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Yingtai And AI Rong Two Will Be Listed On The List To Meet The Examination. Millions Of Investors Will Be Waiting.

2020/6/9 10:01:00 0

Ying TaiAI RongTwo EnterprisesInvestors

The new IPO reform is ushering in a new era.

According to the announcement of the stock transfer system, the first listing committee of the stock transfer system will hold a review conference in June 10th. It will examine the application of the selected layers of Yingtai bio and AI Rong software, and Yingtai bio and AI Rong software will also become the first two companies to be tested by the Listing Committee since the reform started.

In the process of audit, the stock transfer system has launched dozens of questions and answers against several links such as related parties, customers and compliance of the two companies. However, in the opinion of analysts, the two companies that enter the upper conference from only one inquiry and answer are able to pass the examination and enter the selection layer.

For the new three boards that have been expanding for 6 years, it is only a step away from the shaping of a brand new market ecosystem.

The first "candidates" perspective

In June 10th, Yingtai bio and AI Rong software will be selected as the first two selected enterprises of the new three boards.

Among them, as a subsidiary of the small and medium-sized board company, China's health industry, Yingtai bio will become the first new board company to take the lead in the pesticide industry.

Because of this, in previous enquiries, the relationship between Yingtai bio and the parent company's health in China has also become the focus of the review. For example, the stock transfer system has asked Yingtai bio to explain the two companies' proportion, whether there is a cross between executives and whether they are competing in the same industry.

Although it is only a new three board enterprise, Yingtai bio revenue has reached 6 billion 140 million yuan, 6 billion 232 million yuan and 5 billion 295 million yuan in the past 2017-2019 years, which are all in the scale of billions. However, due to their higher operating costs, their net profit to parent company is 155 million yuan, 432 million yuan and 269 million yuan respectively. The revenue of the company is 6 billion 140 million yuan, 6 billion 232 million yuan and 5 billion 295 million yuan respectively.

It is worth mentioning that the reason for its decline in profits in 2019 has also become one of the key points of the inquiry. Yingtai said it was mainly related to reducing trade and Agro chemical business, resulting in a decline in its revenue.

However, Yingtai also pointed out that, "affected by the epidemic at home and abroad, although the company's overseas sales declined to some extent after the reporting period, the company's overall operation in the first quarter of 2020 was good. The net profit attributable to shareholders of the parent company increased substantially compared with the same period last year, and the decrease in overseas receipts has not adversely affected the overall operation and business mode of the company."

The draft prospectus disclosed that in the first quarter of 2020, Yingtai biological business income and net profit were 1 billion 407 million yuan and 76 million yuan respectively.

In addition, according to its set 4.75 yuan issuing base price and 100 million yuan to raise the scale of fund-raising, Yingtai bio is expected to achieve the scale of small IPO fund-raising will not be less than 400 million yuan, and if reference to the 20 trading days before the closing price for pricing, then the scale of its fund-raising is expected to exceed 700 million yuan.

"The average size of the small IPO before the market is estimated at 2-3 billion yuan. If we can raise more than 500 million yuan, then the effect of the selected layer IPO is equivalent to that of A shares." Bao Dai, a listed broker in Shanghai, said.

In contrast, the scale of AI Rong software is relatively small, only 8 million 800 thousand shares, and according to its 16 to 45 yuan issuance range, its fund-raising scale is between 140 million yuan and 396 million yuan.

According to the declaration data, the three year operating income of AI Rong software in the financial IT system service industry from 2017 to 2019 was 140 million yuan, 169 million yuan and 213 million yuan respectively, but the net profit of its parent company amounted to 39 million yuan, 54 million yuan and 44 million yuan respectively.

"The gross margin of the software industry is higher, so the growth is stronger, so there is always a higher valuation." Bao Bao pointed out above.

In fact, it is precisely because AI Rong software has a higher gross profit margin than the listed companies in the same industry, and it is also asking questions in the examination and inquiry link. The data show that the comprehensive gross profit margin of AI Rong software from 2017 to 2019 is 52.69%, 55.25% and 44.41%, it is almost the same as that of financial IT, and is higher than Beijing North, Yuxin technology and An Shuo information industry company.

In this regard, AI Rong software explained that this is partly related to some of the company's existence of some low margin business to lower the overall gross margin.

For example, the gross profit margin of Yuxin technology software solution business is more than 20 percentage points higher than the gross profit margin of its system integration business, while the gross profit margin of Beijing North information technology service business is higher than that of its business process outsourcing business by more than 15 percentage points, while AI Rong software has a higher monthly price per person based on the business mode of "software product + customized development".

The first tier or more than 30

"Ying Tai and AI Rong are just the beginning."

A broker close to the stock transfer system revealed that with the meeting of Yingtai biology and AI Rong software, the audit committee of the listing committee will also start the "acceleration mode".

