The third place of science and technology innovation board! Will be on the Bora network: business model is in doubt

category:Finance
 The third place of science and technology innovation board! Will be on the Bora network: business model is in doubt


Questionable disclosure of business model, etc

Specifically, the listing audit center of Shanghai Stock Exchange focuses on two aspects in the audit inquiry: the first aspect involves the disclosure of the issuers business model and business essence. During the audit, we focused on: 1. The issuer is positioned as an enterprise big data service provider. Based on the self-developed e2c (e-service to company) digital business big data cloud platform, through the business model of big data + technology products + application services, it provides technical development services and big data application services for enterprise customers. However, the issuer did not fully disclose the big data in the big data business provided by it The application process and specific representation in marketing and operation, digital media delivery, e-commerce and other three types of services failed to clearly and accurately disclose the relevant content of the whole process of providing big data services for enterprises, the basis disclosure of the issuers positioning as the enterprises big data service provider was insufficient, and the business model disclosed by the issuer did not fully reflect the positioning of its big data service provider; 2 In each reporting period, the issuers big data application service revenue accounted for 65.20%, 70.50%, 80.35% and 90.04% of the main business revenue respectively, which was composed of big data marketing and operation, digital media delivery, e-commerce and other three types of business.

Among them, digital media delivery service can be divided into two types: providing advertising operation service and providing recharging service. Recharging, operation, advertising delivery, etc. are all realized through the third-party platform. The issuer has not fully disclosed how and what kind of big data the business applies. In addition, the issuer did not fully disclose the connection between e-commerce and other businesses and big data application, and how to use big data. The issuer disclosed e-commerce and other businesses as big data application services, which were inconsistent with the relevant sales contract contents and revenue confirmation credentials of such businesses, and the substantive disclosure of such businesses was inaccurate.

The second aspect of audit inquiry focuses on the disclosure of core technology and its application in the main business of the issuer. During the audit, the audit center of the science and technology innovation board was concerned about: 1, the prospectus disclosed that the 21 invention patents that the issuer has already obtained are transfered from the third party, and 3 invention patents related to the Internet and the main core technologies of the big data are also obtained by the transferee. The issuer reveals its core technology with insufficient basis for independent research and development, and has the advantage of technological advancement and technological superiority; 2 According to the prospectus, the issuer provides all kinds of big data application services for customers based on its e2c platform, which relies on the core technology of the issuer. Therefore, the production and operation of the issuer are carried out by the core technology, and the service income of core technology products accounts for 100% of the main business income. However, the issuer has not fully disclosed how its core technology is specifically applied to various businesses, especially digital media delivery, e-commerce and other businesses, and has failed to accurately distinguish and disclose the specific use of its own data, third-party data and public data in big data application services. The issuer has disclosed that all services (subdivisions) it operates apply big data technology according to According to insufficient information, the disclosure of the proportion of income generated by production and operation relying on core technology is not accurate.

Big data service provider

Is it misleading?

According to a reporter from securities times u00b7 e company, Bora networks application for listing on science and technology innovation board was accepted on April 24, after three rounds of inquiries. The company plans to raise RMB 505 million to invest in the construction project of regional scheme center, the upgrading and transformation project of enterprise data asset management cloud platform, the construction project of headquarters base and the supplementary working capital.

According to the prospectus, the companys business income reviewed from January to September 2019 was 322 million yuan, up 68.41% year-on-year; the net profit attributable to the shareholders of the parent company was 23304400 yuan, down 24.57% year-on-year; the reason for the decline in performance was: the impact of intensified market competition, increased sales costs and R & D investment.

According to relevant data, Bora network was listed on the new third board, which is not the first time for the company to launch an impact on A-share IPO. In April 2017, the Bola network aimed at the gem and submitted prospectus, which is different from the current positioning of big data service providers. At that time, the company was positioned as the leading provider of the Internet + overall solution provider, but it was not finally passed. At that time, the trial Commission requested the Bola network to cause a significant decline in net asset yield and the impact on sustainable profitability. Explain.

In fact, whether the board will be created is not without omen. The Shanghai Stock Exchange has previously raised questions about the companys business essence and core technology in multiple rounds of inquiry letters; for example, in the third round of inquiry, the Shanghai Stock Exchange still asked questions: according to the first two rounds of reply materials, the issuer emphasizes that it is an enterprise big data service provider. From the perspective of revenue structure, in 2018, marketing and operation revenue accounted for 52.13%, and digital media delivery revenue accounted for 25.69%, among which, the proportion of digital media delivery revenue rose to 38.44% in the first half of 2019. The issuers prospectus discloses that the business cost composition of marketing and operation business includes the design and production of network content, the release of network content and the implementation of offline activities.

The issuer is requested to further demonstrate that the essence of the issuers business is not digital marketing or advertising business, but that the companys positioning as a big data service provider does not mislead the investors, such as the reasons and rationality. Proposed by Shanghai Stock Exchange.

In terms of information disclosure of core technologies, the third round of inquiry letter pointed out that according to the first two rounds of reply materials, the issuer stressed that it has a deep technical background of Internet products, while the issuer has obtained 21 invention patents successively, and the invention patents independently researched and developed by the issuer were applied in January 2019. In addition, issuers have advanced technology based on their future development trends and technology reserves, but they have not been reflected in related business contents and income components. At the Municipal Committees deliberation meeting, the question of the Bola network was asked again: 1. Simple and plain language description: the business mode and business essence of the issuer, the core technology and technology advancement, and the application of core technology in the main business; and the direct correspondence between the issuers business income and its main business and core technology; 2. Description: the issuer and its customers confirm the launch plan and the specific rights and obligations of both parties in the specific launch process. According to the official website of the Shanghai Stock Exchange, as of the evening of November 14, the total number of enterprises accepted by the science and Technology Innovation Board of the Shanghai Stock Exchange was 176, one was suspended from review, 17 were terminated from review, and 67 were registered. Source: responsible editor of Securities Times: Yang bin_nf4368

In terms of information disclosure of core technologies, the third round of inquiry letter pointed out that according to the first two rounds of reply materials, the issuer stressed that it has a deep technical background of Internet products, while the issuer has obtained 21 invention patents successively, and the invention patents independently researched and developed by the issuer were applied in January 2019. In addition, issuers have advanced technology based on their future development trends and technology reserves, but they have not been reflected in related business contents and income components.

At the Municipal Committees deliberation meeting, the question of the Bola network was asked again: 1. Simple and plain language description: the business mode and business essence of the issuer, the core technology and technology advancement, and the application of core technology in the main business; and the direct correspondence between the issuers business income and its main business and core technology; 2. Description: the issuer and its customers confirm the launch plan and the specific rights and obligations of both parties in the specific launch process.

According to the official website of the Shanghai Stock Exchange, as of the evening of November 14, the total number of enterprises accepted by the science and Technology Innovation Board of the Shanghai Stock Exchange was 176, one was suspended from review, 17 were terminated from review, and 67 were registered.