Behind the IPO cancellation of Senhe hi tech: multiple lightning cooperation is questioned



In July last year, Guangxi Senhe Hi Tech Co., Ltd. (hereinafter referred to as “Senhe hi tech”) launched an IPO to launch an impact on the gem. However, after more than nine months of planning, the IPO plan of Senhe hi tech is still dead. The latest news on the official website of Shenzhen Stock Exchange shows that Shenzhen Stock Exchange has terminated the IPO audit of Senhe hi tech due to active cancellation of orders. In the process of IPO audit, Kunming saimingke Technology Co., Ltd. (hereinafter referred to as “Kunming saimingke”) and Guangxi ivante Mining Technology Co., Ltd. (hereinafter referred to as “Guangxi ivante”) as important distributor customers of NEC in the reporting period, the situation of “lightning” cooperation soon after its establishment and becoming important customers of NEC has always been the focus of audit.


森合高科IPO撤单背后:多起闪电合作遭追问

Frequent changes in sales customers

According to the prospectus disclosed by Senhe hi tech, the customer structure of Senhe hi tech is not stable.

According to the prospectus, Senhe hi tech is an enterprise mainly engaged in R & D, production and sales of environmentally friendly gold dressing agent. According to the financial data, from 2018 to 2020, the operating revenue of Senhe high tech was 141.4043 million yuan, 156.3165 million yuan and 197.6984 million yuan respectively. During the reporting period, the sales revenue of Senhe hi tech to the top five sales customers was 47.5983 million yuan, 72.799 million yuan and 96.1091 million yuan respectively, accounting for 33.66%, 46.57% and 48.61% of the total business revenue of each period.

From the above data, we can see that the customer concentration of Senhe hi tech has further improved, but the customer structure of Senhe hi tech is not stable.

According to the prospectus, Huojia Zhuoheng Trading Co., Ltd. is the largest sales customer of Senhe hi tech, and Kunming saimingke will replace Huojia Zhuoheng Trading Co., Ltd. as the company’s largest customer in 2019. By 2020, vangtam Mining Co., Ltd. will become the largest sales customer of Senhe high tech with a sales amount of 34.9375 million yuan.

After being replaced by Kunming saimingke, Huojia Zhuoheng Trading Co., Ltd. did not appear in the list of top five sales customers of Senhe hi tech in 2019 and 2020. Huojia Zhuoheng Trading Co., Ltd. is only a microcosm of many changing customers.

In 2018, Liaoning Jinchan Gold Mineral Processing Technology Service Co., Ltd. was still the fifth largest sales customer of Senhe high tech. in 2019 and 2020, Liaoning Jinchan Gold Mineral Processing Technology Service Co., Ltd. will “disappear” from the top five sales customers of Senhe high tech. In 2019, Yunnan Shanhai Investment Group Co., Ltd. was also the third largest sales customer of Senhe hi tech, and there is no Yunnan Shanhai Investment Group Co., Ltd. in the list of top five sales customers in 2020.

Senhe hi tech admitted in the prospectus that the company has many distribution customers and the customer structure is not stable enough. According to economist song Qinghui, once the company can’t give full play to its channel advantages and product, brand and quality advantages, and maintain good marketing channels and customer resources, or can’t effectively understand and manage customers’ credit, the company will have certain market development risks, customer management risks and accounts receivable management risks.

Many companies were established soon and became big customers

Looking through the prospectus of Senhe high tech, it is found that during the reporting period, some major dealers established cooperative relations with Senhe high tech shortly after its establishment, which once became the focus of the IPO process.

According to the prospectus, the revenue of the distribution mode of Senhe hi tech from 2018 to 2020 is 75.8704 million yuan, 74.3567 million yuan and 89.4208 million yuan respectively. During the reporting period, the sales amount of the top five customers under the distribution mode of Senhe hi tech is 40.3215 million yuan, 51.6363 million yuan and 52.6302 million yuan respectively, accounting for 53.15%, 69.44% and 58.86% of the revenue of each distribution mode.