"Then there will be more and more companies that go through the process of answering feedback inquiries." The securities brokers close to the stock transfer system said, "we can see which companies have completed their enquiries, and these companies may not be far away. There may also be some companies withdrawing materials."

"Judging from the current situation of trial and counselling enterprises and the rhythm, the number of the first batch of selected enterprises will probably be in 30 -50 households." The securities dealers close to the stock transfer system pointed out.

Judging from the time interval between the reporting transfer layer and the small IPO receiving the official sprint, the selection layer still maintained a faster audit speed.

According to public data, the time points for Yingtai biology to enter the counselling period and the acceptance period were February 18th and March 16th respectively, while the time for formal reporting of transfer and acceptance was April 28th. It is less than 1 months from the tutoring period to the completion of counseling, and less than 2 months from the queuing process to the upper level.

Coincidentally, AI Rong software has only been used for 42 days from the guidance period to the completion of acceptance. It has formally declared the sprint selection level from April 29th to June 10th, and it will only be used for 43 days.

"Because the new three Board companies are different from some unlisted quasi IPO enterprises, they themselves have been the public company's identity for a period of time, so the guidance period is relatively short, while the selective layer reform also embodies the principle of marketization, so a number of factors jointly accelerate the pace of auditing. The broker pointed out.

It is worth mentioning that Yingtai biology and AI Rong software have only experienced the first round of inquiry and reply questions, and have achieved the meeting.

"In line with the principle of accelerating reform, if we can ask for feedback through a round of feedback, we won't have to go through the second round, so this indirectly accelerates the pace of the whole audit."

Although only through a round of inquiry, the stock transfer system has not relaxed the review of the transfer layer enterprises.

For example, in the declaration of Yingtai biology, the stock transfer system has raised up to 50 questions. For AI Rong software, there are up to 36 enquiries.

However, according to the industry, the possibility of Yingtai and AI Rong software will eventually be relatively large.

"First of all, after the completion of the first meeting, there will be no more doubt. At least there is no more doubt about the transfer level. As long as the company has no special circumstances, the approximate rate will be able to pass. Compared with some companies, they have received second inquiries, indicating that the first answer was not particularly satisfactory. A brokerage firm in Shanghai, Bao Dai pointed out.

Coveted to fight new people

In twenty-first Century, the economic news reporter learned that many investors are preparing for the new competition in the face of the upcoming selection of the rhythm of the listing.

Some private agencies believe that the price discount in the IPO pricing process may be more likely to be an investment opportunity at the selected level.

"At present, some queuing companies have a higher price earnings ratio before they stop trading, so if there is a certain price discount in the pricing process, there will still be some attraction for the market." "Many investors may also try to participate in the investment of selected companies by playing a new way."

In addition, the further expansion of the number of selected investors has also become the reason why these investors are promising to fight new. According to the data of stock transfer system, as of June 2, 2020, the total number of qualified investors of new three boards has exceeded 100 million, reaching 1004858 households, which has increased by nearly 3.4 times before the start of the reform. The total number of qualified investors has increased by nearly 3.4. Since April, the number of new accounts has been maintained at more than 10 thousand per day.

In fact, there are investors who have enough securities assets to enter the innovation layer and even the basic level. They still try to consider investing in the new market by selecting the best ones.

"Although there may be a certain degree of valuation gain in the process of selecting layers from the innovation layer, the whole process of small IPO still has to go through several links such as declaration, inquiry, meeting, approval, etc., if a company fails to get ahead, its early rise will inevitably be beaten back to its original form, which is very risky for investors." A private agency in Beijing said.

"By contrast, the risk of taking part in selective investment is relatively low, and on the one hand, it has been issued, certainty is stronger, and on the other hand, it is possible to enjoy a certain discount, which can also become a new opportunity." The above private equity agencies said.

Some investment bankers also pointed out that the pricing of the selected company's small IPO is less than that of the last trading day of the innovation layer. The reason is that its pricing logic can refer to the public issuance of the A share market.

"Discount is a big probability. In fact, considering that the selected companies have already had transaction and market prices at the stage of innovation, IPO can be regarded as an open public offering. In general, there is a discount for the issuance, so it is not surprising that the newly selected layers will enjoy a certain discount on pricing." A broker dealer in Shanghai pointed out.

According to the twenty-first Century business reporter, the regulators are also trying to understand the issuers' subjective intention to issue pricing through internal communication.

"In fact, regulators want to have a rough number to prepare for the corresponding market, and neither do they want the issue price to be too high. If there is a break on the day or a few days after the listing, then the overall image of the reform will be disadvantageous." A broker who is close to the regulatory level said, "however, from the overall pricing mechanism, the price of the selected layer will still need to be acquired in a market-oriented way."

 

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