Stock abbreviation: Autel Intelligent Technology Corp.Ltd(688208) securities code: 688208 listing place: Shanghai Stock Exchange Autel Intelligent Technology Corp.Ltd(688208)
With Citic Securities Company Limited(600030)
About Autel Intelligent Technology Corp.Ltd(688208)
Issue convertible corporate bonds to unspecified objects
Inquiry letter on examination of application documents
of
Reply Report
(Revised Version)
Sponsor (lead underwriter)
North block of excellence Times Square (phase II), No. 8, Zhongxin Third Road, Futian District, Shenzhen, Guangdong Province
February, 2002
Shanghai Stock Exchange:
We have received the inquiry letter on the examination of the application documents for Autel Intelligent Technology Corp.Ltd(688208) issuing convertible corporate bonds to unspecified objects (szkss (refinancing) [2021] No. 119, hereinafter referred to as the “inquiry letter”) issued by your exchange on December 21, 2021, Autel Intelligent Technology Corp.Ltd(688208) (hereinafter referred to as ” Autel Intelligent Technology Corp.Ltd(688208) “, “issuer” or “company”) and Citic Securities Company Limited(600030) (hereinafter referred to as ” Citic Securities Company Limited(600030) “, “sponsor” or “this sponsor”) Tianjian Certified Public Accountants (special general partnership) (hereinafter referred to as “reporting accountant”) and Beijing Zhonglun law firm (hereinafter referred to as “issuer’s lawyer”) and other relevant parties have implemented and replied to the questions mentioned in the audit inquiry letter one by one, and supplemented the application documents accordingly. Please review.
explain:
1、 Unless otherwise specified, the abbreviations or terms in this reply report have the same meanings as those in the prospectus for the issuance of convertible corporate bonds to unspecified objects (draft application). 2、 The font in this reply report represents the following meanings:
Review the questions listed in the inquiry letter in bold (not bold)
Song typeface (not bold) audit inquiry letter, reply to questions and verification opinions of intermediaries
Supplement and revise the disclosure contents of the prospectus in italics (BOLD)
Supplementary and modified contents of inquiry reply report in italics (BOLD)
Note: there may be slight differences between the sum and total data of individual data in some tables of this reply report, which are caused by rounding in the calculation process.
catalogue
Question 1: about the previous raised investment project 4 question 2: about this raised investment project Question 3: about the investment direction of the raised funds Question 4: on the necessity of financing 75 question 5: about financial investment Question 6: about litigation 98 question 7: about inventory and prepayments 108 question 8: about solvency Question 9: about overseas business and procurement 122 question 10: others one hundred and twenty-six
Question 1: about the previous raised investment project
According to the application documents, (1) the company reviewed and approved the proposal on changing the implementation location of some raised investment projects on December 8, 2020, and changed the implementation location of ” Autel Intelligent Technology Corp.Ltd(688208) Xi’an Northwest headquarters base and R & D center construction project” (hereinafter referred to as project I) to the central Innovation Zone of Xi’an high tech new area; (2) The proposal on the change of R & D projects in Xi’an into “R & D projects” and “R & D projects to be implemented in June 2028” (hereinafter referred to as the proposal on the change of R & D projects of the company to “R & D projects of the first and second projects of the second project of the second project of the second project of the second project of the second project of the second project of the second project of the second project of the second project of the second project of the second project of the second project of the second project of the second project of the second project of the second project of the second project of the second project of; (3) The implementation subject of “automobile intelligent diagnosis cloud service platform construction project” (hereinafter referred to as project IV) was changed from daotong hechuang, a wholly-owned subsidiary of the company, to daotong Xi’an, a wholly-owned subsidiary of the company, and the implementation location was changed from Shenzhen to Xi’an, Shaanxi Province.
The issuer is requested to explain: (1) the specific circumstances and reasons for changing the implementation content, implementation cycle and project amount of project I; (2) The implementation progress and overall schedule of each project after the change, whether project IV has reached the expected usable state, and the expected time to realize the income; (3) The reasons why the new location has obvious regional advantages but fails to fully meet the company’s project land demand, the relevance between project 2 and project 3, the reason and rationality of the proposed extension of the implementation cycle of project 2 to 4 years, and whether the implementation content, specific products and implementation location of project 3 are consistent with the main production and operation place of the implementation subject; (4) Whether the site, equipment and personnel of the changed implementation site meet the needs of project IV.
Please report to the accountant for verification and express clear opinions.
reply:
1、 Issuer description
(I) implementation content, implementation cycle and project amount of change project I and reasons
On December 8, 2020, the fifth meeting of the third board of directors and the fifth meeting of the third board of supervisors deliberated and adopted the proposal on changing the implementation location of some raised investment projects, changing the implementation location of project I. On June 28, 2021, the ninth meeting of the third board of directors and the ninth meeting of the third board of supervisors deliberated and adopted the proposal on changing some raised investment projects, implementation subjects and implementation locations, changing project I into Project II and project III, of which project II is implemented by daotong Xi’an, located in Xi’an high tech Zone, and the implementation cycle is 4 years; The third project is jointly created and implemented by daotong. The implementation site is located in Nanshan District, Shenzhen. The implementation cycle is 2 years.
