During the reporting period, Zhongrui Shares’ third-party repayments exceeded 40 million yuan
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Changzhou Wujin Zhongrui Electronic Technology Co., Ltd. (“Zhongrui Shares”), which is about to be listed on the GEM, has opened new share subscriptions on March 25. A reporter from the “Economic Information Daily” further studied the prospectus and found that during the IPO reporting period (referring to January to June 2020, 2021, 2022 and 2023), Zhongrui Shares had third-party repayments worth tens of millions of yuan. And some third-party companies announced their cancellation shortly after receiving payment from them. This issue has also attracted the attention of regulators, requiring Zhongrui Shares to explain the rationality of third-party repayments.
Third-party repayments exceeded 40 million yuan
Individual third-party companies quietly deregistered
According to the prospectus, during the reporting period, the amounts of third-party repayments received by Zhongrui Shares were 20.5758 million yuan, 15.2784 million yuan, 2.480 million yuan and 1.890 million yuan respectively, accounting for 4.47% and 2.36% of the operating income of each period respectively. , 0.32% and 0.52%.
Zhongrui Shares pointed out in the prospectus that during the reporting period in 2020, Ningbo Shide Electronic Technology Co., Ltd. (referred to as “Shide Electronics”) and the company’s customer Ningbo Fenghua Delangneng Power Battery Co., Ltd. (referred to as “Fenghua Delangneng”) “) has a debt relationship and paid 9 million yuan on behalf of the company.
Public information shows that the third-party company Shide Electronics was established on May 8, 2020, with a registered capital of 5 million yuan and a paid-in capital of 0. The international industry it belongs to is “engineering and technology research and experimental development”, and its business scope includes ” Wholesale of sporting goods and equipment, manufacturing and sales of toys and batteries, wholesale of bicycles and spare parts, manufacturing and sales of metal chains and other metal products, sales of plastic products, technical services, technical consultation, etc.” What is incredible is that on January 19, 2021, just over 8 months after the establishment of this company, the “Announcement of Simple Cancellation in Progress” was released. The announcement period was from January 19, 2021 to February 2021. 7th. On March 9, 2021, Shide Electronics was canceled without even a penny of paid-in capital being received.
This issue has also attracted great regulatory attention. In July 2022, in the first round of inquiry letters, the supervisory authorities required Zhongrui Shares to explain the specific situation, main business and operating conditions of Shide Electronics, the reasons for its short establishment and cancellation, and the payment on behalf of Huadelang. Reasons, payment methods, and authenticity of third-party repayments.
In response, Zhongrui Shares responded that Shide Electronics leased a production line from Fenghua Delangneng to engage in lithium battery processing business. According to an interview with the bankruptcy administrator of Fenghua Delangneng, after July 2020, because Fenghua Delangneng’s bank account was frozen by the court, Fenghua Delangneng has been entrusting Shide Electronics to collect and make payments. According to documents related to the bankruptcy of Fenghua Delangneng and interviews with former executives of Shide Electronics, Shide Electronics leased the Fenghua Delangneng production line in 2020. There was a creditor-debt relationship between the two parties, and the main managers of Shide Electronics had worked in Fenghua Delangneng. Can hold office. Therefore, Shide Electronics agreed to pay the price to the company on behalf of Huadelang. On July 20, 2020, Shide Electronics paid 9 million yuan to the company in the form of bank transfer, and the third-party payment was true and reasonable.
