On the evening of September 28, Lianjian Optoelectronics (300269) announced the success rate and the freezing of funds. The company's online pricing wassuance rate was 0.5821%, and the oversubscription ratio was 172 times. The proportion of valid subscriptions under the net was 7.144%, and the subscription multiple was 14 times. According to its issue price of 20 yuan / share, the online frozen funds of 50.844 billion yuan, plus the effective subscription funds under the Internet is 1.008 billion yuan, the total frozen funds of the shares of 51.852 billion yuan.
Recently, the market has raised many questions about Lianjian Optoelectronics. The problem directly refers to the deterioration of the company's financial situation, the collapse of the capital chain, the hidden profit of the fundraising projects, and the evasion of value-added tax. In the process of the company's new share issuance online road show, investors have unceremoniously asked Liu Hujun, the chairman of Lianjian Optoelectronics, how to think about the negative news of the company?
In the face of the above-mentioned key issues questioned by the market, Liu Hujun said: "The media is a good supervision of us, and we will have some changes." However, Liu Hujun finally added: "Overall The negative news of this time is basically within the scope of the risk disclosure of the company's public offering." Previously, the "Public Securities News" published "Lianjian Optoelectronics: Accounts Receivable Upward Gross Margin Down" article, causing The market's extensive attention, as well as yesterday's road show, many investors also raised concerns about the company's accounts receivable growth year by year.
According to the disclosure of the joint venture prospectus, with the continuous expansion of the company's business scale and the adjustment of the company's credit policy, the company's accounts receivable scale has continued to grow, from 40,890,500 yuan at the end of 2008 to 12,197,500 yuan at the end of 2010. The growth rate was 204.18%; the main business income increased from 179,760,400 yuan to 338,847,800 yuan, with a growth rate of 88.29%. The growth of accounts receivable was faster than the growth rate of the same period.
Regarding the risk of accounts receivable, Chief Financial Officer Guo Yang explained at the road show: “In recent years, the company’s accounts receivable has grown by a large margin, mainly because the company’s revenue growth in the last two years has been large, and accounts receivable The balance has increased correspondingly; in the past two years, the number of new customers of the company has continuously increased, and the balance of accounts receivable has also increased accordingly. Therefore, the company has established a strict management system for accounts receivable, and established perfect credit management for different types of customers. The system measures and collects credit risk every month to ensure timely recovery of accounts receivable."
In addition, Guo Yang also stressed: "Although the company's accounts receivable balance has a certain increase, but because the company's customer credit qualifications and financial strength is better, the company's accounts receivable risk is controllable, the company should collect accounts The recyclability and timeliness of recycling are guaranteed."
However, the interpretation of Lianjian Optoelectronics in the prospectus is much more conservative. The statement in the risk warning column of the prospectus states that “the risk that the company will have a negative impact on the business due to the bad debts of the accounts receivable cannot be completely avoided.â€
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