Huatu's long listing road: The departure is not available, "Shan Ding" is getting cold?

A few days ago, Huatu Shan Ding responded to the annual report inquiry again.

One annual report has received two inquiries one after another, and more than ten aspects of income and profit decline, zero -salary of executives have been questioned, and the top ten projects or cousin confirmation cost adjustments have been concerned.

Not only that, at the beginning of the month, Huatu Shan Ding announced the correction of some financial information, including cash flow, revenue, monetary funds, etc., including cash flow, revenue, and currency funds.

In fact, it has been interested in the design of marriage with Shan Ding's design since Hua Tu, but has not disclosed further progress. What are the changes and influences of these two companies now?

In vitro paying salary, cousin adjustment of profits?

On June 7, Huatu Shan Ding issued an announcement saying that it received a supplementary inquiry letter from the company issued by the Shenzhen Stock Exchange 2021, and seven issues such as performance assessment, employee remuneration, and contract conditions attracted attention. On June 14, Huatu Shan Ding responded to the above inquiry letter.

Among them, employees and executives' compensation has attracted much attention. In the previous annual report inquiry, the Shenzhen Stock Exchange mentioned that Huatu Shan Ding's "some supervisors and executives from the company's pre -tax remuneration were 0, and they did not get compensation from the company's related parties." Supervision required Huatu The reasons for the return of directors, supervisors, and senior management personnel during the reporting period have decreased significantly, and clarified whether there is a situation of in vitro payment.

The supplementary inquiry letter pointed out that the monthly basic salary of the company's designers was 41,100 yuan, 44,100 yuan, 44,900 yuan, and 48,100 yuan, respectively, and continued to rise; the per capita basic salary of the company's sales staff and managers was 36,400 yuan, respectively. , 36,200 yuan, 36,400 yuan, and 32,200 yuan, the per capita salary of the fourth quarter decreased significantly.

The inquiry letter requires that the company's designers, managers, and salespersons have different quarterly salary salary and quarterly changing trends. In the context of maintaining the average number of management and sales personnel, the per capita basic salary of the fourth quarter of the fourth quarter has significantly reduced the significantly reduced per capita salary. Reasons and rationality.

Regarding the above two issues, Huatu Shan Ding said that there is no case of 0 before tax remuneration of the company's executives. The founding dean of Deren Micro Class and led the salary in Deren Micro Class. In 2021

Yuan, a decrease of 50.94 million yuan compared to 2020, mainly departed some senior managers, and the number of senior managers decreased.

In addition, in 2021, the company adjusted the post of two managers, and she no longer held management positions, but was only responsible for designing work. At the same time, the reason why the per capita basic salary increase of designers in the second quarter was the main reason for the first quarter. Thirteen people who resigned were primary designers, leading to an increase in the proportion of middle and senior designers. The existing designer's per capita workload increased slightly. Proper salary adjustment began in March 2021. The amount of salary adjustment on the basic salary in the second quarter was 185,400 yuan, resulting in a slight increase in per capita basic salary.

Because Huatu Shan Ding is currently the main business is still a architectural design. In the inquiry letter, the Shenzhen Stock Exchange focused on the top ten projects that confirmed their income during the year. According to the Shenzhen Stock Exchange, the current project revenue in the above projects has the same amount and cumulative confirmation amount, but the cost is inconsistent.

This situation also caused the Shenzhen Stock Exchange to question its "cross -period confirmation cost to regulate profits."

In the reply, Huatu Shan Ding stated: When confirming the income, the company confirmed the income by the customer recognized and confirmed in writing or after the review; in terms of cost knitting Operating costs in the current period, no inventory at the end of the period.

Therefore, on the date of the balance sheet, the design work cost that has not yet been completed has occurred and the current operating costs have been transferred, but the income confirmation conditions have not been reached, which leads to the income and cost confirmation of the same project during different periods of time at the time of the balance sheet date. The situation of not strict matching. Because the cost confirmation method is relatively cautious, there is no situation that adjusts the current profit by adjusting the cost of the cost.

However, at the beginning of the month, Huatu Shan Ding announced the correction of some financial information, including cash flow, revenue, monetary funds, etc., including cash flow, revenue, monetary funds, etc. 2021.

