crucial moment!Victoria's IPO's virtual increase has been "Waterloo", and deeply trapped "supplier fraudulent clouds"

Weijia Technology, who works with Zhongjin Company to break through the IPO, is about to usher in the "key test." According to the announcement of the 69th review meeting of the GEM of the Shenzhen Stock Exchange in 2022, Vijia Technology will meet on September 22.

However, many problems behind Weijia Technology have not yet been resolved, and even caused some people in some markets.

First of all, on the eve of the IPO, Vijia Technology's performance suddenly turned around, and a decline appeared. Its operating cash flow continued to "lose blood", the debt ratio also exceeded peers, and the net profit was suspected of increasing. Second, Weijia Technology The operation is facing greater uncertainty, and the lawsuit dispute with the major NC CNC is still continuing; another more sensitive issue is that Weijia Technology is deeply trapped in "supplier doubts", and the relationship with many suppliers is ambiguous. The business office address of the business is suspected of violations of the letter, and there is a sensitive funding between Weijia Technology and some suppliers. Finally, the transfer of equity that does not conform to the business logic has also aroused the attention of regulatory regulations.

On the eve of the IPO, it was suddenly "Waterloo"

On the eve of the IPO test, Vijia Technology's days seem to be difficult to get better.

In the first half of 2022, Vijia Technology's performance suddenly encountered "Waterloo". According to its latest prospectus (draft), the revenue from January to June this year was 320 million yuan, a year-on-year decrease of 7.84%; net profit was 31.92 million yuan, a year-on-year decrease of 20.91%.

Regarding the reasons for the decline in performance, Vijia Technology gave 2 explanations. One is that the company's headquarters is located in Suzhou, and the procurement, production, logistics and sales activities are affected by epidemic control. The second is that the new crown epidemic and the downside of the global macroeconomic have led to a low demand for the market in the electronic terminal product, which led to the slowdown of the company's downstream PCB manufacturer's production capacity expansion.

However, on the eve of the IPO, the sudden decline in performance still attracted the key attention of the Shenzhen Stock Exchange. In the letter of implementation of the opinion of the Shenzhen Stock Exchange, the door to see the mountains and the mountains questioned Weijia Technology: whether there is a sharp decline in performance in 2022, and the tension of capital chain and other circumstances. Whether it will affect continuous operation capabilities.

At the meeting on September 22, Victoria's Science and Technology's performance will still be one of the focus of inquiry.

According to the prospectus, Vijia Technology has been focusing on the research and development, production and sales of other special equipment engaged in the core equipment of PCB core equipment -drilling and forming dedicated equipment, and the development, production and sales of other special equipment. It has grown into one of the leading companies in China's PCB core equipment field.

As a manufacturing company, Vijia Technology's cash flow and liabilities are unavoidable. According to the prospectus, from January to June 2022 (during the reporting period), the net operating cash flow of Vijia Technology was -032 million yuan, 30 million yuan, -086 million yuan, -051 billion yuan, respectively. It is worrying that the ability to operate.

In addition, during the reporting period, Vijia Technology's asset -liability ratio was 83.69%, 58.88%, 57.8%, and 54.5%, respectively, and the debt pressure was large. During the period of 2019-2021, the average asset-liability ratio of the same industry can be compared to 34.63%, 39.76%, and 38.21%, respectively. From this point of view, Vijia Technology's debt level is still higher than those of their peers.

Faced with the increasingly tense cash flow and liabilities, the IPO of Vijia Technology is very urgent.

According to the prospectus, this IPO, Weijia Technology Planning financing was 1.127 million yuan, of which 300 million yuan will be directly used to supplement mobile funds, and the other three fundraising projects will be only 130 million yuan, 0.166.7 million yuan, and 0028 million yuan, respectively. Essence

The net profit "false increases" 15 million?

In fact, in the process of supervision of the exchange, the financial report of Vijia Technology had been asked. Subsequently, Vijia Technology adjusted according to supervision, and the final results showed that each year's financial statements subjects were large. Among them, the net profit in 2021 has changed the greatest, and the adjustment of net profit after adjustment has decreased by more than 15 million yuan.

In this regard, Vijia Technology stated that it was traced back to the opinions of the supervision group, but this is an analog calculation, which is not corrected by accounting errors.

