Morita IPO: Family atmosphere, actual controllers, large cash withdrawal and other abnormal conditions such

Morita's main income is mainly from overseas trade, which is greatly affected by the US dollar, and the sales model is relatively single. In addition, large receipt transactions among shareholders have caused supervision inquiries, and customer transactions are suspected of digestion within the family.

On June 2nd, Anhui Sentai Mumu Plastic Group Co., Ltd. (hereinafter referred to as: Sentai Co., Ltd.) passed it on the GEM of the Shenzhen Stock Exchange and was used as a sponsor institution.

The prospectus shows that Morita's public offering of no more than 29.56 million shares this time, accounting for 25%of the company's total share capital after the issuance. It is expected that the fundraising funds will be 367 million yuan, of which 130 million yuan is used for the expansion of 20,000 tons of light -quality co -squeezed plastic composite materials; 103 million yuan is used for a digital printing production line of new stone wood plastic composite materials for 6 million square meters of annual output Technical reform projects; 50 million yuan for research and development center construction projects; 33 million yuan for domestic marketing system construction projects; 50 million yuan to supplement mobile funds.

Through inquiry the prospectus, the sales model of Sentai Co., Ltd. was single and subject to overseas markets. In addition, its internal shareholders have large receivables and customers are suspected to be related. In response to the above situation, it was found that the interview letter of the interview with Sentai's public mailbox requested doubts. As of press time, Morita Co., Ltd. did not give a reasonable explanation.

High proportion of external income, or is easily impacted by external trade environment

The prospectus shows that Morita Co., Ltd. is a design and production enterprise involved in the field of wood plastic composite materials. The main business is high -performance wooden plastic composite materials, new stone wood plastic composite materials and its products and applications. Essence At present, the company's products are mainly used in outdoor facilities, building decoration, indoor home furnishings, municipal gardens, tourism facilities and other fields.

From 2019 to 2021, Morita's operating income was 534 million yuan, 632 million yuan, and 915 million yuan, respectively, with a year-on-year growth rate of 21.11%, 18.44%, and 44.71%. Yuan, 103 million yuan and 100 billion yuan, the year-on-year growth rates were 122.45%, 119.18%and -2.65%, respectively.

Photo source: Wind (Morita Co., Ltd.)

From the prospectus, the operating income of Sentai's operating income is mainly from overseas revenue. From 2019 to 2021, its overseas revenue was 488 million yuan, 593 million yuan, and 825 million yuan, respectively, accounting for 91.55%of the current operating income, respectively, respectively, respectively, and respectively. 93.76%and 90.17%, the export areas are distributed in more than 60 countries or regions around the world, including Europe, America, Asia, Africa, Australia.

Picture source: prospectus (Sentai shares)

Industry insiders have pointed out that since 2018, the United States has repeatedly imposed tariffs on my country's exports to US goods, and the list of goods that have levied tariffs are mainly targeted at my country's mid -to -high -end manufacturing industry. Public data shows that from 2019 to 2021, Morita's export revenue to the United States was 81.3576 million yuan, 103 million yuan, and 60.988 million yuan, respectively, accounting for 15.25%, 16.31%, and 6.67%of operating income.

In response to the above situations, industry insiders believe that Morita's sales in the United States are large, and the external environmental risks cannot be ignored. This may make Morita's operating performance uncertain.

In addition, the export revenue of Morita Co., Ltd. is mainly settled in the US dollar. From 2019 to 2021, the net loss in the financial expenses of Sentai Co., Ltd. was -10.996 million yuan, 8.3528 million yuan, and 3.895 million yuan, respectively. Sentai also stated in the prospectus that from the second half of 2020 to 2021, the US dollar against the RMB showed a downward trend, reducing the sales price calculated by the main products by RMB, which has adversely affected the company's gross profit margin and operating profit. If the renminbi continues to appreciate or the settlement rate of the settlement in the future, it will adversely affect the company's operating performance.

Picture source: prospectus (Sentai shares)

There are abnormal conditions such as large -scale cash withdrawal and large -scale receipt and payment

The prospectus shows that the controlling shareholder of Morita Co., Ltd. is Tang Daoyuan, and the actual controller has signed the "Consensus Act Agreement" in July 2019 in July 2019. As of the date of signing the prospectus, Tang Daoyuan holds 416.702 million shares, holding 47%of the shareholding; Tang Shengwei holds 4.8107 million shares, and the shareholding ratio is 5.43%. The proportion of shares was 13%; the total shares of the four were 78.43%.

Picture source: prospectus (Sentai shares)

Tang Daoyuan, Tang Shengwei, Zhang Yong, and Wang Bin were closely related to family members. Among them, Tang Shengwei was Tang Daoyuan's father, and at the same time as Zhang Yong and Wang Bin's father -in -law. Tang Shengwei is the chairman of the company, Tang Daoyuan is the vice chairman and general manager of the company, and Zhang Yong and Wang Bin are both directors and deputy general managers of the company.

It is particularly noticed that the former four -person company's predecessor Sentai's limited shareholders, and have continued to hold important positions in the company's board of directors or management since the establishment of the company. The four have a significant impact on the company's daily business decisions and management. In terms of equity relationship and appointment of executives, it can be seen that the family atmosphere of Sentai shares is strong.

In addition, according to the inquiry letter of the third round of the Shenzhen Stock Exchange and the answers made by Morita Co., Ltd., it was found that the network found that there were abnormal situations such as large cash withdrawal and large receipt and payment in the inspection. From 2019 to 2021, among the large-scale capital exchanges between Sentai's personal account, account holders are Tang Shengwei, Tang Daoyuan spouse Li Xiaoxiang, Zhang Yong spouse Tang Daofei, and Wang Bin spouse Tang Daoyan's personal account. 112 million yuan, the total expenditure totaling 107 million yuan, while the net profit of the mother of Morita's shares in 2021 was only 100 million yuan. Essence Picture source: The third round of review of inquiry letter reply (Sentai shares)

It is worth noting that Morita shares are also related to related suppliers, and the fairness of the transaction needs to be verified.

According to public information, in September 2020, Tang Daoyan and Tang Daocheng jointly established Anhui Lego Environmental Protection Technology Co., Ltd. (hereinafter referred to as "Lego Environmental Protection"), of which Tang Daoyan subscribed for 11.4 million yuan, holding 95%of the shareholding; The capital contribution is 60 million yuan, and the shareholding ratio is 5%. Lego's environmental protection business scope is bamboo, bamboo and wood, degradable piles, plant fiber mold pressure trays, and other bamboo products processing and sales. The operating address is Fengfeng Village, Dongting Township, Guangde City, Xuancheng City, Anhui Province.

Sentai and 6 suppliers and 5 customers of Lego environmental protection have traded transactions. Among them, Morita's six suppliers purchased 638,800 yuan, 1.0408 million yuan, and 8.202 million yuan, respectively, respectively, respectively, respectively. The purchases of the five customers were 70.468 million yuan, 9.2604 million yuan, and 12.506 million yuan, respectively, accounting for 2.41%, 2.39%, and 1.86%of the company's current procurement.

Picture source: prospectus (Sentai shares)

Industry insiders said that affiliated transactions focus on issues that focus on the listing of IPO companies. Unreasonable, there is a risk of harming the interests of companies, creditors or small and medium shareholders.

If it is successfully listed this time, in the domestic wooden plastic industry among the best, will Morita Co., Ltd., who has mastered core technology and has more than ten years of operating experience, will it break a larger world in the global market? It is found that the network will continue to pay attention.

(Reporter Luo Xuefeng Financial Researcher Sui Zijian)

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