Text/Leju Finance Sun Subo
“We make Apple, not Foxconn.” Qiu Kun, chairman of Chengdu Chengdian Optoelectronics Technology Co., Ltd. (hereinafter referred to as “Chengdian Optoelectronics”), once said in a forum.
As a technology company, Chengdian Optoelectronics basically does not produce products. After the company makes the design, it commissions production and monitors the process.
Founded in 2011, Chengdian Optoelectronics was listed on the New OTC Market within three years and entered the capital market. However, it took eight years from listing on the New Third Board to impacting A-shares.
Recently, Chengdian Optoelectronics, which is over 12 years old, submitted a prospectus to the Beijing Stock Exchange, intending to raise 150 million yuan to hit the A-share market.
Looking at Chengdianguangxin’s past, 99% of the subsidiaries of the thunderous Sichuan Trust Holdings have become the company’s largest shareholder by participating in private placement. At present, the former largest shareholder has disappeared from the list of top ten shareholders.
1. Alumni of the University of Electronic Science and Technology of China joined hands to start a business, but they were not favored by capital before being listed on the New OTC Market.
Before submitting the form, the actual controllers of Chengdian Optoelectronics were three people born in the 1960s, namely Qiu Kun, Jie Jun, and Fu Mei. Among them, chairman Qiu Kun has the highest academic qualifications.
Qiu Kun, who is called a super academic by his colleagues, can be calledOptical Communication“Big Bull” in the field. In July 1985, he graduated from the University of Electronic Science and Technology of China with an undergraduate degree, and later studied for a master’s degree and a doctoral degree at Tsinghua University. Since September 1990, he came to teach at his alma mater, University of Electronic Science and Technology of China, during which he went to the United States for one year of postdoctoral research. In 1995, he was exceptionally promoted to professor, and in 1998 he was hired as a doctoral supervisor.
Another top student among the three, Jie Jun, also has experience working in a university. He was Qiu Kun’s undergraduate classmate, and later stayed at the school to study for graduate school. From 1993 to 2014, he successively served as the Director of the Industrial Development Department and the Director of the Training Department of Sichuan University of Economics and Management, and the Director of the Training Department of the Rennan Campus of Xihua University.
Another actual controller, Fu Mei, did not pursue further studies after graduating from undergraduate school. She is Jie Jun’s colleague at Chengdu Radio Factory No. 1. Before Jie Jun went to work in a university, he was the director of the propaganda department of Chengdu Radio Factory No. 1. Fu Mei has been working in Chengdu Radio Factory No. 1 since 1981, and has served as a clerk in the Personnel Department and Party Committee Office. In 1996, Jie Jun, Fu Mei and Fu Mei’s younger brother Fu Bin jointly founded a technology company.
In May 2011, Qiu Kun, who had been a professor at Chengdu University of Electronic Science and Technology for more than ten years, came up with the idea of starting a business. At that time, he, his undergraduate classmate Jie Jun, who was also working in the university, and Fu Mei and Fu Bin, Jie Jun’s old colleagues and entrepreneurial partners, jointly established “Chengdu Chengdu Optoelectronics”, the predecessor of Chengdu Optoelectronics, with the support of the University of Electronic Science and Technology of China. “Chengdian Optoelectronics Technology Co., Ltd.” (hereinafter referred to as “Chengdian Optoelectronics Co., Ltd.”).
At the beginning of its establishment, Chengdu Chengdian Optoelectronics Co., Ltd. had a registered capital of 8 million yuan. Qiu Kun held 50% of the shares, Jie Jun held 20%, and Fu Mei held 15%. Chengdu Chengdian Optoelectronics Co., Ltd. was wholly owned by the University of Electronic Science and Technology of China. University Science and Technology Park Co., Ltd. (later renamed “Chengdu University of Electronic Science and Technology of China Asset Management Co., Ltd.”, hereinafter referred to as “Chengdu University of Science and Technology Asset Management Co., Ltd.”) holds 10% of the shares, and Fu Bin holds 5% of the shares. However, at that time, each shareholder only paid in actual capital of 2 million yuan. It was not until April 2013 that the company collected all 8 million yuan in paid-in capital.