Huatu Shan Ding said that the financial information was more correct because the structural deposit was adjusted from bank deposits to trading financial asset accounting.

Prior to this, Huatu Shan Ding used its own funds to purchase structural deposits issued by commercial banks to generate income, and believed that such structural deposits were generated by the company to strengthen daily capital management and improve the efficiency of funds. It does not affect the company's liquidity management and is sustainable. In the first three quarters, the structural deposit balance purchased was listed in "monetary funds". The interest income was included in "financial expenses" and reported according to regular profit and loss. After the annual audit institution, it is recommended to adjust the balance of the structural deposit of purchased to "trading financial assets", and the interest income is included in "investment income", and reported according to non -recurring profit and loss.

This move also made the net profit of the deduction of non -recurring profit and loss of non -recurring profit and loss in the first to third quarter of the company's shareholders in the first to third quarter.

The problem of Huatu Shan Ding also faces uncertainty that Huatu education is being listed on the curve. "Three Lives III, Huatu is listed"

Huatu and Shan Ding have been "hand in hand", which has been in the past three years, but as of now, the "marriage" of each other has not yet been fixed. Behind this is the launch of Huatu for ten years.

In 2003, Huatu Education was established in Zhongguancun, Beijing, and completed the shareholding system in 2011. In September 2012, Huatu Education conducted a listing of listing counseling, and China Merchants Securities ended counseling. But at the time, no one expected this counseling was five years.

During the waiting period, Huatu Education moved to the New Third Board, and successfully listed in July 2014. Like many companies, Huatu Education used the New Third Board as a springboard at that time.

During the listing of the New Third Board, Huatu Education was suspended for most of the time, and the actual transaction day was only 61 days. However, the number of shareholders has increased rapidly. As of the first half of 2017, the number of ordinary shareholders of Huatu Education has increased from 143 on the day of listing to 310.

Due to the long -term suspension, its new shareholders mainly come from multiple orientation. In November 2016, Huatu Education completed a fixed increase of up to 700 million yuan at a price of 72 yuan per share, and also officially exceeded 200 shareholders in this financing. And the number of rapidly growing shareholders has increased the difficulty of the company's subsequent backdoor road.

In April 2015, Huatu Education intends to make a price of 2.65 billion yuan. However, at the time, the New Metropolis Hotel at that time was a wolf borrowing -the annual report was audited and issued "unable to express opinions" and "wearing a hood", involving a loan contract dispute, and disclosing illegal information for suspected information. The Shenzhen Securities Regulatory Bureau was investigated. The following year, the New Metropolitan Hotel was suspended from the listing because of the "unable to express their opinions", and Huatu Education also announced the termination of reorganization.

On December 26, 2016, Yangzi New Materials and Huatu Education reached a preliminary intention to announce the acquisition of 100%of the latter's equity. However Essence

After the two -time backdoor listing failed, Huatu Education intends to independently IPO, and in June 2017, it received a counseling filing acceptance letter issued by the Beijing Securities Regulatory Bureau. On December 19, 2017, Huatu Education announced that in order to meet the needs of the company's capital market strategic development and combined with its own circumstances, after careful consideration, it was planned to apply for its shares to terminate the listing in the national SME shares transfer system.

In the same year, China Merchants Securities announced the termination of the listing counseling of Huatu's education. The reason given is "Given that the company's listing plan has been suspended and has been listed on the New Third Board, it has decided to temporarily terminate the counseling work." The independent listing application of A shares is also due The queue time is too long and abortion.

In 2018, Huatu "went south" and hit Hong Kong stocks twice, but the two prospectus failed for more than 6 months. At this point, Huatu Education has hit the IPO 5 times in 8 years, all of which end with a halberd.

Subsequently, a pot of cold water settled down. When Huatu was struggling to go public, in early 2019, the competitors were listed on the Shenzhen Stock Exchange to borrow the shell of Axia Automobile, becoming the first share of A -share vocational education. Huatu helplessly became more urgent to listing.

If you are listed on the market, will Shan Ding dying first?

