, including The 93 million yuan raised funds were used for cash management, and the progress of fundraising was less than 10%. According to the prospectus, the investment quotas for the environmental protection cooling towers, green JXY cooling tower technology R&D center and marketing network construction of the three fundraising projects were 118 million yuan, 22 million yuan and 27 million yuan respectively.
"This is actually the data of June 2018. The company has been investing in it. The public investment progress can be specifically referred to the feedback from the CSRC in January this year.announcement. "In the interview, the above-mentioned people clarified the "question of the IPO fundraising of 90% of the IPO" proposed by the market.
According to the company's feedback and reply announcement, as of January 21, 2019, the feedback progress of the company's three initial investment projects has changed. The initial investment of the initial fundraising investment is 4,205,500 yuan, and the investment progress is 25.19. %.
When talking about the slow progress of IPO fund-raising, the above-mentioned personnel said frankly: "The largest investment in the initial fund-raising project is the environmentally-friendly cooling tower project. The amount of funds raised is 118 million yuan. This project involves the government demolition plan. The implementation location has changed and affected the implementation progress of the project.” For the time when the project reaches the expected usable status, it means “refer to the relevant announcement of the company’s subsequent fundraising use”.
Idle fundraisingFinancial managementRefinancing is questioned
The progress of the investment is not as expected, how is the raised funds managed? The reporter noted that since the initial public offering in 2017 raised 200 million yuan, the company has implemented it many times.Entrusted financial managementWill raise funds for idle cash management. From August 15 to 2018, the company implemented a total of 8 entrusted wealth management businesses, ranging from 10 million yuan to 50 million yuan. The semi-annual report of 2018 shows that the company purchased it with raised funds.BrokerThe interest income from wealth management products was 1,788.2 thousand yuan.
In December 2018, the CSRC raised questions about the slow progress of the company's initial fundraising, and asked the company to conduct the fundraising in the case of less use of the previous fundraising, whether the decision was prudent and reasonable, and the previous fundraising project was not completed. The necessity and rationality of the project, whether it is frequently over-funded, etc., are explained, and the sponsor institution is required to issue verification opinions.
Regarding financial management, the company responded that “As of the date of this feedback, the wealth management products have been withdrawn, and the balance of wealth management products held by the company is 0 yuan.” The company’s response to the rationality and necessity of financing It is said that “the fundraising investment project of this issuance includes the closed cooling tower intelligent manufacturing center project, the cooling tower intelligent environmental control research and test center project, the supplementary working capital, and the fundraising investment project under the condition that the pre-raising project construction is not completed. Necessity and rationality, there is no frequent over-funding."
In this regard, Song Qinghui, chief economist of Qinghui Think Tank, expressed different opinions in an interview with the reporter of Securities Daily. For the listed company to spend half of the funds raised in the bank to eat interest, it said that this is a listed company's confidence in its main business, not aggressive. “All the time, listed companies have been financing for a long time, which has caused a 'very bad' impact on the market, and there are also frequent over-funding suspicions. If listed companies are excessively addicted to investment and wealth management, or use financial management as a long-term investment. It may ruin the main business, which is not conducive to the long-term development of the company."
Song Qinghui told reporters that listed companies do not have scientific financing plans and the frequency of financing is too high, which should attract the attention of the regulatory authorities.
(Article source: Securities Daily)