The reporter noticed that Shide Electronics, which had not actually paid its registered capital, repaid a debt of 9 million yuan to Zhongrui Shares on behalf of Fenghua Delangneng, which was about to enter bankruptcy liquidation proceedings, just over two months after its establishment. Public information such as Tianyancha shows that Fenghua Delangneng is a wholly-owned holding company of Shanghai Delangneng Power Battery Co., Ltd. (“Shanghai Delangneng”). As early as January 10, 2019, the first-instance case of the plaintiff Ningbo Rongbai Lithium Battery Trading Co., Ltd. sued Shanghai Deloneng and Fenghua Deloneng and other defendants was filed by the Yuyao Municipal People’s Court, and on February 18, 2020, Trials were held three times on April 13 and June 3, and the first-instance judgment was finally issued on June 14, 2020. The court ruled that Shanghai Delangneng and other defendants should pay the plaintiff a payment of 16.965 million yuan, and Fenghua Delangneng should bear joint payment responsibility for this amount. On December 2, 2020, the Yuyao Municipal People’s Court listed Fenghua Delangneng as a person subject to execution for breach of trust on the grounds of violating the property reporting system and failing to perform all duties. The amount involved was 16.965 million yuan. Previously in October 2022, Shanghai Delangneng had been listed as a person subject to execution for breach of trust.
The reporter combed through the timeline of the above-mentioned events and found that on June 14, 2020, Fenghua Delang was judged to be responsible for payment of more than 10 million yuan. Just over a month later, on July 20, 2020, Shide Electronics paid 9 million yuan to Zhongrui Shares in the form of bank transfer. According to the reply report of Zhongrui Shares, the 9 million yuan should be the production line rental fee paid by Shide Electronics to Fenghua Delangneng. Legal insiders pointed out that Fenghua Delangneng still notified the relevant debtors to pay directly to its creditors even though it knew that there was a court judgment and the bank account had been preserved. This behavior was an “edge ball” and helped to avoid legal enforcement. suspicion of obligation.
Several customers were listed as dishonest
It is worth noting that, similar to Fenghua Delangneng, many clients of Zhongrui Shares were also included in the list of “untrustworthy persons subject to execution” by the court.
The prospectus shows that during the reporting period, Zhongrui Shares received repayments of 2.5 million yuan, 900,000 yuan, and 1.95 million yuan respectively from Teichen New Energy (Weinan) Co., Ltd. (referred to as “Techen Weinan”) from companies controlled by the same party. yuan and 1.75 million yuan.
However, a reporter from the “Economic Information Daily” noticed that as early as January 2, 2020, Tianchen Weinan was listed as “untrustworthy” by the Linwei District People’s Court of Weinan City because “the person subject to execution refused to perform the execution settlement agreement without justifiable reasons.” The person being executed”. Since then, Tianchen Weinan has repeatedly entered the blacklist of dishonesty and consumption restrictions due to failure to perform in many cases and the total amount of executions exceeding 10 million yuan. As of now, Tianchen Weinan is still in a state of dishonesty.
That is to say, during the reporting period, Zhongrui Shares was not worried about the ability of the defaulter Tianchen Weinan to collect money. It even continued to sell products to Tianchen Weinan even though it knew that Tianchen Weinan was untrustworthy, and was able to successfully obtain from Tianchen Weinan every year. The third-party company receives a certain amount of repayment. Are there any inflated returns or other benefit arrangements behind all these abnormal behaviors? In a written reply to the reporter’s question from the Economic Information Daily, Zhongrui Shares stated: “The company’s business cooperation with Techen Weinan and payment collection are normal. The party receiving the money and Techen Weinan are companies under the same control. This is reasonable and there is no abnormality.” situation.”
Coincidentally, during the reporting period, the sales amount of Zhongrui Co., Ltd. to BAK Battery (referring to Shenzhen BAK Power Battery Co., Ltd. and its subsidiaries) were 56.4196 million yuan, 80.411 million yuan, 58.8660 million yuan and 23.7665 million yuan respectively. BAK Batteries are the second largest customer of Zhongrui Co., Ltd. However, according to public information, as early as December 22, 2020, BAK Battery was listed on the list of dishonest persons by the Longgang District People’s Court of Shenzhen City for failing to perform all of its enforced obligations. The specific circumstances of the breach of trust of the person subject to execution were “other avoidance of execution.” “. Since then, BAK Battery has been listed as a “untrustworthy person subject to execution” by many courts for “refusing to perform obligations determined by effective legal documents despite having the ability to perform”, and has also been restricted from high consumption.