It is also worth noting that when Chengdian Optoelectronics Co., Ltd. was established, there was still a situation of equity holding on behalf of the company. At that time, Qiu Kun collectively held a capital contribution of 1.6 million yuan in the company on behalf of Hu Gang, Xu Bo, Ling Yun, Zhang Chongfu, Wu Baojian, Yi Xingwen, Liu Xiuying, Zhang Chuanliang and Li Yueqi, corresponding to 20% of the company’s registered capital.
According to Leju Finance’s “Pre-trial IPO”, most of the people who are holding shares on behalf of Chengdian Optoelectronics are directors, supervisors and senior members or core technical personnel of Chengdian Optoelectronics.
In January 2014, on the eve of the company’s listing on the New Third Board, Chengdu Optoelectronics released its equity holdings. At that time, Qiu Kun transferred his 1.6 million yuan equity to Hu Gang for 400,000 yuan, Zhang Chuanliang for 320,000 yuan, Li Yueqi for 320,000 yuan, Xu Bo for 160,000 yuan, Ling Yun for 160,000 yuan, Wu Baojian for 80,000 yuan, Zhang Chongfu 80,000 yuan, Yi Xingwen 56,000 yuan, and Liu Xiuying 24,000 yuan.
After the transfer is completed, Chengdian Optoelectronics will hold 30% of the shares held by Qiu Kun, 20% by Jie Jun, 15% by Fu Mei, 10% by Chengdian Asset Management Company, and 5% by Fu Bin. Hu Gang, Zhang Chuanliang, Li Yueqi, Xu Bo, Ling Yun, Wu Baojian, Zhang Chongfu, Yi Xingwen and Liu Xiuying each hold 5%, 4%, 4%, 2%, 2%, 1%, 1%, 0.7%, 0.3%.
Three months later, Chengdu Chengdian Optoelectronics Co., Ltd. was changed into a joint-stock company as a whole, and the company name was changed to “Chengdu Chengdian Optoelectronics Technology Co., Ltd.”
In May 2014, Chengdian Optoelectronics, which was changed into a joint-stock company, made its first capital increase since the company was established. At that time, it issued an additional 350,000 shares to 35 natural person shareholders including Huang Peng and Xiao Wenjun, at a price of 3.8 yuan per share.
After this private increase, the registered capital and share capital of Chengdian Optoelectronics increased to 10.55 million yuan, with a valuation of 40.09 million yuan. However, as of January 31, 2014, the estimated net assets value of Chengdian Optoelectronics was only 15.0769 million yuan.
On December 10, 2014, Chengdian Optoelectronics was officially listed on the New Third Board, with the stock abbreviation of “Chengdian Optoelectronics” and stock code (831490.NQ).
It can be seen that until the company was established and listed on the New Third Board, Chengdian Optoelectronics did not gain the favor of any investment institution.
Before the listing, Qiu Kun, Jie Jun, and Fu Mei signed a concerted action agreement, holding 29.005%, 19.337%, and 14.503% of the shares of Chengdian Optoelectronics respectively. The total shareholding ratio reached 62.845%, and they were the company’s joint actual controllers. , which can exert a significant influence on the company’s business decisions.
2. The New OTC Market was listed at the same time as the fixed increase, and Baolei Trust once held an indirect shareholding.
Chengdian Optoelectronics disclosed in the share transfer prospectus submitted before listing that it would also conduct a directional issuance of shares while applying for listing in the National Equity System.
On the day of the listing, Chengdu Optoelectronics released a stock issuance plan, planning to issue shares to Chengdu Hi-Tech Venture Capital Co., Ltd. (hereinafter referred to as “Chengdu Hi-Tech”) and Chengdu Guoxin at a price of 7.2 yuan per share. Chengdu Technology Transfer (Group) Co., Ltd. (hereinafter referred to as “Chengdu Technology Transfer”), which is actually controlled by the State-owned Assets Supervision and Administration Commission, issued 450,000 shares in a targeted manner, and all the funds raised were used to supplement working capital.
However, after the issuance plan was disclosed, Chengdian Optoelectronics did not disclose the subsequent subscription and listing.
