SourceOnlinecasinoslotgamesBeijing Business Daily

Jiangxi Everda HVAC Technology Co., Ltd. has not submitted an application for registration since the meeting on April 27, 2023. Now the intermediary Dahua Accounting firm (Special General Partnership) (hereinafter referred to as "Dahua Institute") employed by the company has been punished again. On May 13, Jiangsu Securities Regulatory Bureau issued a decision on administrative punishment to Dahua Institute, which was suspended for six months due to the financial fraud case involving Jin Tongling (safeguarding rights). The penalty of the intermediary agency has also cast a shadow over the IPO, while it is unclear whether the matter will have an impact on the company's IPO process.

Hire an intermediary and be punished.

IPO has been slow to make any new progress, and the intermediary hired by Iffenda is now being penalized again.

On the evening of May 13, according to the official website of Jiangsu Securities Regulatory Bureau, a decision on administrative penalty was issued to Dahua Institute, which mainly involved the financial fraud case of Jin Tongling. According to the facts, nature, circumstances and social harm degree of the illegal acts of the parties concerned, combined with the special circumstances in which the illegal acts span the application of the old and new Securities Law, and in accordance with the provisions of paragraph 3 of Article 213 of the Securities Law, Jiangsu Securities Regulatory Bureau decided to order Dahua to correct and confiscate business income 688.Onlinecasinoslotgames.68 million yuan, fined 3443OnlinecasinoslotgamesA fine of .40,000 yuan and suspension of securities service business for six months.

According to the iFinD statistics of flush, up to now, Dahua is responsible for nearly 40 IPO projects, of which some enterprises such as Iffenda have already passed the meeting. Wang Jiyue, an investment banker, told Beijing Business Daily that Dahua's penalty would have an impact on the IPO project he was responsible for. Wang Jiyue went on to say that there may be little procedural impact because of the slow pace of audits, but regulatory reviews may be more stringent for these companies. Xu Xiaoheng, an expert in investment and financing, told the Beijing Business Daily that the case of IPO stepping on mine intermediaries has also occurred before, which may slow down the company's IPO process to a certain extent, and there will be IPO companies changing intermediaries in the future.

It should be pointed out that at present, the IPO queue time is also long. The company's prospectus was accepted on June 20, 2022, entered the inquiry state on July 17 of that year, and will be approved on April 27, 2023.

However, Iffenda has not submitted an application for registration since the meeting. In response to related issues, the Beijing Business Daily reporter sent an interview letter to Iffenda, but as of the reporter's release, the other side did not reply.

According to the prospectus, Iffenda is a high-tech enterprise specializing in the research, design, production and sales of HVAC household products. The main products include bathroom towel rack products and temperature control valves, heating valves, magnetic filters and other HVAC parts.

Can the new capacity be digested?

The IPO, Iffenda plans to raise 665 million yuan, most of which will be used for the main business to expand production, and capacity can be digested but also play a question mark.

Of the 665 million yuan raised, Iffenda wants to use 50 million yuan to replenish the flow, and the remaining funds will be used for the "technical renovation and upgrading project of the automatic production line of 1.3 million sets of towel racks per year" and the construction project of the automatic production line of 1 million sets of towel racks. The above two projects are planned to raise 261 million yuan and 353 million yuan respectively.

Iffenda said that after the launch of the fund-raising investment project "Technical renovation and upgrading Project of automatic production Line with an annual production capacity of 1.3 million sets of towel racks" and "Construction Project of automatic production Line with an annual production capacity of 1 million sets of towel racks", in addition to the technical transformation of the original production line, the production capacity of 1 million sets of towel racks will be added.

It is worth mentioning that according to the data disclosed by Avatar, the capacity utilization rate of the company's main products is not high in 2022. It is understood that Iffenda's main products are bathroom towel racks and HVAC spare parts. From 2020 to 2022, the capacity utilization rate of Effonda bathroom towel rack was 91.5%, 98.9% and 79%, respectively.OnlinecasinoslotgamesThe capacity utilization rate of HVAC spare parts is 73.35%, 80.84% and 69.06%, respectively.

It is not difficult to see that the capacity utilization rate of Avatar bathroom towel rack decreased significantly in 2022. However, Effenda said that during the reporting period, except for the temporary decline in demand caused by external reasons and the conflict between Russia and Ukraine in 2022, the capacity utilization of the company's bathroom towel rack products was relatively high.

In its prospectus, Avonda also warned the risk that if sluggish growth in overseas markets and changes in customer demand preferences lead to major adverse changes in the market in the future, it may lead to the risk that the new increase in production can be digested in time after the fund-raising investment project is put into production.

Innovation has been questioned.

The IPO, Iffenda plans to impact the gem, and the company's innovation was questioned by the regulatory focus at the last meeting.

The data show that from 2020 to 2022, the realized operating income of Iffenda is about 557 million yuan, 800 million yuan and 762 million yuan respectively, and the corresponding realized vested net profit is about 12.9272 million yuan, 70.076 million yuan and 93.131 million yuan respectively. The corresponding realized net profit is about 14.7857 million yuan, 70.32 million yuan and 88.305 million yuan respectively.

During the reporting period, Iffenda's R & D expenses were about 18.7197 million yuan, 25.3385 million yuan and 25.2651 million yuan respectively, accounting for 3.36%, 3.17% and 3.31% of the current operating income, respectively. As of December 31, 2022, the company has a total of 171 R & D personnel, accounting for 9.44% of the total number of employees.

In the prospectus, Aifeida listed many comparable listed companies in many industries, such as Supor, Estelle, Hals, Jiayi shares, good wife, and so on. Among them, the average R & D expenditure rates of the above comparable companies in 2020 and 2021 were 4% and 3.62%, respectively, higher than that of Iffindar.

In addition, the average salary of research and development staff of Iffenda is also lower than that of salespeople and managers, and lower than the average level of comparable companies in the same industry. In this regard, the listing committee has asked Iffenda to explain the reason and rationality of the low average salary level of R & D personnel; combined with R & D mechanism and project reserves, core technology, business model and other factors, explain whether the company has continuous R & D capability and innovation.

At the meeting of the municipal party committee, the growth of Iffenda was also questioned. According to the prospectus, Avatar mainly sells overseas ODM. During the reporting period, the company's main business income was 555 million yuan, 781 million yuan and 747 million yuan respectively, which decreased slightly in 2022. Overseas sales revenue was 496 million yuan, 702 million yuan and 690 million yuan respectively, accounting for 89.37%, 89.93% and 92.37% of the main business income respectively. The domestic sales revenue is 58.9832 million yuan, 78.5941 million yuan and 56.9921 million yuan respectively.

The Shanghai Municipal Party Committee also required Avinda to combine factors such as market size, competitive advantages and disadvantages to explain the stability of major overseas customers and the sustainability of overseas sales revenue growth; combine factors such as development strategy, technical barriers, and domestic market development to explain domestic sales. Reasons for the slow growth of revenue and countermeasures; and explain whether the main business is growing in combination with the foregoing matters.

Beijing Business Daily reporter Ma Huancheng