There are frequent IPO problems in Jinzhang technology, and the sales volume is different from that of customers

category:Finance
 There are frequent IPO problems in Jinzhang technology, and the sales volume is different from that of customers


According to the prospectus (application draft) (hereinafter referred to as the prospectus), Jinzhang technology intends to issue no less than 25% of the total share capital of the company after the issuance, and no more than 27.7062 million shares. It plans to raise 264 million yuan for the construction of industrialization projects of new display supporting functional materials and R & D center construction projects.

According to the reporter of daily economic news, it has been nearly one year since Jinzhang technology first submitted the application draft on December 18, 2019, and has gone through four rounds of examination and inquiry.

The difference between the sales volume of the company and the purchase amount of customers is 279 million yuan

From 2017 to 2019 and from January to March 2020, the companys operating revenue was 312 million yuan, 419 million yuan, 485 million yuan and 79.7737 million yuan respectively, with a compound growth rate of 24.74% from 2017 to 2019; the net profits attributable to the owners of the parent company were 50.5465 million yuan, 43.1405 million yuan, 54.808 million yuan and 9.0247 million yuan respectively.

According to the audit inquiry letter, the on-site supervision of the recommendation business found that according to the input tax on VAT tax returns of nine customers of rongmaoxi company, Guangzhou Yingquan, Shanghai Shanyi, xinhaoxing, yifuli, jupin Hengxin, xinhongshengyuan, Leji electronics and Meibo electronics, and the proportion of customers purchase from Jinzhang technology, the estimated purchase amount during the reporting period was 377 million yuan, which was significantly less than that of Jinzhang technology The sales amount recorded by Zhang science and technology to the above nine customers was 656 million yuan, and the difference between them was 279 million yuan, accounting for 42.51% of the total.

Jinzhang science and technology replied that the companys customers are mainly private enterprises, and they may not have obtained all VAT special invoices when purchasing from other suppliers; the proportion data of customers purchasing from the company used in the calculation process of the above-mentioned nine customers is approximate according to the interview or the explanation provided by the customer, which is not the accurate figure of the customer, resulting in the customers purchase amount from the company more than the actual purchase amount Small; there is a time difference in the deduction of VAT special invoice, so the VAT input tax recorded in the tax return provided by the customer can not reflect all the input tax of VAT special invoice obtained in the current period.

The on-site supervision of recommendation business found that among the 366 revenue confirmation details test samples (involving a total of 378 million yuan), 361 samples had internal control problems in revenue recognition (involving a total of 376 million yuan).

Among them, the delivery address recorded in 432 paper delivery orders is not the same city as the delivery City shown in the external logistics settlement sheet; the product names of 580 paper delivery orders are inconsistent with the sales delivery list of business system; and 1270 paper delivery orders have not been signed by customers or signed in date.

It is worth noting that the signature seals of 8 customers, including Shenzhen Rongmao, xinhaifeng and yifuli, contain the expressions of goods not inspected, detailed number not counted, in case of discrepancy, right to return, etc. the seal can not prove that the customer has accepted the goods, but Jinzhang technology confirms the revenue accordingly.

In this regard, Jinzhang science and technology explained that the delivery address in the paper delivery list of the company is the registered address of the companys customers entered in advance by default, while the delivery address shown in the external logistics settlement sheet is the actual delivery address. The reason for the inconsistency between the two is that some customers registered address is inconsistent with the actual production and operation place, or some customers entrust other enterprises to add it for reasons of insufficient capacity Work, etc.

In response, Jinzhang science and technology replied that Shanghai Shanyi was registered in Chongming District of Shanghai, and its actual production and operation place was Dongguan, Guangdong Province. It purchased optical functional membrane materials from the company and sold them after die cutting. In order to take advantage of Jinzhang technology brands popularity in the market and promote marketing publicity, the customer once printed the business card with the words of JZT for short and head office: Taihu Jinzhang Technology Co., Ltd. on the business card, which has been corrected and no longer uses the above-mentioned relevant business cards.

There is overlap between customers and customers

According to Jinzhang technology disclosure, its direct customer is die-cutting plant, and its downstream customer is mobile phone steel film factory. The process of die-cutting plant is relatively simple and less capital investment. Mobile phone steel film factory can build its own die-cutting production line, so as to purchase products directly from the issuer, and no longer need to purchase products from the issuers die-cutting factory customers.

The on-site supervision of the sponsor business found that the clients of Jinzhang technology, Shanghai Shanyi, were die-cutting factories, and the customers of Shanghai Shanyi included Leji electronics and duoermei industry, which were also the customers of Jinzhang technology; mingyihu, Guangzhou Yingquan and Huainan Baizhong were all hand-made steel film factories, and mingyihu sold products to Guangzhou Yingquan and Huainan Platinum Company at the same time Many die-cutting factory customers purchase from each other, that is, the issuers customer and the issuers customers customer overlap.

In this regard, Jinzhang science and technology replied that during the reporting period, the companys main customers were die-cutting factories and mobile phone toughening film factories. The die-cutting factories would die-cut the coil materials purchased by the company into sheet materials and sell them to the mobile phone toughened film factories; the mobile phone steel film factories with die-cutting links also purchased the die-cut sheets from the die-cutting plants due to production and operation needs; there was a temporary situation between mobile phone steel film factories due to production and operation needs Some die-cutting factories also purchase sheets due to their own customer resources, die-cutting capacity and main die-cutting models. Jinzhang technology products are mainly optical functional membrane materials, which are sold in the form of coiled materials. They are not engaged in the die cutting business of coiled materials, nor do they sell raw materials such as electronic glass. Therefore, when the above-mentioned customers purchase coiled materials from the company, they also purchase some die-cut sheet materials and other raw materials from other customers due to their production and operation needs. This situation is a normal commercial behavior and conforms to commercial logic. Source: Daily Economic News Author: Huang Xinlei, editor in charge: Wang Xiaowu_ NF

In this regard, Jinzhang science and technology replied that during the reporting period, the companys main customers were die-cutting factories and mobile phone toughening film factories. The die-cutting factories would die-cut the coil materials purchased by the company into sheet materials and sell them to the mobile phone toughened film factories; the mobile phone steel film factories with die-cutting links also purchased the die-cut sheets from the die-cutting plants due to production and operation needs; there was a temporary situation between mobile phone steel film factories due to production and operation needs Some die-cutting factories also purchase sheets due to their own customer resources, die-cutting capacity and main die-cutting models.

Jinzhang technology products are mainly optical functional membrane materials, which are sold in the form of coiled materials. They are not engaged in the die cutting business of coiled materials, nor do they sell raw materials such as electronic glass. Therefore, when the above-mentioned customers purchase coiled materials from the company, they also purchase some die-cut sheet materials and other raw materials from other customers due to their production and operation needs. This situation is a normal commercial behavior and conforms to commercial logic.