The Beijing Stock Exchange also raised questions about the current shareholding status of Chengdu Hi-tech Investment and Chengdu Technology Transfer.
Three months later, in March 2015, Chengdu Optoelectronics released a stock issuance plan, intending to issue no more than 1.6 million shares to two securities companies with market maker qualifications registered in the national equity system. The price per share was No more than 7 yuan, and the total amount of funds raised shall not exceed 11.2 million yuan (including 11.2 million yuan).
In October 2015, Chengdu Optoelectronics released its stock issuance plan again. The plan shows that Chengdian Optoelectronics plans to issue no more than 8 million shares (including 8 million shares) to Chengdu Falcon Investment Partnership (Limited Partnership) (hereinafter referred to as “Falcon Investment”) at a price of 5 yuan/share. The capital does not exceed 40 million yuan.
On February 5 of the following year, the 8 million additional non-restricted shares subscribed by Falcon Investment were officially listed for transfer in the national equity system. Since then, Falcon Investment has become the largest shareholder of Chengdian Optoelectronics, with a shareholding ratio of 25.72%.
However, Chengdian Optoelectronics stated that according to the “Concert Acting Persons Agreement” signed by the company’s shareholders Qiu Kun, Jie Jun and Fu Mei, the company’s actual controller has not changed after this private placement and is still the company’s shareholders Qiu Kun and Jie Jun. And Fu Mei.
It is reported that before the private placement, Qiu Kun, Jie Jun and Fu Mei respectively held 26.74%, 17.59% and 13.56% of the shares of Chengdian Optoelectronics; after the private placement, Qiu Kun, Jie Jun and Fu Mei respectively directly held Youcheng Optoelectronics holds 19.86%, 13.07%, and 10.07% of the shares.
Falcon Investment, which has become the company’s major shareholder, is also related to the company’s actual controllers Qiu Kun, Jie Jun, and Fu Mei.
It is reported that Chengdu Falcon Rui Enterprise Management Consulting Co., Ltd. (hereinafter referred to as “Falcon Rui Consulting”), established by Qiu Kun, Jie Jun, and Fu Mei, holds 0.24% of the shares, and is owned by Sichuan Trust Co., Ltd. (hereinafter referred to as “Sichuan Trust”) ) holds 99.76% of the shares. Until this submission, the equity structure of Falcon Investment has not changed.
Chengdian Optoelectronics, which received a capital increase from Falcon Rui Investment, did not realize at this moment that it had stepped on a “ticking time bomb.”
In June 2020, Sichuan Trust, an indirect shareholder of Chengdian Optoelectronics, was suddenly exposed that many products could not be redeemed normally, involving an amount of more than 20 billion yuan.
Three feet of ice does not freeze in one day. At the end of that year, the Sichuan Banking and Insurance Regulatory Bureau issued an announcement on its official website stating that in recent years, due to the failure of Sichuan Trust governance, the internal control mechanism has become ineffective. The management has ignored regulatory regulations and carried out a large number of illegal businesses in a covert manner. Risks have continued to accumulate, and operations have been in trouble. Seriously Damage the legitimate rights and interests of trust product investors and company creditors. The company is no longer able to carry out normal business and management activities, which has a greater adverse impact on financial order and social stability. In addition to supervising Sichuan Trust, its shareholders cannot escape the law.
At that time, Sichuan Trust’s four major shareholders, Sichuan Hongda, Hongda Shares, Haoji Food and Huiyuan Group, were named by the regulatory authorities for violating prudent operating rules and refusing to cooperate with regulatory authorities in risk disposal. . At the same time, the supervisory authorities have taken supervisory and coercive measures to restrict the above-mentioned shareholders from exercising shareholder rights including the right to request the convening of shareholders (general meetings), voting rights, nomination rights, proposal rights, and disposition rights.
Subsequently, Sichuan Trust quickly reorganized its board of directors, and Huang Xiaofeng, then chairman of China Overseas Trust, the second largest shareholder, was appointed chairman of Sichuan Trust.
