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Accounting Correction "Red Line" Bitter 116 Days Without Fruit, Century Space Listing Difficult Road

2019/10/24 11:03:00 0

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In October 23rd, it was 116 days since registration was submitted in June 29th. The application for registration of the space technology application Limited by Share Ltd (hereinafter referred to as "century space") has not yet been released by the SFC in twenty-first Century.

Recently, Li Yuan Heng, who was close to the time of registration, became the first case of the initiative to terminate the registration. Prior to this, when the first registration of the company was launched, the error of the net profit of the century space exceeded 20%, which triggered the market's worries about its future.

In twenty-first Century, the economic news reporter learned from the investment bankers that, apart from the on-site supervision of several wheelset sponsor agencies, the market has been circulated by the companies that have been inspected on site by the market since August. Li Yuan Heng, Heng Heng information and century space three companies have received the on-site inspection by the SFC.

Today, Li Yuan Heng has become the first active termination enterprise of the company, and the successful registration of Heng Heng information in October 17th, and where will the "stragglers" century's space tour go?

116 days waiting

116 days after the application for registration, I saw a century space successfully registered by a company, and I don't know how to recall the day that I would have met.

In March 27, 2019, the application of the century space science and technology board was accepted. It also became the first enterprise of Beijing science and technology board. However, the subsequent listing process is twists and turns.

After five rounds of inquiries, the century space was approved by the municipal Party committee in June 28th and submitted for registration in June 29th.

According to the twenty-fourth administrative measures for the registration of initial public offerings of the KPCB (Trial), according to the normal auditing procedure, the registration is generally 20 working days from the submission of registration to the final result, but the time for supplementary application documents, further reply to inquiries and the inspection of related matters are not included in the calculation.

However, as of October 23rd, 116 days have passed, and the listing status of century space in the science and technology website has remained at the stage of "submitting registration".

The CSRC's official website revealed that the list of enterprises registered for the application of the science and Technology Board showed that as of October 18th, 7 of the 9 applications for registration enterprises were in "further inquiries", and 2 of them were "receiving applications for registration".

In twenty-first Century, the economic report reporter noted that only one column of remarks in the foregoing form was available for comment in the century space. From the perspective of public information, space disclosure documents for the 21st century have not been updated since June 29th. At the end of September, space in the century responded to the media that "China Daily is still being updated, and (Registration) is still in progress." Today, the disclosure date of the mid September 30th has already passed to the three quarterly disclosure period. Dozens of enterprises that have stopped the audit because of the supplement to the China Daily have gradually resumed their audit.

For the progress of IPO and the update of its earnings, in twenty-first Century, the economic news reporter called the century space letter on the phone many times in the hope of understanding, but no one ever got through.

Long capital Road

Compared with the enterprises that sprint in the past few years, the 18 year old space is not very young.

The century space was established in June 2001. It serves as an independent remote sensing satellite control and geospatial information big data service provider. Its main business is data acquisition, processing, analysis and sales and spatial information integrated application service based on the autonomous control remote sensing satellite.

Prior to this century, space has also made many attempts in the capital market.

In January 2016, the century space was listed on the new third board, but in October that year, it conducted a IPO guidance record to the Beijing securities regulatory bureau, and delisted it from the new third board in December, becoming the first delisting company of the third board innovation layer. Before listing three new boards, century space won 97 million 353 thousand yuan investment in Beijing urban construction in November 2015.

In March 27, 2019, the application of the century space science and technology board was accepted. It became the second batch of enterprises to receive the Beijing innovation board.

However, "early in the morning", the road of science creation in the 21st century has been twists and turns, before and after five rounds of inquiries, and has long been stuck in the "submit registration" link.

"I think it's mainly about the issue of sustainability," an industry analyst told reporters.

From a number of rounds of enquiries, it is found that the accounting treatment methods that rely on government subsidies and lease satellite assets as fixed assets are all concerned by the Shanghai Stock Exchange.

The prospectus shows that in the past 2016-2018 years, the amount of government subsidy and tax enjoyed by the company is relatively large, and the proportion of the total amount of government subsidy to net profit is 187.44%, 84.58% and 60.36% respectively. The proportion of the tax preferential tax to the total profit is 82.99%, 39.27% and 20.52% respectively.

Combing the enquiry reply, we can find that the "Beijing two" remote sensing constellation system, which is leased, is recognized as the accounting treatment of fixed assets.

Under many rounds of inquiry, century space has changed the accounting of "Beijing two".

In reply to the inquiry, he said that in order to make accounting process more accurate and prudent, and enhance the comprehensibility of information disclosure, the company's board of directors and shareholders' general meeting considered and passed the "lease of Beijing two constellation" 100% imaging load capacity to be adjusted according to intangible assets, and at the same time, amortized according to the original lease term of 7 years.

Previously, the satellite assets were calculated in accordance with fixed assets and amortized in 10 years.

After correction, the operating income of century space -2018 in 2016 was 286 million yuan, 463 million yuan and 604 million yuan respectively, and the net profit to the parent company was -560.89 yuan, 11 million 80 thousand and 900 yuan and 36 million 581 thousand and 900 yuan respectively, but net profit after deducting non recurring gains and losses was -2074.14 yuan, -606.53 yuan and 17 million 718 thousand and 100 yuan respectively. It also contains tens of millions of government subsidies every year. In 2016 -2018, the government subsidies for the century space included in the current profit and loss were 17 million 858 thousand and 300 yuan, 24 million 949 thousand and 500 yuan and 22 million 140 thousand and 600 yuan respectively.

Prior to this, Heng An Jiaxin was the first company not to agree to register by the SFC. After adjusting the recognition time of the 4 contract revenue, the amount of reduction was 89.63% of the net profit of the former parent.

The SFC pointed out that "the issuer corrects the accounting error as a special accounting treatment matter with insufficient reasons and does not conform to the requirements of the accounting standards for enterprises. The issuer has a weak accounting basis and a lack of internal control."

According to the sixteenth article of the Shanghai stock exchange, the issuance and listing of the stock market, Q & A (two), after the declaration of the first materials, except for the special accounting judgment items, the accounting error correction, the cumulative net profit impact number reaches more than 20% of the net profit of that year. It should be regarded as the issuer in the accounting basic work standard and the relevant internal control does not conform to the issuing conditions.

This accounting change in century space also touched on the red line of accounting error correction affecting the net profit or net assets of 20% in the "quechang plate issuing and listing auditing questions and answers (two)".

 

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