It is more difficult to list than Tang Seng!Dairy companies "with illness" pile up IPOs, for cash or development?

"China Economic Weekly" reporter Hou Yan | Beijing report

In the spring and summer of 2022, dairy companies once again became the most eye -catching stars in the consumer track.

In January 2022, Inner Mongolia Knight Dairy announced the move from the New Third Board to the North Stock Exchange; in March 2022, the Fifth largest Chinese cow ranch operator Australia and Asian Group's prospectus disclosed in the Hong Kong Stock Exchange; on July 5, the CSRC announced the Hangzhou enterprise The adoption of a promotional manual is planned to be listed on the Shanghai Stock Exchange. In the same month, the regional dairy company Sichuan Jule Food Co., Ltd. (hereinafter referred to as Ju Le) re -declared the prospectus.

Data show that in my country's A -share market, there are only more than 30 dairy concept stocks, and the distribution area is relatively concentrated. Why are there so many places in 2022 that dairy companies are enthusiastic about listing? What are the stories and plots behind these so -called Internet celebrities and niche milk?

Only listing can "grow bigger"

"Australia -Asia is a better choice this year. Only listing can make this regional dairy company use financing to relieve funding pressure on the context of rising costs and decline in milk. The downstream dairy companies have more rights to speak in the cooperation. "Song Liang, a dairy expert, told the reporter of" China Economic Weekly ".

Australia and Asia's prospectus shows that, as a subsidiary of the Jiafa Group in Indonesia, the Australian Group first established a joint venture with Mengniu Dairy in 2004 and began its business in China.

"The uniqueness of Australia and Asia is that from the perspective of the equity structure, Australia -Asia is not like the main shareholders of other animal husbandry companies in the industry. Say.

Especially in the past two years, the Australian and Asian Group has introduced strategic investors intensively. The Meiji China, Xinxin Dairy, Park Cheng Dairy, Vitamin Forest or its related parties such as the new consumption field currently hold Australian Group shares.

Its prospectus shows that Jiafa Group currently holds 62.5%of Australian Group's equity, Meiji China holds 25%of its shares. New Hope Dairy GGG Company, Qi Forest, Park Sheng Dairy shareholding ratio is 5%, 5%, and 2.5, respectively. %.

In this regard, Song Liang, an analyst of Dairy, told the reporter of "China Economic Weekly": "For a long time, dairy companies such as Yili and Mengniu occupy a strong right to speak and affect the distribution of Chinese dairy rivers and lakes. The top three or first five customers of the dairy industry. Australia and Asia belong to the upstream ranch enterprises. Its independence is conducive to not being tied up by downstream companies. After listing, development and growth can promote the healthy development of the industry. "

Similarly, a Niu Holdings Group from Hangzhou was established in 2014 and is known as the Internet celebrity brand. Different from most dairy companies "raising cattle first and then selling milk", adopting a cow is produced from foundry, starting online, using the marketing method of Internet brands, the prospectus shows its income and net profit of 2021 in 2021 The level has surpassed many old -fashioned dairy companies.

Data show that a cattle has established 7 pastures in Hebei, Heilongjiang and other places. In this IPO, it adopted a raising of about 1.851 billion yuan for the construction project, brand building marketing promotion project, information system upgrade and reconstruction project, and supplementary company operating funds.

Expert Zhu Danpeng believes that the core of future dairy competition is the integrity of the industrial chain. The more complete the core competitiveness, the stronger the core competitiveness. If dairy companies are listed smoothly, their overall industrial chain will continue to consolidate, which will help it achieve rapid development.

Many companies "with illness" break through the barrier, can it be difficult to go on the market?

Obviously, listing can quickly raise funds and accelerate the growth of enterprises.

According to statistics from the reporter of China Economic Weekly, among the 10 dairy companies currently listed, there are regional lonelines such as Junlebao, Wan Dashan, Yipin, Huahua Niu, Wen's Dairy, and Weigang Dairy. From the prospectus of several plans to listed dairy companies, it can be seen that investment and construction of production bases, expanding production capacity, marketing network construction and supplementary funds have become the main use of IPOs.

Although the enthusiasm of the dairy companies has risen, there are also some companies in the case of "illness".

In the spring of 2022, after the IPO failed, there was a public letter on behalf of the launch of the laid -up on behalf of Red Star Mei Ling on the Internet. The letter stated that "listing is more difficult than Tang Seng.

In this open letter, Red Star Mei Ling said that in 2017, IPO counseling began. During the audit, I experienced two on -site inspections, more than 10 inquiries and replys, 8 financial data updates, 6 special inspections of income, and 6 special inspections of income. 3 IT audit.

But the result is unsatisfactory. According to the announcement of the Shenzhen Stock Exchange on May 6, in December 2018, 7 people, such as Wang Baoyin, a red star Mei Ling actual controller, coordinated the supplier Huang Moumou, etc., and other seven people including Huang Moumou, the dealer Yin Moumou, provided 14 million yuan borrowing, and Use the personal account of the financial personnel as a transit, the dealer will use the loan to purchase Red Star Mei Ling products.

The Shenzhen Stock Exchange's GEM Listed Committee believes that Red Star Mei Ling failed to fully disclose and explain its rationality. The relevant internal control system has not been effectively implemented, and it does not comply with relevant regulations such as the starting listing of GEM.

In addition, Sichuan Jule, who was ridiculed to the "IPO Nail", was submitted to the listing application again, but it was not favored by the industry.

In particular, in April 2020, Jule Co., Ltd. was incorporated by the branch to embezzle the company's funds of 95.778 million yuan and did not disclose in the first declaration draft, and there were major defects in the internal control system, which received a warning letter from the CSRC. In July of this year, this is the fourth update of Jule shares in 5 years. In addition, the just -listed sun dairy has also been questioned. The prospectus disclosed by Sunshine Dairy on May 19, 2022 shows that during the reporting period, the Sunshine Dairy Industry has a total of 6 dividends. The above -mentioned dividends have been implemented, with a total of 483 million yuan in 3 years, and the total net profit during the company's reporting period is 382 million. Yuan, this means that its dividends have exceeded all net profit. The company said that dividends are mainly to meet the capital needs of shareholders and return to shareholders.

In this regard, Song Liang, a dairy expert, said: "Many small and medium -sized enterprises are very lacking in the market now. Why do they still have to go public at this time? As we all know, not only can some dairy companies not only allow some dairy companies to alleviate liquidity risks through financing, but also allow some some of them to make some some of them. Enterprises get better valuations, and it is easier to sell good prices. In particular, the important reason for the listing of some enterprises is that management has better valuation in order to achieve monetization and allow enterprises to have better valuations in order to take away. "

In Song Liang's view, whether it is an Internet red dairy company or a regional dairy company, if it can be successfully listed, it can accelerate its own growth, but the listing does not solve all problems. "At present, the Chinese dairy market is already in a period of staged saturation. The comprehensive advantages of leading enterprises such as Yili and Mengniu are too obvious, and the concentration of dairy industry will be further improved. Da waves are sandwiched. Those small and medium -sized dairy companies that lack innovation will gradually be eliminated. "Song Liangru said.

Responsible editor | Yang Lin

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