In March 2021, the Sichuan Banking and Insurance Regulatory Bureau issued 13 crimes against Sichuan Trust. In addition to illegal “blood transfusion” of shareholders and their related parties, it also illegally carried out inherent loan business, and the loan funds were used to repay other inherent loans of the company; Conducting trust business in violation of regulations and misappropriating trust property for non-trust purposes; conducting businesses with shadow banking characteristics such as non-standard capital pools in violation of regulations; issuing trust loans in violation of regulations to purchase equity of financial institutions; paying land transfer funds for real estate companies in disguise; Conducting structured securities trust industry in violation of regulations; conducting channel financing business in violation of regulations; promoting TOT collective fund trust plan in violation of regulations; investing different trust plans managed by the company in the same project, etc.
For several crimes, Sichuan Trust was fined up to 34.9 million yuan, setting a new high in the trust industry.
According to Leju Finance’s “Pre-trial IPO”, Sichuan Trust is a trust company established on the basis of the reorganization and reorganization of Sichuan Trust Investment Company and Sichuan Construction Trust Investment Company, the merger of some high-quality assets and the introduction of strategic investors. In 2010, Sichuan Hongda Group settled in Sichuan Trust and reorganized it. On November 28, Sichuan Trust was officially established.
One year after the thunderstorm incident, Hongda Shares, one of the shareholders of Sichuan Trust, announced that the actual controller Liu Canglong had been criminally detained by the Chengdu Municipal Public Security Bureau on suspicion of breach of trust and use of entrusted property.
It has been more than three years since Sichuan Trust’s redemption crisis has not been resolved. According to the work progress released by Sichuan Trust on its official website in July this year, at present, a risk treatment plan has been formed and submitted according to procedures. In the next step, the regulatory working group will further support powerful state-owned enterprises in participating in risk disposal-related work in accordance with the law.
It is worth noting that as of the time Chengdian Optoelectronics submitted its statement, Falcon Investment, which was held by Sichuan Trust with 99.76% of the shares, was no longer the company’s largest shareholder. In the 2021 annual report, Falcon Investment also ranked as the company’s fifth largest shareholder, holding 4.29 million shares and a shareholding ratio of 8.23%. By the 2022 annual report, Falcon Investment is no longer among the top ten shareholders.
It is reported that Falcon Investment started reducing its holdings as early as October 2017. At that time, it signed an agreement with natural persons Wang Liang and Bao Yongming, and planned to transfer 1 million shares to Wang Liang at a transaction price of 6 yuan/share; it planned to transfer 5 million shares to Bao Yongming at a transaction price of 6 yuan/share. /share.
While the two parties signed the transfer agreement, Wang Liang and Bao Yongming also entered into a betting agreement with Qiu Kun, Jie Jun and Fu Mei, the actual controllers of Chengdu Optoelectronics.
Qiu Kun, Jie Jun and Fu Mei promised to Wang Liang and Bao Yongming that the company’s net profit after non-returning to the parent company in 2017, 2018, 2019 and 2020 will be no less than 7 million yuan, 12 million yuan and 21 million yuan respectively. Ten thousand yuan, 30 million.
Moreover, the two parties agreed that if the company’s actual net profit does not reach 90% of the promised net profit by then, the investors have the right to require the actual controller to compensate in cash or shares in accordance with the agreement.
Many clauses also include that if Chengdian Optoelectronics fails to complete the IPO application and be accepted in the domestic A-share securities market before December 31, 2021 due to its own reasons, investors have the right to require the actual controller to make an application in accordance with the agreement. Share buybacks.
In fact, Qiu Kun, Jie Jun and Fu Mei have already triggered the repurchase clause in terms of the A-share listing period alone. In addition, from 2017 to 2020, Chengdian Optoelectronics’ net profits after non-returning to the parent company were 7.0569 million yuan, 11.1427 million yuan, 4.9196 million yuan, and -4.563 million yuan respectively. Only in 2017, the performance commitment was completed.
In this regard, the Beijing Stock Exchange also raised questions, requiring Chengdian Optoelectronics to explain whether Wang Liang and Bao Yongming exercised their gambling rights to require the company’s actual controller to repurchase shares when performance commitments and IPO and other gambling matters have not been completed. The reason and rationality of the repurchase clause that has not been implemented, whether there are abnormal fund transactions between relevant parties, whether there are other alternative interest arrangements, whether there are other agreements related to special investment terms, whether the gambling matter is truly terminated, and whether there are disputes or potential disputes.
