Times Lingyu pass through the IPO: gun hit "30 million red line" profitability doubts

  Source: Beijing Daily Beijing Times Lingyu Technology Co., Ltd. (hereinafter referred to as "Time Lingyu") recently updated prospectus pass through the IPO, the data show that during the reporting period, the era Lingyu achieve net profit of no more than 30 million yuan IPO audit results invisible red line。
At the same time, most years of age Lingyu reporting period non-recurring gains and losses attributable to the higher net profit in the accounting, which allows investors to worry the company's continued profitability。   Audit results below the invisible red line prospectus, age Lingyu main business is to provide preliminary advice in the field of urban operations and security management, intelligent construction, design, equipment supply, software development, construction, commissioning, operation and maintenance integration Smart city solutions and other integrated services。
Data show that the size of the company's net profit during the reporting period were less than 30 million yuan。
  Overall, from 2014 to 2016 by mid-2017 and mid-first half, net profit attributable to the times achieved were approximately Lingyu million yuan, ten thousand yuan and ten thousand yuan。 After deduction of non Net profit attributable to realize the same period were approximately 6.58 million yuan, 21.17 million yuan, 25.76 million yuan and 3.75 million yuan。   According era Lingyu Shares of the system disclosed in 2017 semi-annual report, the first half of 2017. Net profit attributable to the company to achieve and after deduction of non attributable net profit fell 32% and% respectively。
In this regard, the famous economist Song Qinghui told Beijing Daily reporter, said that fluctuations in performance or issuance examination committee will consider the company after the listing there is even the risk of decline in performance "face", so at the time of the audit, or significant fluctuations in performance It will apply for IPO approval planted potential risks。
  In addition there are signs of fluctuations in net profit, but from the numerical point of view, the net profit during the era Lingyu report failed to meet the standard IPO audit invisible red line of 30 million yuan。
Chinese investment in three new board League founder Xuxiao Heng told Beijing Daily reporter, net profit of less than 30 million yuan of business refraction is the company's ability to resist risks low, it will also affect the continuing operations of the company.。 Although not required regulatory net profit of 30 million yuan threshold, but in some sponsor specific operations are seen as invisible threshold of 30 million yuan, the project is an important financial reference index, is a measure of the profitability of listed companies continued an important one of the indicators。 Xuxiao Heng said, less than 30 million yuan of net profit enterprises are starting relatively high probability whether。   "There is a small net profit, the company had less than 30 million yuan of success will be the case, but this is still a minority。
Fluctuations in corporate profits profits of about 20 million -3000 million, stable unfavorable for the development of the entire enterprise。
"The new capital tripod adds chairman relaxation。   Part of the year non-recurring items of high data show that from 2014 to 2016 by mid-2017 era and the first half attributable to parent company shareholders Lingyu achieve non-recurring gains and losses (net of tax), respectively million, million – Wan development and technological yuan。
Lingyu era, said the loss of non-recurring gains and losses from the contract dispute litigation Evergreen hair with the company expected to form a government subsidy and financing income component。   Specifically, from 2014 to 2016 by mid-2017 and mid-era government subsidies in the first half Lingyu included non-recurring gains and losses, respectively million, million, million, ten thousand yuan。 In this regard, the era Lingyu said the company received government subsidies, in addition to deferred revenue accounting project involved the other benefits are not clearly belong to government incentives spending scope and time constraints, subsidies, direct subsidy payments received timepiece profit or loss。
  In addition to government subsidies, age Lingyu non-recurring items also includes financial income。 Prospectus shows, year after year 2014-16 and every year the first half of 2017, the era of profit and loss Lingyu commissioned investment or assets, respectively million, million, million and $ ten thousand yuan。 Times Lingyu introduced, said financial products revenue for the company to use the proceeds mainly idle funds investment banking financial products made。
  Overall the data show that from 2014 to 2016 and the first half by mid-2017, the era of Lingyu attributable to non-recurring gains and losses parent company shareholders (net of tax) ratio of total net profit attributable to shareholders of%,% respectively, – %with%。
