Only Yongdeji Lighting IPO was rejected! Roundmans: Blame me?

On May 11th, the results of the 70th and 71st meetings of the Board of Directors of the Board of Directors in 2017 were announced on May 9. Among them, a total of 7 Shanghui companies, only Fujian Yongdeji Lighting Co., Ltd. (hereinafter referred to as "Yongdeji Lighting") failed to pass. The IPO of Yongdeji Lighting Co., Ltd. also means that the sponsor institution Shen Wanhongyuan was once again rejected during the week. Previously, Chongqing Shenghua Pharmaceutical Co., Ltd. sponsored by Shen Wanhongyuan was rejected on May 2.

According to the prospectus, the main business scope of Yongdeji Lighting includes the production and research and development of energy-saving light source products, lamps, lighting appliances and energy-saving lamps. The business of Yongdeji Lamps is divided into energy-saving lamp business and LED lamp business. It mainly provides green lighting products for internationally renowned lighting companies including Osram. It is not directly oriented to the final consumers, and the products are mainly for overseas customers. Export earnings currently account for around 95% of the company's revenue.

According to the announcement of the audit results, the reason and rationality of the high concentration of the issuer of Yongdeji Lighting was questioned by the audit committee, mainly including whether it has significant dependence on the first major customer, Landevans, and Landwells Whether the transaction is sustainable and there is an alternative risk. At the same time, the acquisition of Roundmans by Mu Linsen, a listed company in the same industry, has caused significant uncertainties in the transactions with Roundmans and has a material adverse effect on the continued profitability of Yongdeji Lighting.

In July 2016, OSRAM announced that it had sold Landwells to Mulinsen and others. However, Yongdeji Lighting did not disclose that Landwwans was acquired in the application materials such as the “Prospectus” (filing draft). The reason for the matter was also requested by the Commission.

The IEC also requested Yongdeji Lighting to further explain that the procurement of glass tubes and LEDs of major raw materials and the increase in power generation of major energy consumption during the reporting period were lower than the increase in production and sales. The sales expense ratio and management expense ratio were lower than the same industry. Reasons for comparable companies, whether there are related parties, potential related parties or third parties to bear the costs or expenses for the issuer, and the situation of lowering the period expenses by artificially lowering the issuer's executives and employee compensation.

At the same time, the development method and trading background of the overseas customers of Yongdeji Lighting Co., Ltd., the basis for the signing of large-value contract orders, the implementation process, and the matching between the export tax rebate of the company and its overseas sales scale, export income, and its exchange loss. Was inquired.

The sponsor of Yongdeji Lighting is Shen Wan Hongyuan, whose sponsors are Yuan Hao and Rui Rui. The Yongdeji Lighting Industry failed to pass the first time, which means that the Shenwan Hongyuan sponsorship project was rejected twice in a week.

It is understood that the announcement of the results of the 65th and 66th meetings of 2017 announced by the Board of Directors of the Board of Directors on May 2 showed that the initial applications of the seven companies were reviewed. Among them, only the Shenhua Hongyuan sponsored by Shenwan Hongyuan failed to pass the first launch. .

According to the announcement of the audit results, during the review process, the commercial bribery issue of Shenghua Pharmaceutical was once again mentioned by the audit committee: the specific sub-items of the promotion fees and academic promotion fees in each period of the reporting period, whether in the promotion and academic promotion activities. Has given relevant doctors, medical staff, medical representatives or customers rebates, rebates, gifts, whether there is any commercial bribery in the face of the above-mentioned personnel or their relatives domestic and foreign travel expenses.


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