The SFC website shows that as of February 27, 2014, the "GEM issuance supervision department initial public offering of shares declared the basic information of the enterprise table", this year has terminated the review of the initial public offering of shares declared the list of enterprises (GEM issuance supervision department), appearing in the figure of Smecker, the audit time of February 26, 2014,.
And the "First Financial Daily" reporter noted that Smyco has become this year's IPO restart, the first terminated process of the GEM has passed the meeting of the enterprise, the reporter checked the relevant announcement found that its IPO plan had been December 20, 2011 in the Securities and Futures Commission GEM Board Issue Examination and Review Committee in 2011, the 83rd meeting of the time to be passed. At the same time there is Yunyi Electric, but the latter on March 21, 2012 that successfully listed.
For the SMEC passed the meeting after the sudden termination of the review of the IPO process, some industry insiders analyzed that now is the remaining 30 companies have passed the meeting to make up for the 2013 annual report of the window period, the termination of the review of the IPO of the SMEC, perhaps very much related to this, last year's performance may be less than ideal; on the other hand, the previous questioning about the company is also endless, and there is a possibility that some of the questioning by the The regulator confirmed.
Performance or become the main reason
Previously, the Securities and Futures Commission issued a "review of the recent debut of the enterprise and the next step in the arrangement," said the current has been through the hair review will be and handle the completion of the debut of the post-sessional matters of the enterprise, have already obtained the approval of the document; the rest of the past will be in addition to individual enterprises, are intended to make up for the 2013 annual report is expected to be issued only in March. In addition, the current review of the first enterprise, is also expected to March will be held in the first enterprise review meeting.
In this regard, brokerage firms said to this reporter: "If the business fundamentals are not too big a problem, can be issued before the holidays are issued, the rest did not get the approval of more than operating, fund-raising and investment problems need to be supplemented with the post-session matters, so it is difficult to get the approval before the holidays, or litigation, as well as by the regulatory authorities filed investigations resulting in post-session matters temporarily unable to Supplementary companies."
Data shows that the main business of Smyco is the research and development, design, production and sales of special metal pressure vessels. The company provides products using titanium, zirconium, nickel, high-grade stainless steel, metal composite materials and other special metal materials, including reaction vessels, heat exchange vessels, separation vessels and storage and transportation vessels and other key devices in the process, covering petrochemical, coal chemical, salt chemical, fine chemical, pharmaceutical, environmental protection and other downstream applications.
This reporter checks, in the already listed GEM companies, and Smyco in the same industry with comparable value of the company for the Kexin electromechanical, in the evening of February 27, 2014, its release of last year's results forecast, said that during the reporting period, the company achieved a total operating income of 226 million yuan, compared with the same period last year, an increase of 33.67%; to achieve net profit attributable to shareholders of the listed company of -27 million yuan, compared with the same period last year, the net profit attributable to shareholders of the listed company of -27 million yuan, compared with the same period last year. 27 million yuan, down 581.97% from the same period last year.
In this regard, the new electromechanical explanation, although the company's operating income in the current year has increased substantially, but the company's fund-raising projects and Xinjiang Kexin Heavy Duty Co., Ltd. manufacturing base production capacity have not reached the expected production capacity, failed to realize the scale effect of the fixed costs of production and operating expenses can not be amortized; coupled with the fierce competition in the market, the current year's orders for the completion of the product value added to the lower, the product margins with the same comparison The gross profit margin of the products decreased considerably in the same period.
From this point on, special metal equipment manufacturing industry last year's days are not good, and the reporter consulted the Smyco IPO filing found that the company's core technology is only a few. Even the five patents that have been approved, are in August and September 2011 only through.
An institution on its performance forecast that, on the one hand, the industry competition is more intense, the added value of the order in the reduction of the gross margin of the product is also in a sharp decline; on the other hand, there is no particularly advanced core technology in the industry, there is also a point that its raw materials, titanium, zirconium, nickel and so on last year in the warming up period, the price is also rising, and thus the Smecker last year's performance may be very unsatisfactory.
And the Shenzhen Stock Exchange website shows, for the GEM listed companies financial data requirements for the last two years of continuous profit, the last two years of net profit ≥ 10 million yuan, and sustained growth; or the most recent year of profit, and net profit ≥ 5 million yuan, the most recent year of revenue ≥ 50 million yuan, the last two years of growth in revenue are ≥ 30%; the most recent end of the net assets ≥ 20 million yuan, and there is no unrecoverable loss of assets, and there are no unrecoverable losses. 20 million yuan, and there is no uncompensated loss; the total amount of share capital after issuance ≥ 30 million yuan; standardized accounting fundamentals, a sound and effective internal control system, and no false entries in the financial accounting report.
Questioned in the meeting
While the end of 2011 to catch up with the train has been passed, but Smecker's IPO process has also encountered a number of bumps in the road.
The reporter checked the information shows that, although the meeting, but Smecker did not have the desire to quickly land on the GEM. Rather, it was due to the fact that the Securities and Futures Commission began a three-month self-inspection phase since the end of 2012 after it issued the Notice on the Special Inspection of the 2012 Annual Financial Reports of Initial Public Offering Companies to the IPO companies under review.
The SEC then proceeded with the selection of companies for sampling in April of that year. In the GEM extracted 10 companies, and found the figure of SMEC, the end of the sampling, but the IPO was unexpectedly suspended, resulting in its so far still did not succeed in landing on the GEM.
And in this series of process, accompanied by Semiconductor is endless skepticism. The draft filing shows that Smyco's performance growth rate is faster. "In the past three years, the net profit of 6.21 million yuan, 13.72 million yuan, 26.11 million yuan; higher than the peer's gross profit margin of 24.23%, 23.59%, 26.78%." However, hidden behind the glitter is the industry's concern about Smyco's financial problems. Suddenly into the shareholders of the establishment of the time and the time interval between the shares of SMEK is suspicious, and some of these shareholders and Yongjin investment in the relationship between the sales data and the Road is not known to make people puzzled. In addition, although the deep PE background to the growth of SMEK has brought great help, but from the stability of the shareholding structure, too many PE brings a lot of uncertainty to the company's operation.
In this regard, the above insiders said, uninterrupted questioning makes the SMEK although through the meeting, also did not get the approval of the listing, the questioning of the media reports is not without merit, which also attracted the attention of the regulatory layer, because of dragging the delay in its IPO success.
In addition to this, this year, the GEM IPO termination review of enterprises, Shanghai Liangjiang Communication Systems Co., Ltd, Founder Broadband Network Services Co.