People in the legal profession pointed out that for repeated sales of goods to companies subject to enforcement for dishonesty, the payment can only be made through unconventional means of circumventing the legal enforcement system, such as bypassing third-party companies. As a public company about to be listed, this behavior is questionable. A reporter from the “Economic Information Daily” sent a letter to ask questions such as “Why did your company still choose to trade with BAK Battery as always when the company has broken its trust? In what form does it recover the payment? How does it circumvent the legal enforcement system?” Swiss shares and Zhongrui shares wrote a reply saying: “BAK Battery is a well-known domestic supplier of cylindrical lithium batteries. The current cooperation with the company is smooth and payment collection is normal. The company is fully assessing the credit risk of BAK Batteries and controlling accounts receivable. On the premise of ensuring the scale of the project, we will continue to cooperate with BAK Battery, and the situation mentioned in the question does not exist.”
In addition, during the reporting period, Zhongrui Shares also had customers such as Fujian Mengshi New Energy Technology Co., Ltd. also listed on the list of dishonest customers.
Prospectus warns of bad debt risks
The reporter noticed that Zhongrui Shares’ accounts receivable were high during the reporting period, and the prospectus also specifically reminded of the “risk of bad debts in accounts receivable.”
The prospectus shows that at the end of each reporting period, the book values of Zhongrui Shares’ accounts receivable were 107.5231 million yuan, 167.2433 million yuan, 112.6808 million yuan and 113.0894 million yuan respectively, accounting for 32.95% and 36.93% of the total current assets in the same period respectively. , 24.74% and 23.46%, the amount of accounts receivable is larger. The growth of the company’s accounts receivable is related to the company’s production operations and business development, and is in line with the long payment collection cycle of the lithium battery industry chain. If the operating conditions of the company’s major accounts receivable customers change adversely in the future, the company’s accounts receivable will not be collected in a timely manner, which will adversely affect the company’s operating performance.
Zhongrui Shares further pointed out that at the end of each reporting period, the company’s accounts receivable balances were 132.1156 million yuan, 193.1889 million yuan, 130.3601 million yuan and 130.1510 million yuan respectively, and the book values were 107.5231 million yuan, 167.2433 million yuan and 112.6808 million yuan respectively. and 113.0894 million yuan, accounting for 32.95%, 36.93%, 24.74% and 23.46% of current assets at the end of each year respectively.
According to the prospectus, at the end of each reporting period, the bad debt provisions for accounts receivable made by Zhongrui Shares were 24.5924 million yuan, 25.9456 million yuan, 17.6793 million yuan and 17.0717 million yuan respectively, with the provision ratios being 18.61% and 13.43% respectively. , 13.56% and 13.11%. Among them, the amounts of bad debt provisions accrued by combination were 6.0791 million yuan, 7.7767 million yuan, 5.1573 million yuan and 5.1406 million yuan respectively, and the accrual ratios were 6.21%, 5.35%, 5.21% and 5.10% respectively, which were relatively stable. In addition, the prospectus of Zhongrui Shares frankly stated that the company accrued 10% of bad debts for Bik Battery in each reporting period. According to industry insiders, considering the large amount of battery sales with BAK, if the risk of bad debts continues to rise in the later period, it will have a greater impact on the performance of Zhongrui Shares.
In addition, it is worth noting that in the prospectus and inquiry response report, Zhongrui Shares also provided a lengthy explanation of the third-party repayment situation. Zhongrui Shares stated that during the reporting period, the company’s third-party repayment parties were mainly wholly-owned subsidiaries, shareholders, or companies under the control of the same party. The main reason was that the customer’s group purchased, paid, and coordinated through designated relevant companies. Arrangements are necessary and reasonable. Therefore, Zhongrui Shares believes that during the reporting period, the company’s third-party repayments had a real business background, there were no fictitious transactions or aging adjustments, and there were no disputes over the attribution of payment due to third-party repayments. The company, its actual controller, directors, supervisors, senior management or other related parties have no related relationship or other interest arrangement with the payer of the third-party repayment.
“Economic Information Daily” will continue to pay attention to the problems existing in the IPO of Sino-Swiss Stock.
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