The prospectus shows that on May 27 this year, all parties have terminated the relevant gambling terms previously signed. At present, the gambling agreement signed by Chengdian Optoelectronics and its shareholders has been completely terminated, and there are no disputes or potential disputes between the parties.
It is understood that the transaction between Falcon Investment and Wang Liang was completed on October 27, 2017 through the official trading platform of the National Equities Exchange and Quotations. According to the agreement, the transactions with Bao Yongming should be carried out on November 14, 2017, November 17, 2017 and November 22, 2017 respectively.
However, Chengdian Optoelectronics only announced the equity reports on November 14, 2017 and November 17, 2017. Among them, Falcon Investment transferred 1 million shares to Bao Yongming on November 14, 2017, and transferred 2.6 million shares to Bao Yongming on November 17, 2017. It is unknown whether the remaining 1.4 million shares were traded on November 22, 2017.
According to the equity change report released by Chengdian Optoelectronics on November 17, 2017, before the equity change on November 17, 2017, Falcon Investment held 11.01 million shares of the company, with a shareholding ratio of 21.46%. It was the company’s third largest shareholder. A major shareholder. In other words, after Falcon Investment transferred 2.6 million shares to Bao Yongming on November 17, 2017, it should still hold 8.41 million shares of Chengdian Optoelectronics.
However, according to the shareholdings of the top ten shareholders before Chengdu Optoelectronics Co., Ltd., Wang Liang, the tenth largest shareholder, holds only 1 million shares, and Falcon Investment is not among the top ten shareholders. . This shows that Falcon Investment has subsequently reduced its holdings. Chengdian Optoelectronics has not disclosed the subsequent reduction of holdings of Falcon Investment.
As of the submission of the form, Chairman Qiu Kun held 20.46% of the shares of Chengdian Optoelectronics, Director and General Manager Jie Jun held 13.47%, and Director, Deputy General Manager, Financial Director, and Board Secretary Fu Mei held 12.59%. Bao Yongming holds 9.97% of the shares, Sichuan Provincial State Investment Corporation holds 6.65%, director and deputy general manager Fu Bin holds 3.34%, deputy general manager Hu Gang holds 3.19%, Zhang Chuanliang holds 2.66%, and Technical Director Wang Jimin holds 2.1% of the shares, Wang Liang holds 1.88%, and other shareholders hold 23.68%.
Among them, Qiu Kun, Jie Jun and Fu Mei signed the “Concerted Action Agreement” on February 20, 2017 and February 20, 2020, respectively, to jointly control the company and become the actual controller of the company. It is reported that the current three-person agreement is valid until February 19, 2025.
The Beijing Exchange also raised questions about the concerted action relationship between the actual controllers and the stability of control rights. Chengdian Optoelectronics is required to explain whether Qiu Kun, Jie Jun and Fu Mei are related to the concerted action agreement based on the concerted action arrangement, the mechanism for resolving differences of opinion, the validity period of the agreement, the agreement termination and extension arrangements, and the implementation of the concerted action agreement during the reporting period. Has stability.
In addition, the Beijing Stock Exchange requires Chengdian Optoelectronics to explain whether the equity interests of Qiu Kun, Jie Jun and Fu Mei are clear based on the content and term of the concerted action agreement, shareholding structure, corporate governance structure, historical equity holdings and gambling agreements, etc. , whether the control rights are stable and whether there is a risk of corporate governance deadlock.
3. The actual controller invited relatives to share the capital feast, and urgently cleared the holdings before submitting the statement.
In addition to the entrustment of equity holdings when the company was first established, Chengdian Optoelectronics also held equity entrustments during the period when it was listed on the National Share Transfer System.
In July 2021, due to the fact that some of the trustees did not have the qualifications to open accounts on the New OTC Market and for reasons such as transaction convenience, the trustees Fan Qin, Feng Jun, Huang Benchuan, Li Li, Liu Xingli, Piao Lirong, Qiao Yuping, Rao Qian and Wang Manxia entrusted the agent Fu Li to purchase the company’s shares in the secondary market. It was not until August this year that all the holdings were completely cleared.
