4 Years Ago, He Approved The "Dystocia" Lei Sai Smart IPO.

According to the CSRC announcement, in December 19th, the Shenzhen intelligent control Limited by Share Ltd IPO will usher in the final examination.

For reaI smart, such a "big exam" is no stranger. In April 17, 2015, it was once tested by smart car and passed smoothly. But what surprised the market is that after the meeting, Lei Sai intelligence failed to get the approval. In the end, the listing plan had to be stranded.

4 years later, REIT smart changed its sponsor and law firm to launch a new attack on IPO. From past cases, IPO enterprises did not get approval papers after the meeting, but there are few enterprises such as Lei Sai intelligent such as "persistent" listing and "pushing back".

In December 16th, a senior investment bank official told the business reporter in twenty-first Century, "no approval was received. Usually there was something else after the meeting, but it was not solved at one thirty."

So, does reaI's smart choice come back? Does it mean that what has been plagued has already been solved? What will be the result of waiting for him this time?

A rare "overcoming"

The time is back to April 17, 2015. This day, Lei Sai intelligence and Mike biology will both be over. A month later, Mike successfully landed in the Shenzhen Stock Exchange's gem. Today, the market value has doubled.

After a brief joy, the Reyes intelligence, who had been together, did not wait for the approval of the SFC. In December 29, 2017, after waiting for 987 days, Lei Sai intelligence voluntarily withdrew the application material and terminated IPO.

The industry generally believe that IPO enterprises can not get approval after the meeting, generally there are some major emergencies can not meet the listing conditions, may be reported. Finally, the company chose to terminate. In a sense, it shows that the explanation of these problems is really hard to persuade supervision.

Although reaI smart took the initiative to withdraw the IPO application, it does not mean that it terminated the idea of listing.

In January 1, 2018, Li Weiping, chairman of the smart board, encouraged the staff in the 2018 New Year's speech: "the great cause of the smart race will surely continue to develop."

The idea of listing has just been restarted. On the fourth day after Li Weiping's new year's speech, Lei Sai intelligence and China Merchants Securities re signed the listing guidance agreement. However, this cooperation ended abruptly. In June 7, 2018, China Merchants Securities said, "because of the reasons for the company's strategic adjustment", it was consulting with the smart company to terminate the listing guidance. A week later, in June 14th, CITIC Securities took over.

In November 26, 2018, the second IPO prospectus was released, and the IPO was almost "coming back". The declaration board has changed from the Shenzhen Stock Exchange's gem to the small and medium-sized board. Not only has the sponsor changed, but the law office has been changed from the Jin Du law firm to the Guangdong Chinese business law firm, and the asset appraisal institution has been changed from Shenzhen de Zheng Xin asset appraisal company to Shenzhen Dao Heng Heng Mei assessment international assets appraisal company.

At the same time, compared with 4 years ago, the number of new shares released by Lei Sai intelligence has changed from no more than 23 million 340 thousand shares to 52 million shares, raising funds from the original 190 million yuan to 555 million yuan.

Its intelligence has also changed, and its performance has gone up to a higher level. Business income rose from less than 300 million yuan in 2013 to nearly 600 million yuan in 2018, and net profit from non return to mother rose from less than 60 million yuan in 2013 to 83 million 890 thousand yuan in 2018.

From the above data, it is not hard to see that the revenue of reaI Smart has doubled, but its net profit has not doubled. And the trend of gross margin also verifies this trend. In the past 2016-2018 years, the total gross profit margin of smart car has dropped by 45.10%, 44.45% and 41.72% respectively.

Doubts and disputes from the performance were the problems facing the first IPO of the smart market. In 2013, the tax preference and government subsidy enjoyed by the company accounted for more than 50% of the net profit. But 5 years later, this problem has eased. The subsidy from the government has been greatly reduced, and the contribution rate of subsidies and tax incentives to net profit is less than 3.

"Old problems" still exist?

What is the specific reason why Rex intelligence has not received the approval? According to media reports, it was due to the tax department's verification in 2013 that tax rose smart, but it did not disclose the matter truthfully. In addition, at that time, the smart company was also suspected of intellectual property disputes, and its impact on the company was unknown.

The above reasons have not been officially confirmed by the company. In December 16th, the economic report reporters on twenty-first Century called ray Sai intelligent secretaries, the relevant staff said that the company did not accept media interviews at this stage.

Since Lei Sai intelligence has the courage to comeback, does it mean that the trouble has already been solved?

In twenty-first Century, the economic news reporter found through his letter that he was still trapped in litigation disputes. Liu Qi Wei complained about the dispute over intellectual property rights in Beijing, and filed a lawsuit in June 17th this year, including the Beijing branch of China Science and Technology Co., Ltd. The referee network has not yet inquired about the relevant judgment of the case.

Lei Sai intelligence disclosed the case in the prospectus. In February 2017, Beijing Hua Ke United Technology signed an agreement with Liu Qiwei to cooperate in the implementation of the SAP-PLM system. In October 8th of that year, Liu Qiwei listed him as the third defendant. Among them, the claim against Lei Sai intelligence is: "requesting three defendants to compensate for breaking the contract illegally, obtaining the plaintiff's technological achievements illegally, and wasting the plaintiff's cost by 1 million yuan. The first defendant is a company in Beijing for compensation 10%; second defendants in Shenzhen, a company has 60% compensation; third defendants, smart compensation 30% ".

However, sponsors and lawyers believe that the amount involved in the case is relatively low, which has little impact on the issuer's business performance and does not constitute a barrier to issuance.

What other concerns are there? From the question of the issuing Committee, the main concerns were export tax rebates and foreign exchange settlement. The main shareholders of the distributors were related to the former employees of the company, the relationship between the company and the dealers, and the collection of personal accounts. The new version of the prospectus feedback also asked questions about the above issues, but also paid more attention to the transfer of shares and the identification of actual controllers.

For this meeting, the market is relatively optimistic. The aforementioned investment bankers believe that the two meeting of Lei Sai intelligence will be relatively simple. A lot of questions have been asked. The problem is focused, and preparation can be more targeted.