In September 2019, Huatu Education tried to go public backdoor again. That is, this time, Huatu met Shan Ding design. At that time, the design of Shan Ding was also looking for the "next home."

As early as 2015, the Shan Ding design that landed on the GEM has been in the capital waves for a long time. From 2016-2018, the net profit of the mother-in-law design was hovering around 20 million, with a year-on-year growth rate of -24.8%, 2.27%, and 29.75%, respectively.

Affected by the downturn of real estate, the continuous weakness of the main business also made Shan Ding design more inclined to "sword away". However, whether in November 2017, the purchase of the equity of Shenzhen Saramore E -commerce Co., Ltd. or the joint fitness of the New Third Board Company Saipu in April 2019 ended in failure.

Until you meet Huatu. On September 4, 2019, Huatu Education announced the acquisition of 24.96 million shares of Shanding design for 750 million yuan. At the end of November, after the shares were transferred, Huatu Investment held 30%of Shanding design, becoming its largest shareholder and actual controller. Since the announcement of equity transfer on September 4, Shan Ding's design stock price has risen strongly. The cumulative increase of more than 50%of the nearly 7 trading days, Shan Ding's design "dead wood Fengchun".

On the evening of May 13, 2020, Shan Ding Design issued an announcement that the company's securities have changed from May 14 and changed from "Shan Ding Design" to "Huatu Shan Ding". As soon as the news came out, the discussion about "Huatu Education's backdoor listing further" was very arrogant.

However, to this day, Huatu Education has not yet achieved asset injection and performance. Huatu still holds the "name right" of the listed company, and Huatu Shan Ding still seems to be supported by the old line of the architectural design.

Over time, Shan Ding design seems to be unable to carry it.

The annual report questioned by the Shenzhen Stock Exchange showed that in 2021, Huatu Shan Ding achieved revenue of 110 million yuan, a year -on -year decrease of 12.31%; the net profit was 12.7778 million yuan, a year -on -year decrease of 9.78%; the net profit after deduction was 6.1791 million yuan , Decreased by 57.69%year -on -year. In the past three years, the scale of operating income and net profit has continued to decline. In terms of quarterly, the revenue in the fourth quarter of 2021 was 23.741 million yuan, 32.222 million yuan, 25.705 million yuan, and 28.237 million yuan; net profit was 85.63 million yuan, 27.532 million yuan, 1.588 million yuan, and 7.58 million yuan; The net cash flow of business activities was -26.473 million yuan, -29.124 million yuan, -69,900 yuan, and 9.079 million yuan, respectively.

In this regard, the Shenzhen Stock Exchange inquires the reasons and rationality of the net difference between the net cash flow generated by its revenue and business activities in the same quarter and the trend of changing trends. Whether the seasonal characteristics of profit realization are consistent and whether it is in line with industry characteristics.

In recent years, Huatu Education has also been constantly. At the end of 2021, due to the "Finance Status" (F103 Table) in 2020 (F103), the value-added tax (4021) indicators were reported at -29539,000 yuan, the number of inspections was 5955,000 yuan, and the number of reports and inspections was 35494 yuan. The error rate is 596.04%. The Beijing Haidian District Statistics Bureau gave a warning of the illegal act of "providing unrealistic statistical data" of Huatu Education to be punished with a fine of 12,000 yuan.

In February of this year, multiple publications of Huatu Education Jiangxi Branch, because there was no corresponding copyright information and books in the version (CIP) data, was identified by the Nanchang City Publication Appraisal Committee, which was an illegal publication.

On the black cat complaint platform, the relevant rights and interests of the relevant rights and interests were infringed in the process of training online in Huatu Education offline in the past 30 days, and the case of complaint refund rights protection.

In the long journey of listing, Huatu's own pressure was heavy. Nowadays, the chalk has submitted a prospectus to the Hong Kong Stock Exchange. The design of Shan Ding has been chaotic and has attracted the attention of regulatory. It is a shadow on the market. Perhaps even the second identity is at stake. Facing the listed giants and the new Ruise Mustang's strong enemy, Huatu Education has repeatedly defeated in the operation of capital and impact on the market. Whether the backdoor listing can be completed in the future, it seems that it is cloudy.

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