Chaozhuo Hangke IPO: the financial data was questioned by the supervision, and the real controller was involved in the inheritance dispute case
Hubei Chaozhuo Aviation Technology Co., LTD. (hereinafter referred to as “Chaozhuo Aviation Science and Technology”) ‘s ipo application will be reviewed on January 26, according to the announcement of the 5th and 6th deliberation meeting of the Shanghai Stock Exchange’s Science and Technology Board in 2022.It is reported that super Zhuohangke intends to issue shares not more than 22.408 million shares, not less than 25% of the total share capital after the issue.The company plans to raise 279 million yuan this time, mainly used for additive manufacturing production base project, titanium alloy powder cold spraying process development project, high-performance target material RESEARCH and development center construction project.Public information shows that Chaozhuo Aviation is one of the few domestic enterprises that master cold spraying additive manufacturing technology and industrially apply it to aircraft maintenance and remanufacturing, mainly engaged in customized additive manufacturing and airborne equipment maintenance business.The author has contacted the company but has not received an effective reply to the market’s concerns about super Zhuo Aviation.Super Excellence Aviation is one of the few domestic enterprises that master cold spraying additive manufacturing technology and apply it industrially in the field of aircraft maintenance and remanufacturing, mainly engaged in customized additive manufacturing and airborne equipment maintenance business.Since its establishment, the company focuses on the maintenance of airborne equipment, mainly engaged in the maintenance business of military and civil aircraft pneumatic accessories, hydraulic accessories, fuel accessories and electrical accessories.When the author looked through the prospectus of Chaozhuo Hangke, he found that the performance of 2020 suddenly soared, operating revenue increased 139.1% year on year, to 122 million yuan;The net profit and the net profit after deduction of non-profits increased by 499.35% and 637.52% respectively, stepping on the threshold of the science and technology innovation board.From January to June in 2018, 2019, 2020 and 2021, the operating income of Super Zhuo Aeronautics is 41.1115 million yuan, 512,306 million yuan, 122 million yuan and 60,9835 million yuan respectively.The net profit attributable to the owner of the parent company was 6,833,300 yuan, 10,712,800 yuan, 64.206,400 yuan and 34.016,200 yuan respectively.From January to September of 2021, the operating revenue of Chaozhuo Aeronautics is 93,179,600 yuan.Compared with 2020, the growth rate of net revenue in 2021 plunged.The author looked through the financial statements disclosed before and during the listing period of the New Third Board again and found that, except for the explosive growth of performance in 2020, the performance in other years seemed to be mediocre, and the company’s operation stability seemed not particularly good.At the same time, the authors find that regulators are also paying close attention to the company’s business sustainability and market space for its core technologies.In the reply to the inquiry, Chaozhuo Aviation said that during the reporting period, the company as the sole supplier of revenue maintained a trend of continuous growth, is the main component of the company’s structure remanufacturing business revenue, accounting for the company’s total operating revenue also continued to increase.As the military has high requirements on the stability of suppliers, the company is less likely to lose the position of sole supplier, and the main business is sustainable.As of the date of issue of this reply, the relevant business orders of Super Zhuohangke are 38.86 million yuan, and the orders are in good condition.It is worth mentioning that, on the eve of the meeting, the Shanghai Stock Exchange also had doubts about the authenticity of its related transactions, requiring Chaozhuo Aviation to further analyze the production, sales and stock matching of related products in combination with the prices and production of major businesses, and explain the reasons for the significant increase in the income of major products in 2020.The specific reasons for the explosive growth of each business in 2020 compared with that in 2019 are added.Combined with the main business situation of Hangbaichuan and the reason why it purchased target materials from the issuer in 2020, whether there is a real transaction background.In addition to the financial data, the author found that Chaozhuo Aeronautics only has 6 invention patents, which is also the “line crossing” of the science and technology innovation board. It is understood that the science and technology innovation attribute clearly requires at least 5 patents issued to form the main business income.The company also received key inquiries from Shanghai Stock Exchange, especially in the third round, repeatedly asking about the company’s scientific innovation attributes.The author looked at the specific documents and found that these problems were related to knowledge and production. In order to verify the independence of the company’s core technology, he was afraid that the company was an empty