Author | Zheng Xin
Recently, the Daily Financial Report learned that the IPO of Shandong Linuo Special Glass Co., Ltd. (hereinafter referred to as Linuo Porter) is in the inquiry stage, and the fourth deliberation meeting of the Listing Committee/KLOC-0 will be held on March 4, 20021year.
It is understood that Linuote Glass is a high-tech enterprise focusing on new glass materials. Its main products cover medical packaging glass, heat-resistant glass, hard glass for electric light source, glass machinery and other series, and its products are used in medical health, food packaging, catering and other fields.
Linuote Glass is expected to raise about 500 million yuan this time, which will be used for the production of lightweight high borosilicate glass products, high borosilicate glass for LED optical lenses, 9200 tons of high borosilicate glass products with an annual output and the expansion of neutral borosilicate medical glass. According to the daily financial report, Linobot was listed on the New Third Board in August 20 15 and delisted in August 20 17. However, under various risks, can Linobot successfully sprint A shares?
Where is the stability of equity pledge?
The daily financial report noted that as of June 2020, the real controller of Linuo Glass held 565,438+0,654,380.2 million shares of Linuo Group, of which 3,765,543.8+0.2 million shares had been pledged. The pledgees are Bohai International Trust Co., Ltd., Jinan High-tech Sub-branch of China Construction Bank and Guanghan Sub-branch of Great Wall Huaxi Bank.
Linuo Group, the controlling shareholder of Linuo Glass, directly and indirectly holds Linuo Investment shares of 43010.8 million yuan, of which 407.5 million yuan was pledged to Shandong Zhong Jian Real Estate Development Co., Ltd. in September of 20 17, guaranteeing the obligation of Linuo Group to return the cooperation funds of 470 million yuan to Shandong Zhong Jian Real Estate Development Co., Ltd.
According to the prospectus, the 470 million yuan owed to Shandong Zhong Jian Real Estate Development Co., Ltd. still has a principal of 257 million yuan as of June 30, 2020, but it was later distributed on the signing date of the prospectus.
It is worth noting that Linuo Group not only formed a debt relationship with Shandong Real Estate Development Co., Ltd., but also pledged the high equity of the actual controller to a number of banks, trust joint-stock companies and other companies for the daily operation of the group. Linuo Bo also pledged the equity of Linuo Group held by the actual controller to borrow 654.38+05 million yuan from the bank.
There is no doubt that there are risks in equity pledge. For the actual controllers and shareholders of the company, if the debts cannot be paid off and the shares can not be redeemed in time, the ownership of the shares is likely to change. Although the pledge relationship has been lifted at present, it does not rule out the possibility that the equity pledge will not continue in the future. How did Linotebo maintain the stability of actual control at that time?
Important products depend on external supply, or the financial pressure is high.
One of the projects that Linuote Glass will use to raise funds is to expand the production of neutral borosilicate medical glass. The daily financial reporter inquired about the prospectus and found that the revenue of Linuote medical glass bottles from 20 17 to 1-6 in 2020 was 5972 12000 yuan, 95,093,300 yuan,105262,300 yuan and 46,535,900 yuan respectively, showing year by year. However, during the reporting period, its gross profit margin was 465,438+0.665, 438+0%, 42.40%, 39.38%, 29. 13%, respectively, and the value kept decreasing.
Linuote Glass's borosilicate medical glass tubes mainly come from Germany, Italy and other EU countries. During the reporting period, the average purchase prices of medical tubes were 65,438+05.63 yuan/kg, 65,438+04.965 yuan/kg, 438+0 yuan/kg, 65,438+04.97 yuan/kg and 65,438+07.90 yuan/kg respectively. For Linobot, its main suppliers Schott Cartridge and Corning Glass are also raising prices. Mainly due to the rising cost of imported superimposed raw materials, it is likely to have a load on Linuote glass.
At the same time, Linotebo's own financial situation is not good enough. The data of flow ratio and quick ratio from 20 17 to 20 19 are shown in the following table, in which the quick ratio is lower than 1 at 20 17 and 20 18 for two consecutive years. Moreover, during the reporting period, the accounts receivable of Nelino Glass were 74,573110,000 yuan, 86,396,800 yuan, 1.00394 1.857 million yuan respectively, and the bad debts were 3,744,000 yuan, 4,795,800 yuan and 5,532,700 yuan respectively.
Short-term loans were 62.7 million yuan, 74.0083 million yuan and 5194.64 million yuan, accounting for 28.6 1%, 33.09% and 2.465438+02% respectively. Accounts receivable are rising, and short-term loans are at a high level for a long time. Obviously, these are also facing certain capital operation pressures for Linotebo, and the follow-up may also have an adverse impact on daily affairs.
Multi-shareholders "grab shares", buy low and sell high to earn the difference.
When inquiring about the ownership structure of Linuote Glass, Daily Financial Report found that the shareholders holding more than 5% of Linuote Glass are Linuote Investment, Hongdao New Energy, Fosun Weiying and Fosun Weishi. Among them, Fosun Wei Ying and Fosun Vision signed the Investment Agreement on Shandong Linuo Special Glass Co., Ltd. with Linuo Group, Linuo Investment and Hongdao New Energy respectively. Linuo Investment transferred its 438+2009,65,438+2064,835 shares to Fosun Wei Ying on February 8, 1965.
Subsequently, Linuo Group signed the Investment Agreement on Shandong Linuo Special Glass Co., Ltd. with Jinan Finance (held by Jinan SASAC) at the same price on June 6, 2020, with 5.38 million shares.
It is worth noting that both Fosun Wei Ying, Fosun Wei Yi and Jin 'an Finance "suddenly took shares" within one year before the IPO declaration. Will there be any interest disputes between them?
Interestingly, the daily financial report found that on February 9, 20 18, Linuo Investment signed an equity transfer agreement with Linuo Group, stipulating that Linuo Investment would transfer its 65,438+05,390,000 shares of Linuo Glass to Linuo Group at a consideration of 34,065,438+0./kloc-0.
However, on June 25th and 26th, 20 18, Linuo Group and Linuo Investment signed the Equity Transfer Agreement on Shandong Linuo Special Glass Co., Ltd. with Shenzhen Mo Dan, Shenzhen Hongtai and He Furuitai respectively, with the transfer price of 9. 10 yuan/share.
In other words, in a short period of six months, Lino Group made a lot of money by buying and selling Lino Porter's shares.
In addition, in this prospectus, Linotebo also said that it will face many risks such as market competition and international trade friction, and may also bring conflicts of interest to the enterprise itself and small and medium-sized investors. Is it possible for Linobot, who is about to attend the meeting, to further strengthen itself through the road of capital? We will also wait and see.