Asian Fishing Port Co., Ltd. (hereinafter referred to as “Asian fishing port”), which was questioned by the market and did not meet the conditions of “three innovations and four innovations”, was rejected by the development and Examination Commission at the meeting on February 18. On February 18, according to the news released on the official website of the Shenzhen Stock Exchange, the IPO of the Asian fishing port gem failed to pass, and the specific embodiment of the company in the “three innovations and four innovations” was questioned whether it was in line with the positioning of the gem.
the IPO of Asian fishing port gem failed
According to the information disclosed on the official website of Shenzhen Stock Exchange, the IPO of Asian fishing port gem did not meet the issuance conditions, listing conditions or information disclosure requirements, and the company failed to pass the initial public offering.
According to the prospectus, Asian fishing port is a fresh catering material supply service provider. The company’s main products and services are divided into raw and fresh food material products of deep-processing products and primary processing products and warehousing and logistics services.
In 2018-2020 and the first half of 2021, the operating revenue of Asian fishing ports was about 914 million yuan, 1.203 billion yuan, 897 million yuan and 561 million yuan respectively; The corresponding attributable net profits are about 64.0889 million yuan, 69.0487 million yuan, 53.5214 million yuan and 33.265 million yuan respectively. The corresponding net profit after non deduction is about 55.3051 million yuan, 67.5046 million yuan, 51.0813 million yuan and 31.7144 million yuan respectively.
It is not difficult to see that in 2020, the revenue, attributable net profit and attributable net profit of Asian fishing ports decreased to a certain extent. In this regard, Asian fishing ports said that they were mainly affected by two factors. First, the downstream catering industry was greatly affected by the epidemic in 2020, and the income of the national catering industry decreased by 16.6% year-on-year; In addition, affected by the epidemic control, the company’s business of importing shrimp primary processing products had a great impact, and the income of primary processing products decreased by 45.92% year-on-year. Based on the principle of prudence, the company fully accrued inventory falling price reserves.
Throughout the IPO tour of Asian fishing ports, the company’s prospectus was accepted on July 10, 2020 and entered the inquired state on August 6 of that year. Seeking to be listed on the gem this time, the Asian fishing port plans to raise 330 million yuan to invest in the Asian fishing port central cold chain processing project and the Asian fishing port Qiangbao supply chain project, with 250 million yuan and 80 million yuan respectively.
Now, with the company’s IPO being rejected, the fund-raising vision of Asian fishing ports has also been announced to have failed.
Whether meets the positioning of gem was questioned
In fact, in the process of breaking through the gem, whether Asian fishing ports meet the conditions of “three innovations and four innovations” has been criticized by the market, which has also become the focus of the regulators.
According to the prospectus, the compound growth rate of operating revenue and net profit of Asian fishing ports from 2018 to 2020 was negative, and the proportion of R & D expenses in operating revenue during the reporting period was 1.17%, 0.83%, 0.84% and 0.71% respectively; The four invention patents owned by the company were obtained in 2013, and the income of products related to invention patents accounted for 5%, 2.74%, 2.45% and 2.16% respectively.
In addition, at present, Asian fishing ports only control their own factories and some OEM manufacturers through z-net, but have not achieved the whole process control; The company mainly adopts outsourcing processing mode to carry out production.
In this regard, the Shanghai municipal Party committee asked the Asian fishing port to explain whether the specific embodiment of the company in the “three innovations and four innovations” conforms to the positioning of the gem in combination with its business model, business growth, innovation ability and R & D transformation ability. Xu Xiaoheng, an investment and financing expert, told the Beijing Business Daily that in May 2020, the Shenzhen Stock Exchange had issued a “negative list” for the issuance and listing of gem enterprises, and in principle did not support enterprises in traditional industries such as agriculture, forestry, animal husbandry and fishery, agricultural and sideline food processing, mining, food and beverage to apply for gem listing.
At the audit meeting, the “Haiyan” jointly established by Asian fishing ports and natural persons was also the key point of the regulators’ inquiry.
It is understood that “Haiyan” is an important subsidiary of the primary processing business of Asian fishing ports. There are large capital exchanges between the principals of “Haiyan” and “Haiyan” and the customers, and some funds flow back to “Haiyan” through the customers after flowing out of “Haiyan”; A large number of original vouchers for revenue recognition and purchase warehousing of “Haiyan” are missing; The receiving addresses of different customers are concentrated in the Wellcome market where the person in charge of “Haiyan” operates its business, while the actual business addresses of customers are located all over the country.
The Shanghai municipal Party committee asked Asian fishing ports to explain the rationality of capital exchanges among the above three parties; The reasons for the large number of missing business income and purchase documents of “Haiyan” and the authenticity of relevant income.
tried to acquire Zoneco Group Co.Ltd(002069) assets but failed
In fact, Asian fishing ports also had an intersection with A-share listed companies. They wanted to acquire the assets of Zoneco Group Co.Ltd(002069) but failed in the end.
According to an announcement disclosed by Zoneco Group Co.Ltd(002069) on July 2, 2019, in order to concentrate resources, accelerate the reconstruction of marine pastures, reduce the asset liability ratio and ensure the safe operation of the company, the company plans to take 100% equity of Dalian Xinzhong seafood Co., Ltd. (hereinafter referred to as “Xinzhong seafood”) held by Zoneco Group Co.Ltd(002069) Fishery Group Hong Kong Co., Ltd., a wholly-owned subsidiary of the company The 90% equity of Xinzhong Japan Co., Ltd. (hereinafter referred to as “Xinzhong Japan”) is sold to Asian fishing ports, and the two sides have signed a cooperation framework agreement on the above matters.
After that, on August 27 of that year, Zoneco Group Co.Ltd(002069) and Asian fishing ports finalized the above transaction amount of 234.5 million yuan, which also constituted a major asset restructuring stipulated in the administrative measures for major asset restructuring of listed companies.
However, on September 28, 2019, Zoneco Group Co.Ltd(002069) issued an announcement on terminating the sale of major assets, and the sale of 100% equity of new China marine products and 90% equity of new China Japan was terminated. The cooperation between the two sides was announced to have collapsed.
