Song Qinghui: Norcond's turn to the GEM has a sudden plot of net profit. It is not suitable for applying for IPO

Song Qinghui, a well -known economist, said that in general, in order to reduce investors' investment risks and enhance the right to speak, such an agreement will have such an agreement to declare the IPO time. Essence There is a sudden plunge in net profit. It is not suitable for the application of IPOs. Normanda actual controller signs the agreement when he knows that the company's net profit falls, and there may be the actual compensation of the name of the gambling behind the name.

Norconda moves to the three major issues of GEM to attract attention

After the previous IPO withdrawal from the Science and Technology Board, after nearly three years, Beijing Nuocangda Pharmaceutical Technology Co., Ltd. (hereinafter referred to as "Nuonda") once again launched an impact on A shares, but this time, I chose to apply for the GEM. According to the official website of the Shenzhen Stock Exchange, the IPO of Nuokangda GEM has recently entered the inquiry stage. Compared with the previous IPO, Normanda has some new attention this IPO.

The performance declines significantly compared to 2018

Norconda's net profit at each period of this IPO reporting period was lower than the company's net profit level in 2018, becoming the first focus.

It is understood that Normanda's first IPO started in 2019. According to the official website of the Shanghai Stock Exchange, the company's science and technology board IPO was accepted on April 12, 2019. It entered the inquiry stage on April 19, the same year. Only one round of inquiries.

Although Normanda did not announce the specific reason for the withdrawal order, some media reports said that Tao Xiumei, the general manager of Normanda, said that due to the tight time, the company's prospectus of the company's science and technology board IPO was rough.

Nearly three years after the withdrawal, Nuocangda "changed the road" to the GEM for an IPO. The company's GEM IPO was accepted on June 29, and entered the inquiry stage on August 22.

Throughout the two editions of the two editions of Normanda, it can be found that there is a large difference in net profit attributable to the company's twice. Financial data shows that during the previous IPO period (that is, 2016-2018), Norconda's net profit continued to increase and reached 77.777 million yuan in 2018. Flow. As of 2021, the company's net profit level still gapd up with 2018.

Specifically, from 2019 to 2021, Normanda realized operating income of approximately 152 million yuan, 147 million yuan, and 214 million yuan, respectively. The corresponding net profit of the corresponding realization was about 25.605 million yuan, 22.501 million yuan, and 59.221 million yuan. Essence It can be seen that even if the performance of 2020 has achieved rapid growth in 2020, it has not returned to its performance level in 2018.

The actual controller's equity is diluted to the failure of the gambling

Norconda moves to the three major issues of GEM to attract attention

Compared with the previous IPO, the equity held by Normanda's actual controller was diluted, resulting in this situation due to a gambling agreement signed by the company's actual controller and B round investors.

The prospectus shows that as of the date of the signature of the GEM IPO prospectus, the actual controllers of Normanda were Chen Peng and Tao Xiumei, a total of 36.73%of Nova. At the time of the previous science and technology board IPO, Tao Xiumei and Chen Peng's husbands were directly and indirectly held accounts for 47.18%of Norconda's total share capital. Compared with the previous IPO, the proportion of Normandy's actual controller has declined.

It is understood that shortly after the previous withdrawal of Normanda, in early 2020, Chen Peng, one of Normanda, signed an agreement with Hua Gai Xincheng and Hangzhou Dangerous Peak. Completed the IPO declaration in December 2020, Chen Peng should transfer the 1.8468 million shares he held to the B round investor for free. The company failed to complete it as scheduled, so Chen Peng's equity was diluted.

Specifically, due to Nonota's failure to complete the IPO declaration before December 31, 2020, on August 26, 2021, Chen Peng signed "Equity Equity, Hangzhou Dangerous Peak, Shanghai Qingke, and Xingye Yicheng respectively. In the "Transfer Agreement, Chen Peng transferred about 1.8468 million shares he held in total to Hua Gai Xincheng, Hangzhou Dangerous Peak, Shanghai Qingke, and Xingye.

It should be pointed out that when the agreement was signed, Normanda was in the stage of continued decline in net profit. As mentioned earlier, Normandy's net profit declined for two consecutive years in 2019 and 2020. At this time, whether the company is suitable for IPO declarations, it also needs a question mark, so the rationality of the gambling agreement is also questioned by the market.

Famous economist Song Qinghui

Song Qinghui, a well -known economist, said that in general, in order to reduce investors' investment risks and enhance the right to speak, such an agreement will have such an agreement to declare the IPO time. Essence There is a sudden plunge in net profit. It is not suitable for the application of IPOs. Normanda Real Constiner signed the agreement when he knew that the company's net profit plummeted, and there might be the actual compensation of the name of the gambling behind.

The increase in funds increased by more than 70 %

Norcond's third focus on the IPO is about the company's fundraising. Compared with the previous IPO, Norcond's IPO fundraising has increased by more than 70 %, and the fundraising project has changed a lot.

The prospectus shows that Normanda is a comprehensive R & D service CRO enterprise based on preparation technology, comprehensive R & D service, supplemented by pharmacy research, and clinical research. At present, the company relies on independent R & D and innovative preparation technology platforms to provide pharmacy research and clinical research services for various pharmaceutical companies, pharmaceutical R & D investment enterprises, etc., mainly including the research and development services and independent research and development services. In the previous science and technology board IPO, Normanda intends to raise 437 million yuan to invest in the pharmacy research platform construction project and the clinical comprehensive service platform construction project, which is intended to invest 390 million yuan and 47 million yuan, respectively.

In this GEM IPO, Norcomda's fundraising increased to 750 million yuan, an increase of more than 70 % compared to the previous IPO. In terms of fundraising projects, the IPO fundraising funds will be invested in the four projects of drug preparation technology and intelligent production projects, drug research and development projects, R & D center construction projects, and supplementary mobile funds, which are largely different from the previous IPO fundraising projects.

In response to the company's related issues, a reporter from the Beijing Commercial Daily sent an interview letter to Norconda's mailbox, but as of press time, the other party did not receive a reply. Original title: Norconda's three major issues in GEM provoke attention

Beijing Commercial Daily reporter Dong Liang Ding Ning

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