It is not difficult to see, in 2014, 2015 and the first half of 2017, the company attributable to non-recurring gains and losses parent company shareholders (net of tax) Percentage Net profit attributable to shareholders of not lower。
Which, in mid-2014 and the first half of 2017, net profit attributable to age Lingyu realize, more than half of the non-recurring gains and losses。   Song Qinghui think, in general, non-recurring gains and losses accounted for net profit ratio is lower, the higher the quality of earnings。 Conversely, the lower the quality of corporate earnings。   In fact, the problem of non-recurring gains and losses, on January 5 the Commission disclosed on the official website of the era Lingyu starting the application documents feedback, the Commission has also been feedback on related issues。
The SFC said the first half of 2013, 2014 and 2016, higher non-recurring gains and losses accounted for net profit ratio, for which requirements of the times Lingyu in the "Risk Factors" in additional disclosure larger amount of non-recurring gains and losses, high risk and volatile share。   Bestpower cited concern about the relationship with Electric According to the prospectus shows that Beijing Bai Electrical Technology Co., Ltd. (hereinafter referred to as "Bestpower Electric") is not included in the list of related parties。 It is worth mentioning that the company has been a member of several directors, supervisors in Bestpower Electrical served as manager positions。
Whether era Lingyu and Bestpower Electrical Related party also attracted market attention。   Beijing Chinese Commercial News reporters Tong Guocha and Yue Zhaogu book found that era Lingyu actual controllers, directors Huang Xiaobin had in June 1998 to July 2007, worked Bestpower Electrical, served as manager, deputy general manager。 Wei Jianping, Qiao Jia Fu Lingyu directors are the times, I have been in Bestpower Electrical work experience。 Among them, Wei Jianping May 2000 to July 2007, worked Bestpower Electrical, served as senior engineer, department manager; Joe Jia husband is in January 2002 to August 2007, he served as Bestpower Electrical Department Manager。 Not only that, some supervisors and some senior executives have worked Bestpower Electrical。
Such as the age of Supervisors Lingyu Zhang Xiaoyan April 2003 to November 2012, he worked Bestpower electrical, office manager。
Vice President Huang Fei senior management in October 2001 to August 2007, Vice Minister Bai worked to electrical, office。 In addition, the company director, vice president Jia Wei Jianping and her husband Joe and Bo Zhang, vice president of the Division of Electrical shareholders are Bestpower。 Three were stake%,%,%。   From the point of view prospectus, the reporting period, the era of electric Lingyu and Bestpower presence consortium cooperation projects, involving a total amount of ten thousand yuan。
In addition, age Lingyu introduced, said the report period, the company launched steel telecommunications business, there is Bestpower Electrical is the project general contractor or supplier to undertake part of their project, involving a total of 10 projects。   For Bestpower Electrical whether era Lingyu related parties and other related issues, Beijing Chinese Commercial News reporters Xiang Shidai and Ling Yufa to interview letter。 However, as of press time reporter, the other did not give back。   It is noteworthy that, in the era of application documents feedback Lingyu starting January 5 CSRC official website disclosure, had asked era Lingyu description Bestpower Electrical whether related parties; if not, explain the rationale and justification。   Beijing lawyer Wang Deyi find really told Beijing Daily reporter, usually constitute related party business is the company's parent, subsidiaries, and the company by other companies controlled by the same parent company, the same joint control of enterprises investors, the business impact of the implementation of major investors, mainly individual investors and close family members of the enterprise, the company mainly individual investors, key management personnel or their close family members control, joint control or other companies exert significant influence, etc.。   On Haiming Lun Law Firm lawyers Wang Zhibin said about authorization of the relationship, the Shanghai Stock Exchange, the Shenzhen Stock Exchange have essentially the same provisions, such as the proposed IPO business executives in the last 12 months, a senior executive of other companies, the other proposed IPO companies and enterprises constitute the association, etc.。
The Shanghai Han Song Yixin law firm linked to the Beijing Daily reporter pointed out, the company directors, supervisors and high in electric-serving Bestpower not in the reporting period。