Wenhua Finance's second GEM IPO again folds the halberd

Shanghai Wenhua Finance Information Co., Ltd. (hereinafter referred to as "Wenhua Finance") of Shanghai Wenhua Finance Information Co., Ltd. (hereinafter referred to as "Wenhua Finance"), which was sprinted and folded again.

On June 8th, the official website of the Shenzhen Stock Exchange released the news. On June 2, Wenhua Finance took the initiative to withdraw the application of the GEM IPO. According to the relevant regulations, the first public issuance of the shares of the Wenhua Finance and the listing of the GEM will be listed on the GEM.

This means that Wenhua Finance, who seeks the GEM iPO for the second time to choose to leave the field. In November 2015, Mandarin Finance submitted the application for materials for the first time to list on the GEM, but ended the review in April 2018.

After the first time the GEM has lost its failure in the past three years, Wenhua Finance once again chose the GEM IPO. On June 25, 2021, the first application application was accepted, and the inquiry stage was entered on August 12 of that year.

As a leader in domestic futures trading software, Wenhua Finance ’s IPO intends to raise 652 million yuan to four projects: first, cloud quantitative investment software system development project, it is intended to invest 195 million yuan; The investment was 173 million yuan; the third was the construction project of the research institute, with a proposed investment of 156 million yuan; the fourth was to supplement the mobile funds and intended to invest 129 million yuan.

From November to December 2021, the "Public Securities News" Mingjing Financial Studio wrote "Wenhua Finance: Removal of 129 million yuan after dividends 240 million yuan", "Wenhua Finance: One founding shareholder low -cost clearance clearance holding holders holding holders holding holders holding holders holding holders holding holders holding holders holding the position holding holders holding the holdings holding the position held The stock controller has been pricing several times after January "," Wenhua Finance: The number of futures companies is less than 5 years ago, business and price increase are facing "ceiling"? " The rationality of sex, equity transfer pricing, and the growth of main business have been continuously reported.

拟1.29亿元补流的文华财经，一边称公司在现发展阶段有较大的流动资金需求，一边却在报告期内大手笔现金分红累计2.4亿元并称现金流良好和较充裕，尤其是In 2021, the split cash dividend of the June of the first application for acceptance was 100 million yuan. The rationality of the company's fundraising and replenishment is really eye -catching.

After the first IPO in 2018, Zheng Peiqiang, the founding shareholder of Wenhua Finance, chose to clear the position at a low price. The other two shareholders who "assaulted" when the first IPO "assault" also cleared or sold half of the shares. age. It is particularly noteworthy that the price of 10 yuan/share transfer when Zheng Peiqiang's clearance was left, which was a huge difference from the company's 29 yuan/share equity transfer price one month. The abnormal transfer of the company's above equity transfer is equally noticeable.

What's more, the growth of Wenhua Finance's main business is hidden. The company's key business users, the latest number of cooperation between the futures company at the end of June 2021, is less than 5 years ago. In addition, Wenhua Finance has shown the overall price increase in recent years, but from the perspective of major product sales, the price increase may restrict the number of users, making the key business or whether there is a "ceiling" and whether the "ceiling" is ushered in. Finance needs to face issues.

In fact, the Shenzhen Stock Exchange had raised 25 questions to Wenhua Finance during the inquiry stage, including product price increases, products from futures companies and end users in two -way charges.

Chen Gang

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