Who is Fu Li who holds shares on behalf of multiple shareholders? According to Leju Finance’s “Pre-Trial IPO”, which penetrated the prospectus, it was found that she is the sister of Fu Mei, one of the actual controllers of Chengdian Optoelectronics. As of the submission of the form, it directly held 808,758 shares of Chengdian Optoelectronics, accounting for 1.5% of the company’s total share capital.
At the same time, Leju Finance’s “Pre-trial IPO” penetrated the prospectus and found that other relatives of three actual controllers also directly held shares in the company.
Among them, Qiu Kun’s sister Qiu Hong directly holds 590,400 shares of Chengdian Optoelectronics, accounting for 1.1% of the company’s total share capital; Jie Jun’s sister-in-law Rao Qian directly holds 120,200 shares of Chengdian Optoelectronics, accounting for 1.1% of the company’s total share capital. 0.2%; Jie Jun’s brother-in-law Huang Benchuan directly holds 60,000 shares of Chengdian Optoelectronics, accounting for 0.1% of the company’s total share capital; Fu Wei, the father of Fu Mei, Fu Li, and Fu Bin, directly holds 16,300 shares of Chengdian Optoelectronics, Accounting for 0.03% of the company’s total share capital; Zheng Sufang, the mother of Fu Mei, Fu Li, and Fu Bin, directly holds 11,600 shares of Chengdian Optoelectronics, accounting for 0.02% of the company’s total share capital; Fu Mei’s in-law Liu Xingli directly holds 80,000 shares of Chengdian Optoelectronics shares, accounting for 0.15% of the company’s total share capital.
It is also worth noting that from 2020 to 2022 and the first quarter of 2023 (hereinafter referred to as the “reporting period”), Fu Li used her own funds to provide the company’s employees with funds needed for work, and collected part of the employee reserve funds before depositing them. Join the company.
In this regard, the Beijing Stock Exchange requires Chengdian Optoelectronics to explain whether there are shareholders or other related parties who advance costs and expenses on their behalf based on the specific composition, amount and reasons for changes in the reserve receivable. In addition, it is necessary to explain the specific reasons why Fu Li deposited the refunded reserve fund into her personal account and purchased company stocks after the employee handed it over to Fu Li, and whether there were any special arrangements.
4. The performance increase was questioned, and accounting errors were corrected three times
Since its establishment, Chengdian Optoelectronics has been committed to the research and development of network bus products, especially FC network bus products. Its main business is the R&D, production and sales of network bus products and special display products. The products are currently mainly used in the field of national defense and military industry.
From 2020 to 2022, Chengdian Optoelectronics’ revenue was 40.5258 million yuan, 121 million yuan and 169 million yuan respectively; the net profit after deducting non-returning shares was -4.563 million yuan, 18.6169 million yuan and 31.2807 million yuan respectively.
It can be seen that Chengdian Optoelectronics’ performance suddenly surged in 2021, with revenue nearly tripling year-on-year. Net profit not only achieved a turnaround but also exceeded 10 million yuan. Performance in 2022 will still maintain growth. However, in the first half of this year, Chengdu Optoelectronics’ revenue fell by 9.39% to 76.5146 million yuan, and its net profit after non-attributed profits also decreased by 4.71% year-on-year to 17.2308 million yuan.
According to Leju Finance’s “Pre-Trial IPO”, Chengdian Optoelectronics made three accounting error corrections during the reporting period. Among them, the net profit adjustment in 2020 changed by -132.39%. In 2021, the company also changed some accounting estimates such as the credit risk characteristic combination and expected credit loss rate of financial assets such as accounts receivable and other receivables. In this case, the effectiveness of its financial internal controls was questioned by the Beijing Stock Exchange. At the same time, the Beijing Stock Exchange also questioned the authenticity and sustainability of the substantial growth in performance during the reporting period.