In addition, the Shenzhen Stock Exchange's on -site supervision has found many problems, including inaccurate costs and manufacturing expenses, the proportion of accounts receivable is too low, and so on.

More uncertainty

The greater uncertainty of Vijia Technology comes from the competition of peers.

According to public information, Qiu Sijun, the actual controller and chairman of Vijia Technology, had always worked in the Great CNC. Until he left in March 2007, he founded Vijia Technology with several core employees of the Great CNC and engaged in PCB Core equipment -the production and sales business of drilling and forming dedicated equipment has become a direct competitor of the Great CNC. According to market rumors, the Great CNC has had disputes with Qiu Sijun and Vijia on the issue of violations of the NC CNC intellectual property rights. The issue of the origin of Weijia's technology technology has always been known in the industry.

Except for historical infringement disputes, the intellectual property dispute between Vijia Technology and the Great CNC is still continuing. According to information disclosed by Weijia Technology, the Great CNC has sued Vijia Technology on 5 patent disputes.

In response to the prosecution of the Great CNC, Vijia Technology replied in feedback that the company can directly replace these components with mature alternatives, which will not affect the production cost, sales pricing and customer recognition of the product. At the same time, Vijia Technology stated that Qiu Sijun, the controlling shareholder and actual controller, have promised that their individuals will bear the above -mentioned intellectual property litigation may lead to relevant compensation fees shared by the issuer. Therefore , Financial status and continuing operational capabilities do not constitute a significant adverse effect.

Obviously, this response statement has hinted that some parts of Weijia Technology have patent infringement and will be replaced in the future. Once IPO, this will undoubtedly become a risk point for market concerns.

Fantastic "supplier doubt cloud"

Among many IPO failures, the "ambiguous relationships" between the listed companies and suppliers and customers often become one of the triggers of IPO failure.

The author noticed that the relationship between Vijia Technology and some suppliers is very close. The implementation letter of the opinion of the Shenzhen Stock Exchange's review center questioned the former employees of Vijia Technology's establishment of suppliers to operate at the company's venue.

Perhaps to clarify the relationship and solve the problems raised by the exchange. In 2021, Vijia Technology successively lifted the lease contract with the above suppliers, and renewed the new office production address.

However, it is worthy of fun that some media visited the above supplier's address on the spot, but found that most of the address did not actually operate, or the address did not exist.

According to the response document feedback from Victoria Technology to the exchange, the operating address of its supplier Fang Guan and Fang Weiguan is the first floor of the first floor of Room 4, Wudong Port Road (Yishi Industrial Shifang), Shuidong Town, Weiting Town, Suzhou Industrial Park. However, I did not see these two factories when I visited the address at the scene. Building 4 of Area B is currently a beverage warehouse. Local property stated that they did not know these two companies.

The products supplied by Fang Crown and Fangwei Guan to Vijia Technology are guided rails, fiber wound oil tubes, tongue locks, left glass, right glass, rolling needle bearings, etc., and provide Weijia Technology with processing knife modules, crumb cover module modules, module modules , Top material cylinder module, etc.

The actual control of Fang Guan and Fang Weiguan is Fan Quanen. It is an old employee of Vijia Technology and has a working time for 11 years. According to the disclosed information, the reason for the resignation is the idea of ​​independent entrepreneurship.

Look at another supplier: Suzhou Oupeng Automation Equipment Co., Ltd., according to information disclosed by Weijia Technology, the office address after the relocation is: 9th floor of Guoyu Innovation Building, No. 28, Dongwu North Road, Wuzhong District, Suzhou City. After being verified on the spot, there was no such company on the 9th floor of Guoyu Innovation Building.

According to the prospectus, the products provided by Suzhou Oupeng to Vijia include drivers, grating ruler read heads, servo drives, etc.

In addition, according to Vijia Technology, the office address of Suzhou Jinghaobo Automation Technology Co., Ltd. is Room 1215, Building 3, Jinghui Building, No. 277, Yangdong Road, Suzhou Industrial Park. However, after the on -site verification, the door was closed, and there was no company name or no one.

According to data, Suzhou Jinggobo provides services such as labor dispatch or outsourcing, module processing and other services for Vijia Technology.

From this point of view, Vijia Technology's supplier is still there, and there may be behaviors of irregular information disclosure, which is a taboo in the IPO process.

