Shanghai Stock Exchange document szkss (refinancing) [2022] No. 11
—— about Zhuzhou Huarui Precision Cutting Tools.Co.Ltd(688059)
Application documents for issuing convertible bonds to unspecified objects
Second round audit inquiry letter
Zhuzhou Huarui Precision Cutting Tools.Co.Ltd(688059) 、 China Merchants Securities Co.Ltd(600999) ：
In accordance with the securities law, the measures for the administration of securities issuance and registration of companies listed on the science and Innovation Board (for Trial Implementation), the rules for the examination and approval of securities issuance and listing of companies listed on the science and Innovation Board of Shanghai Stock Exchange and other relevant laws and regulations, as well as the relevant provisions of the exchange, The audit institution of the exchange reviewed the application documents of Zhuzhou Huarui Precision Cutting Tools.Co.Ltd(688059) (hereinafter referred to as the issuer or company) for issuing convertible corporate bonds to unspecified objects, and formed the second round of questions.
1. About this raised investment project
According to the first round of replies and application materials, the raised and invested construction projects include the construction of precision CNC tool body production line and efficient drilling tool production line. In the construction project of precision CNC tool body production line, the company plans to develop 19 series of tool body products, including 17 milling tool bodies and 2 drilling tool bodies; The company has completed the development of three series. In the construction project of high-efficiency drilling tool production line, the overall cemented carbide drilling tool has not been developed yet, and only some specifications and models of overall cemented carbide drilling tools have been developed.
The issuer is requested to: (1) explain the specific basis for giving priority to R & D products with large market demand in combination with downstream application scenarios and sales of similar competitive products in the market; (2) The matching relationship between the product R & D Progress of the raised investment project, the production sequence of different products and the production planning; (3) Comparison between the gross profit margin of the raised investment project and the comprehensive gross profit margin in the reporting period and the reasons for the difference.
2. About equipment purchase
The amount of funds to be raised for the construction of precision CNC tool body production line and high-efficiency drilling tool production line is 160 million yuan and 120 million yuan respectively, which are mainly used for equipment purchase. The equipment purchase unit price is mainly estimated by referring to the historical purchase price, supplier quotation and commercial purchase website quotation in combination with the market fluctuation. In the estimation, the company’s historical purchase price and supplier quotation are preferred as the reference. When there is no historical purchase price and no supplier inquiry, the commercial purchase website quotation is used as the reference.
The issuer is requested to: (1) summarize and explain the necessity of equipment purchase and the relationship with existing equipment; (2) For some equipment whose quotation on the commercial procurement website is significantly lower than that of the supplier, in combination with the specific process of supplier quotation, whether there has been multi-party inquiry and price comparison to explain the fairness of the supplier’s quotation and the reasons for not following the price on the commercial procurement website; (3) Simulate and calculate the impact of the above equipment on the financing scale if it is calculated according to the quotation on the commercial procurement website.
The issuer is requested to distinguish between “disclosure” and “explanation”. In addition to applying for exemption, the disclosure content shall be added to the prospectus. The explanation content is the content of inquiry reply and does not need to be added to the prospectus; Where the amendment of the prospectus and other application documents is involved, the updated place shall be indicated in bold in regular script, and the amendment description and difference comparison table shall be submitted together; The recommendation institution is requested to carefully check and check the issuer’s reply item by item, and write the general opinion that “the institution has checked the company’s reply in this reply material, confirmed and guaranteed its authenticity, completeness and accuracy” after the issuer’s reply.
Shanghai Stock Exchange
January 16, 2002
Key words: inquiry letter on refinancing of Kechuang board
Issued by Shanghai Stock Exchange science and Innovation Board listing Audit Center on January 16, 2022