It is reported that some products of Chengdian Optoelectronics occupy a large space, and customers require factory acceptance due to factors such as limited space. For products that customers require to be shipped to the factory for acceptance, if the after-sales management arrangement for the goods is met and the customer obtains control of the goods, Chengdian Optoelectronics will recognize the realization of revenue after the customer’s acceptance is passed. For other products, according to the sales contract, Chengdian Optoelectronics will recognize the realization of sales revenue after the product has been shipped and delivered to the customer, and has been accepted by the customer.
During the reporting period, Chengdian Optoelectronics has not completed the military pricing review, and the total revenue of products recorded at tentative prices was 13.2933 million yuan, 35.7827 million yuan, 91.5347 million yuan, and 4.4733 million yuan respectively, accounting for the proportions of the current main business revenue respectively. are 32.80%, 29.49%, 54.10% and 39.81%.
In this regard, the Beijing Stock Exchange asked it to explain the specific process, basis and cycle of the price review of military products, the time interval between determining the tentative price and the approved price, whether there is any situation to adjust the time point of the application for price review, and whether it involves adjusting the price that has been approved in the previous period. situation.
In 2021, Chengdian Optoelectronics’ net cash flow from operating activities will develop together with its performance. That year, its net cash flow from operating activities was 7.3189 million yuan. At the end of 2020, the data was still -2.6729 million yuan.
At the end of 2022 and the end of the first half of 2023, Chengdian Optoelectronics’ net cash flow from operating activities was -13.8444 million yuan and -42.5565 million yuan respectively.
Leju Finance’s “Preliminary IPO Review” found that Chengdian Optoelectronics’ operating cash flow failure was related to its large occupation of inventory funds.
It is reported that the downstream customers of Chengdian Optoelectronics are mainly units affiliated to large domestic military industrial groups. In order to ensure the timeliness of product delivery and product after-sales, Chengdian Optoelectronics purchases relatively large quantities and amounts of raw materials and spare parts. At the same time, due to the superposition of factors such as the progress of acceptance and delivery of military products and the rapid growth of the company’s revenue during the reporting period, its inventory balance further increased.
At the end of each reporting period, the book values of Chengdian Optoelectronics’ inventories were 37.6911 million yuan, 65.1441 million yuan, 85.2485 million yuan and 123 million yuan respectively, accounting for 46.63%, 40.39%, 41.97% and 53.96% of the total current assets at the end of each period respectively. %. During the reporting period, its inventory turnover rates were 0.69, 1.28, 1.25 and 0.03 respectively.
From 2020 to 2022 and the first quarter of 2023, Chengdian Optoelectronics’ asset-liability ratios were 35.27%, 51.89%, 47.94% and 53.73% respectively. During the same period, the average asset-liability ratios of comparable companies in its peers were 38.34%, 37.53%, 37.75%, and 35.99% respectively. Also starting from 2021, Chengdian Optoelectronics’ debt ratio suddenly exceeded the average of its peers by more than 10 percentage points.
As of the end of the first half of this year, Chengdian Optoelectronics’ short-term borrowings were 60.066 million yuan and long-term borrowings were approximately 25.0209 million yuan. According to calculations, the total long-term and short-term interest-bearing debt of Chengdian Optoelectronics is 85.1169 million yuan.
However, Chengdian Optoelectronics’ book monetary funds as of the end of the first half of this year were only 18.13 million yuan, which was unable to cover short-term debts.
Chengdian Optoelectronics admitted frankly that because the company is still in the stage of rapid development, its debt financing capacity is relatively limited. If it cannot continue to expand financing channels in the future and cannot effectively improve its operating cash flow situation, the company will have the risk of continued negative cash flow leading to insufficient working capital. .
In this IPO, Chengdian Optoelectronics will use 62.2475 million yuan in raised funds to supplement working capital.And just when the company’s financial pressure is so great,In this case, it will also spend 47 million yuan to build the headquarters building and R&D center project.
Attached: List of intermediaries for the listing and issuance of Chengdian Optoelectronics
Sponsor:GF Securities Co., Ltd.
Underwriter:GF Securities Co., Ltd.
law office:Beijing Guofeng Law Firm
Accounting firm:ShineWing Certified Public Accountants LLP (Special General Partnership)
Original title: On the eve of the Optical Communications IPO, the thunderous Sichuan Trust flashed