What's more noteworthy is that there are many doubts about the exchanges between Vijia Technology and suppliers. According to the disclosed information, during the supervision of the sponsor business, it was found that the purchaser and supplier of Vijia Technology had frequent capital exchanges, and they refused to provide funds for the funds of the 1305 account of the Bank of China.

Victoria Technology explained that the supplier and its actual controllers communicated many times. The response was that the actual controller of the supplier refused to cooperate with the corresponding capital flow because he was worried about the leakage of the company and his personal privacy.

In addition, the on -site supervision also found that some purchasing personnel stored 218 times in four years, with an average of once a week of cash, and Weijia Technology did not give reasonable reasons.

It should be pointed out that most of the controller behind the suppliers with funds is mostly the resignation employees of Vijia Technology, and the actual production address has long been in the office building of Weijia Technology. The relationship is quite ambiguous.

"Wonderful Operation" of sponsoring agencies

Regarding the ambiguous relationship between Vijia Technology and suppliers, IPO sponsor -CICC seems to be intentionally concealing some secrets.

During the on -site supervision of the Shenzhen Stock Exchange, the sponsors visited 38 suppliers and 3 suppliers of Vijia Technology and three videos interviews, forming a total of 41 interviews. After inspection, the seven suppliers did not see the interviews or videos, and one supplier did not see the interview records; the interviewed by the two suppliers was the same person; the content of the two suppliers in the interview record did not match the actual situation. No sponsors' records and verifications of the aforementioned situation.

In addition, the work quality of the sponsor was also named by the Shenzhen Stock Exchange. On -site supervision also found that the sponsors issued a 201 customer letter and obtained 172 replies. After inspection, no courier orders, mail screenshots or pro -letter documentary forms were not seen in the 201 letter; 200 copies of the letter were not checked for the receipt address.

The sponsor issued a total of 97 suppliers and obtained 95 replies. After inspection, 97 copies were sent to the courier order, email screenshot or pro -letter record list; 96 copies of the sending letter did not see the record of checking the receiving address. Moreover, 94 copies of the 95s have not been checked to check the address; 80 copies of the delivery of the sender's information were missing, and no sponsors paid attention and verified records. This is unreasonable, 172 customer replys, 95 suppliers' authenticity, and the quality of sponsor's work.

The more serious problem with the sponsor is that there is a big difference between the inquiry opinion reports submitted two times before and after, and even some of the issues raised by the Shenzhen Stock Exchange have been modified.

Inquiry opinions disclosed for the first time:

Inquiry opinion of the second disclosure:

This has also caused a number of investment bankers. Weibo Da V@这 这 said that the same inquiry opinion of Vijia Technology, the documents of the two versions are different, may be that the project team has been changed.

2 mysterious equity transfer

The chaotic equity trading and equity holding have also been the key to the corporate IPO review. The two equity transactions that do not meet the business logic of Vijia Technology have also aroused regulatory attention.

According to the prospectus, in August 2020, Hu Zehong, the personal shareholder of Vijia Technology, transferred 10%of the equity of Weijia Technology at 7 million yuan (2.71 yuan/share) to Vijia Technology Due to the demand of funds. The controller Qiu Sijun, the transfer price was even lower than the net assets per share.

However, just two months later (October 2020), Qiu Four Army transferred 13%of its equity at a high price of 65 million yuan (19.35 yuan/share) to external institutional investors Mu Li Venture Capital, Feng Nianjun Compared with the above transfer price, the premium is over 614%.

Regarding the large gap between the transfer price of these two equity, one of the reasons for Hu Zehong's low -cost transfer is that because the transferor's equity is pledged, the potential transfer objects are relatively limited. There is no excessive explanation.

However, it is even more interesting that according to the sponsor's interview records of Hu Zehong, when Hu Zehong was transferred to 10%of the equity, he was known that Weijia Technology and Qiu Four Army were in contact with external investors to transfer equity transfer.

It is worth mentioning that Wei Jia Technology introduced in the feedback response that Hu Zehong was the chairman of the old PCB factory Guangdong Xingda Hongye Electronics Co., Ltd., and he had a good relationship with Qiu Sijun. He was a business partner for many years.

In this regard, some media reports believe that Qiu Sijun bought 10%of the equity at such a low price, and there was a suspicion of helping others selling equity.

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