Earlier, Ocean King Lighting Technology Co., Ltd. (hereinafter referred to as "Ocean King Lighting") joined the pre-disclosure and prepared to sprint IPO. The company has no more than 50 million shares in this public offering, and the sponsor institution is China Merchants Securities.
Ocean King Lighting is a company specializing in R&D, production, sales and service of special environmental lighting equipment. According to the prospectus, the funds raised by the company's IPO are mainly used in the following three projects: an annual production capacity of 1 million sets of special environmental lighting equipment production lines (planned investment of 336 million yuan) and R&D center construction projects (planned investment of 140 million yuan) Yuan), the expansion project of the domestic marketing center (planned investment amount of 69.77 million yuan), the total investment of the three projects is about 550 million yuan.
Ocean King Lighting said that the fund-raising investment project is matched with the company's development strategy. If it can be implemented smoothly, the company's production capacity, technology level, research and development capabilities and marketing capabilities will be greatly improved, which will help the company further enhance its core competitiveness and profitability. ability. However, the editors found that most of the company's raised funds were invested in buying land and building.
First of all, for this Ocean King lighting expansion production line project, the project mainly constructs a lighting production workshop with a building area of ​​50,000 square meters and an office building with a construction area of ​​18,000 square meters, of which the factory has three floors. At present, the company's wholly-owned subsidiary Ocean King Dongguan Company has obtained the state-owned land use right certificate of the above-mentioned land. The certificate number is Dongfu National (2010) No. 294, with a total area of ​​97,619 square meters and an acquisition cost of 63.46 million. yuan. The land acquisition fee allocated to the project was 42.37 million yuan.
From the investment budget of the project, after deducting the equipment and equipment purchase costs and installation engineering fees and the underlying liquidity, the company’s money for land purchase and building is about 201 million yuan, which accounts for the funds raised by the project. 60%.
As for the construction of the second R&D center, it can be seen from its budget arrangement that the construction focus is obviously not related to “R&Dâ€. According to the company's disclosed investment details, the total investment budget of 144,183,800 yuan, the budget for purchasing research and development equipment is only 8.75 million, accounting for only 6%. Of the remaining budget, construction projects, price increases and bottom-up funds accounted for 59%. Is the company to expand its research and development capabilities or to build a building?
Ocean King Lighting’s “Building Building Enthusiasm†is even more impressive in the third “Marketing Center Expansion and Renovation†project. Because the project's investment of RMB 69,774,500 is “to set up a marketing headquarters and three functional centers in the company. The lighting engineering company is responsible for setting up six secondary marketing service organizations in Beijing, Chengdu, Shenyang, Shanghai, Jinan and Zhengzhou. Among them, each secondary marketing service agency requires about 2,500 square meters of space." At present, Chengdu, Beijing and Zhengzhou bases have purchased real estate, and other regions have chosen to lease intermediate office buildings located in the above-mentioned urban areas.
Insiders have questioned this: Has the company not carried out marketing activities in the above areas before? Is the revenue growth in the company's history achieved through the construction of a splendid marketing center and office? If the income cannot grow, how can you be able to afford the hard-earned money invested by the investors?
According to the leading IPO consulting professional organizations in China, the IPO application of 14 companies in 2012 was rejected by the CSRC due to the use of raised funds. The third place was ranked as the cause of the failure, accounting for 38% of the total number of enterprises. %.
Ocean King Lighting is a company specializing in R&D, production, sales and service of special environmental lighting equipment. According to the prospectus, the funds raised by the company's IPO are mainly used in the following three projects: an annual production capacity of 1 million sets of special environmental lighting equipment production lines (planned investment of 336 million yuan) and R&D center construction projects (planned investment of 140 million yuan) Yuan), the expansion project of the domestic marketing center (planned investment amount of 69.77 million yuan), the total investment of the three projects is about 550 million yuan.
Ocean King Lighting said that the fund-raising investment project is matched with the company's development strategy. If it can be implemented smoothly, the company's production capacity, technology level, research and development capabilities and marketing capabilities will be greatly improved, which will help the company further enhance its core competitiveness and profitability. ability. However, the editors found that most of the company's raised funds were invested in buying land and building.
First of all, for this Ocean King lighting expansion production line project, the project mainly constructs a lighting production workshop with a building area of ​​50,000 square meters and an office building with a construction area of ​​18,000 square meters, of which the factory has three floors. At present, the company's wholly-owned subsidiary Ocean King Dongguan Company has obtained the state-owned land use right certificate of the above-mentioned land. The certificate number is Dongfu National (2010) No. 294, with a total area of ​​97,619 square meters and an acquisition cost of 63.46 million. yuan. The land acquisition fee allocated to the project was 42.37 million yuan.
From the investment budget of the project, after deducting the equipment and equipment purchase costs and installation engineering fees and the underlying liquidity, the company’s money for land purchase and building is about 201 million yuan, which accounts for the funds raised by the project. 60%.
As for the construction of the second R&D center, it can be seen from its budget arrangement that the construction focus is obviously not related to “R&Dâ€. According to the company's disclosed investment details, the total investment budget of 144,183,800 yuan, the budget for purchasing research and development equipment is only 8.75 million, accounting for only 6%. Of the remaining budget, construction projects, price increases and bottom-up funds accounted for 59%. Is the company to expand its research and development capabilities or to build a building?
Ocean King Lighting’s “Building Building Enthusiasm†is even more impressive in the third “Marketing Center Expansion and Renovation†project. Because the project's investment of RMB 69,774,500 is “to set up a marketing headquarters and three functional centers in the company. The lighting engineering company is responsible for setting up six secondary marketing service organizations in Beijing, Chengdu, Shenyang, Shanghai, Jinan and Zhengzhou. Among them, each secondary marketing service agency requires about 2,500 square meters of space." At present, Chengdu, Beijing and Zhengzhou bases have purchased real estate, and other regions have chosen to lease intermediate office buildings located in the above-mentioned urban areas.
Insiders have questioned this: Has the company not carried out marketing activities in the above areas before? Is the revenue growth in the company's history achieved through the construction of a splendid marketing center and office? If the income cannot grow, how can you be able to afford the hard-earned money invested by the investors?
According to the leading IPO consulting professional organizations in China, the IPO application of 14 companies in 2012 was rejected by the CSRC due to the use of raised funds. The third place was ranked as the cause of the failure, accounting for 38% of the total number of enterprises. %.
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