The reporter from Beijing business daily noted that Guangxi ivante and Kunming saimingke, as important distributors of Senhe hi tech during the reporting period, all cooperated soon after their establishment.

Specifically, Guangxi ivante is an enterprise engaged in R & D, production and sales of non-ferrous metal beneficiation reagents. It was established on July 22, 2018 with a registered capital of 2 million yuan.

Guangxi ivante cooperated with Senhe high tech when it was founded. In 2019, Guangxi ivante became the second largest customer under the distribution mode of Senhe hi tech in 2019. In the current period, the sales amount of Senhe hi tech to Guangxi ivante was 18.0366 million yuan, accounting for 24.26% of the current distribution mode revenue. In 2020, Guangxi ivante will be promoted to the largest customer under the distribution mode of Senhe hi tech, and the corresponding sales amount in the current period is 23.6182 million yuan, accounting for 26.41% of the income of the current distribution mode.

Established on November 20, 2017, Kunming saimingke is a trading enterprise selling chemical products, mineral products, mining equipment and other goods, with a registered capital of 2 million yuan. In 2018, Senhe high tech and Kunming saimingke also cooperated with “lightning”. In 2019, Kunming saimingke will become the largest customer under the current distribution mode of Senhe hi tech with a sales amount of 20.552 million yuan. In 2020, the sales amount of Kunming saimingke will drop to 5.4314 million yuan, ranking the fourth largest customer under the current distribution mode of Senhe hi tech.

Xu Xiaoheng, an investment and financing expert, believes that generally, the big customers of the enterprises to be IPO will be regarded as mature big enterprises, and they will become the big customers of the enterprises to be IPO soon after their establishment. Although this situation exists in the market, it is rare, and the authenticity of their transactions is easy to be questioned by the regulators.

Indeed, according to the inquiry reply letter disclosed by Senhe hi tech, the rationality of Guangxi ivante and Kunming saimingke establishing cooperation with the company in the year when they were established in the reporting period and becoming major customers in the next year has been focused on.

The dual identity of Guangxi ivante

During the reporting period, in addition to acting as a distributor of Senhe hi tech, Guangxi ivante also had the identity of an important customer under the company’s ODM mode, which was also focused on.

According to the disclosed prospectus, the operating revenue of ODM mode of Senhe hi tech in 2019 and 2020 are 2.553 million yuan and 2.2367 million yuan respectively. Specifically, in 2019, Guangxi ivante is the only sales customer under the ODM mode of Senhe hi tech, that is to say, the ODM mode revenue of Senhe hi tech in 2019 is all contributed by Guangxi ivante.

In 2020, xinlianhai (Yantai) Mining Engineering Co., Ltd., Yantai xinlite mining Pharmaceutical Co., Ltd. and Guangxi ivante will become the main customers of Senhe high tech’s ODM mode revenue.

Senhe hi tech said in the prospectus that as an exploration of the company’s new revenue growth point, and considering that Guangxi ivante has a certain non-ferrous metal customer resource base, the company cooperated with Guangxi ivante through ODM mode, and Guangxi ivante sold its products with its own brand of “ys inhibitor”.

In the first round of inquiry, Shenzhen Stock Exchange asked Senhe high tech to analyze the reason and rationality of Guangxi evant being both distributor customers of the issuer and customers under ODM mode during the reporting period, the impact on sales, and whether there are restrictions on terminal sales of ODM mode customers.

Senhe hi tech said in its reply that the company’s ODM sales business with Guangxi ivante is reasonable for the issuer to explore new revenue growth points by relying on technological R & D achievements and integrating the company’s existing production capacity, human resources and other realistic conditions; under the ODM Sales mode, Guangxi ivante’s end users are non gold non-ferrous metal production users, and have no self owned rights to the issuer The market share of brand products is squeezed, which has no adverse impact on the sales of issuers.

In response to the company’s related problems, Beijing Business Daily reporter sent an interview letter to Senhe hi tech, but as of press release, no reply has been received.

Beijing Business Daily reporter Liu Fengru

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