shell and the technology depended on buying the front of other companies.For more than 2 years, the biggest impact on the market is that the rigid demand for the number of patents is stimulated. In order to dress up the nature of science and innovation, some of the listed companies are going to buy patents everywhere.The core technology of Super Zhuohangke is cold spraying technology, and there are only 5 authorized patents.In addition, from the company’s core technical personnel fission, the company’s full-time R & D personnel (R & D department staff) almost full-time engaged in cold spraying and other fields of new technology, new process research and development.After reading the answers and application materials of the three rounds of inquiry, the author found that the defects of the company’s knowledge and production are too few core invention patents, which will undoubtedly increase the risk, and the core technology is targeted at a small market.Interestingly, for a company that relies on research and development technology, the research spending rate of XAeuzhuo aerospace dropped significantly in 2020, below the average of comparable companies in the industry.From January to June in 2018, 2019, 2020 and 2021, THE R&D expenses of Super Zhuo Aeronautics are 8.605 million yuan, 11.070 million yuan, 10.229,200 million yuan and 5.791,700 million yuan respectively, with the r&d expense ratios of 21.02%, 21.61%, 8.35% and 9.50%, respectively.During the same period, the arithmetic average of r&d expense ratio of comparable companies in the same industry were 11.88%, 11.05%, 10.17% and 11.27%, respectively.The author also contacted the company about its research and development, but did not receive a reply.In addition, the author also found that the internal problems of the company are not small.According to public information, chaozhuo Aviation’s co-actual controllers are Li Yihan, Li Guangping and Wang Chunxiao, who together hold 66.35% of the company’s shares.Li Guangping and Wang Chunxiao are the spouses and are now the chairman and general manager of the company.Li Yihan is the son of Li Guangping and Wang Chunxiao, and is now the company’s director, deputy general manager, core technical personnel, r&d director.According to the prospectus, In April 2018, Hanjiang Gaotong signed a capital increase agreement with Chaozhuo Aeronautics, agreeing that Hanjiang Gaotong subscribed for 3.75 million shares of Chaozhuo Aeronautics at 15 million yuan.However, according to the public information on the official website of Xiangyang SasAC in October 2018, Hanjiang Gaotong actually invested 5 million yuan in the issuer.Why is the information disclosed in the prospectus inconsistent with that published by Xiangyang SasAC?Is the equity structure of Super Zhuohangke clear?Is there any proxy shareholding, hidden shareholding and so on?It is worth noting that the equity inheritance dispute between the siblings of Wang Chunxiao, one of the real controllers of Chaozhuo Aviation, has received attention from the Shanghai Stock Exchange.Data shows that Wang Peng, the actual controller of Nanjing Wang Xing, is the younger brother of Wang Chunxiao. Due to the distribution of family property and other reasons, conflicts arise, resulting in worsening relations, and there has been no contact between the sister and brother for many years.Navigation department reply, one of actual control by the company of interview chun-xiao wang Paul peng wang, nanjing fulfil actual controller, chun-xiao wang and wang Wang Pengzhi sister red crescent, the police and other related personnel, the reconciliation of police chun-xiao wang, the contradiction between guang-ping li and Paul peng wang eruptions father died due to walking (2006) of family property allocation problems,At that time, the fierce conflict also made the local police to deal with the coordination, but the family conflict has not been solved and the two people’s affection completely broken.Wang Chunxiao and his spouse Li Guangping are engaged in the operation of the company together. Wang Peng left Xiangyang and settled in Nanjing and founded Nanjing Wanghang in 2008. The broken family relationship between Wang Chunxiao, Li Guangping and Wang Peng has been unable to be improved and repaired for many years, and there is no contact or contact with life, work, money and other things.In the process of applying for listing, considering that conflicts between Li Yihan’s father have not been alleviated, there has been no contact for many years, and in order to protect the business secrets of Nanjing Wang Hang and other factors, wang Peng accepted two interviews with the intermediary agency after Repeated communication and entreation of Li Yihan.However, it still refuses to provide nanjing Wanghang’s revenue, profit, overlap with the company’s customers and suppliers and other data information;As for the company’s attempt to obtain relevant information from its customers, suppliers, industry associations and other channels, Nanjing Wanghang also explicitly refused, and lodged solemn representations to Li Yihan on the above matters and demanded to stop the above information acquisition behavior.In addition, Wang Peng has clearly indicated to Li Yihan that he will not provide verification assistance to the company in any way in the future.