The details of project I changed twice by the company are shown in the table below:
The first change and the second change of the original plan of the project
Autel Intelligent Technology Corp.Ltd(688208) Xi’an Northwest headquarters base and research Autel Intelligent Technology Corp.Ltd(688208) Xi’an R & D Autel Intelligent Technology Corp.Ltd(688208) new energy production project name development center construction project (project I) center construction project (project R & D project (Project II) III)
Implement the joint creation of main daotong Xi’an daotong Xi’an daotong
The company’s business scale continues to expand, but in Shenzhen, the company plans to purchase global new energy vehicles in Xi’an. The site scale is limited. In order to ensure the production and R & D site, continuously improve the current penetration rate and the stability of public property operation, the company urgently needs to build an intelligent diagnosis and analysis department, and the company plans to actively layout Xinneng’s own production base.
On the basis of Xi’an purchasing system, the company has developed the open source automobile aftermarket, put the implementation content on the land, planned to build the digital maintenance information technology of production and storage vehicles, grasp the maintenance, maintenance, charging room and relevant supporting auxiliary facilities, and introduce advanced production equipment that is first developed to improve the maintenance of digital electricity, discharge and other fields, Build Xi’an Northwest digital and intelligent level, provide new opportunities, and provide Xinneng headquarters base and R & D center with products and services to promote the technical progress of maintenance source charging and discharging system in the automotive aftermarket
The implementation cycle is 2 years, 4 years and 2 years
Reason for change government land planning adjustment government land planning adjustment again
The project amount is 556.0964 million yuan, 342.6544 million yuan and 213.442 million yuan
Land use: land purchase and self construction lease first and then purchase real estate lease implementation
Xi’an high tech Zone
Jinger Road, south of gaoxindou Road, Xi’an
East of No. 18 road, East West No. 8, Xi’an high tech Zone
Implementation location: Nanshan District, Shenzhen, 22 / F, unit 1, building 1, center, north of Nanbei 26th Road
West of Building 1, unit 26 and west of Jingjing Road
11th floor of the northeast corner of the plot (rent)
(Xi’an high tech Zone)
Central Innovation Zone)
The reason for the first change is mainly due to the land planning adjustment of the local government. The original implementation plot is collected and stored by the land reserve center of Xi’an high tech Industrial Development Zone, which makes it impossible for the company to obtain it on schedule. The local government provides the company with a new plot. The location advantage of the new plot is obvious, which is conducive to the talent introduction and long-term development of the company.
The main reasons for the second change are: 1. The land planning of the local government is adjusted again, and the above-mentioned new plots cannot be obtained. The local government plans to provide the company with another planned land for the implementation of the raised investment project. The plot is located at the southwest corner of the intersection of planned wei30 road and planned jing40 road in Xi’an high tech Zone. There is only one village road and county road around, so the transportation is inconvenient. At the same time, there are no high-rise buildings around the plot, which brings great difficulties to the project construction planning and is not conducive to the recruitment of personnel required for the implementation of the project; 2. As many countries or regions around the world announced the timetable for banning the sale of fuel vehicles, the global penetration rate of new energy vehicles continued to increase. The company actively arranged new opportunities in the repair, maintenance, charging and discharging of electric vehicles in the automotive aftermarket, and provided products related to new energy charging and discharging systems
And services. Therefore, since the above plots cannot meet the construction needs of raised investment projects, the company changed project I in combination with the business development plan in order to grasp the opportunity of reform in the automotive industry and support the rapid implementation of R & D achievements. (II) the implementation progress and overall schedule of each project after the change, whether project IV has reached the expected usable state, and the expected time to realize the income
1. Implementation progress and overall schedule of each project after change
As of December 31, 2021, the accumulated amount of the company’s previous raised funds invested in the investment projects of the raised funds was 219.6701 million yuan, the over raised funds were used to permanently supplement the working capital of 260 million yuan, and the accumulated raised funds were 479.6701 million yuan, accounting for 43.64% of the net amount of the previous raised funds. The overall progress was slow, mainly due to the adjustment of government planning, The original plot of ” Autel Intelligent Technology Corp.Ltd(688208) Xi’an Northwest headquarters base and R & D center construction project” was collected and stored by the land reserve center of Xi’an high tech Industrial Development Zone, resulting in the land use of the project has not been implemented yet. Excluding the proposed raised capital of 481.7276 million yuan for the construction of Xi’an Northwest headquarters base, the overall investment progress of the previous raised investment project was 77.68%, and the specific use is as follows:
Unit: 10000 yuan
Before and after the change, as of December 31, 2021
Sequence project name raised fund raised fund project No. total investment amount to be used total investment amount to be used total investment amount to be used accumulated investment funds to be used to invest the scheduled amount of funds to be used in progress Date
Autel Intelligent Technology Corp.Ltd(688208) northwest of Xi’an
1 headquarters base and R & D center construction project
2 Autel Intelligent Technology Corp.Ltd(688208) Xi’an R & D — 34265.44 34265.44 9432.81 27.53% center construction project in 2023
3 Autel Intelligent Technology Corp.Ltd(688208) new energy production — 21344.20 21344.20 4582.81 21.47% 2023 product R & D project
4 automobile intelligent diagnosis cloud service 9390.98 9390.98 9390.98 9390.98 7951.38 84.67% 2022 3 service platform construction project
