At present, Jiangsu Keqiang New Materials Co., Ltd. (Hereinafter referred to as "Keqiang Shares") is applying for listing on the Beijiao Stock Exchange. However, it was found that there were obvious errors in the disclosure of the R & D cost rate of Keqiang shares in the comparison of the technical strength of comparable companies, and it was suspected of exaggerating the number of R & D personnel and their academic qualifications. At the same time, the company did not disclose the relevant information after the cancellation of the enterprise controlled by the actual controller of Keqiang shares, or after the change of face.
Keqiang shares were founded in 2001, the controlling shareholder is Zhou Ming, and the actual controllers are Zhou Ming and Zhou Wen. The company is mainly engaged in the R & D, production and sales of special rubber products. Its main products include silicone sheets, vehicle gangway shed cloth, rubber sealing products and special adhesive tape products, which are used in photovoltaic modules, rail transit, petroleum and petrochemical fields. According to the prospectus, from 2020 to 2022, Keqiang shares realized 24467 of 0.1 million yuan, 27882 of 0.58 million yuan and 28395 of 0.33 million yuan respectively, and realized attributable profits of 54.3546 million yuan, 42.5852 million yuan and 52.4154 million yuan. It is worth mentioning that Keqiang shares have been listed on the new third board twice. In August 2017, Keqiang shares were listed on the new third board for the first time, but less than a year later , they were delisted
from the new third board in January 2018, and then prepared for listing on the GEM. For unknown reasons, in January 2022, Keqiang shares returned to the new third board and entered the innovation layer while listing. In August 2022, the preparatory listing board was changed from the GEM to the Beijiao Stock Exchange. According to the prospectus, Keqiang is a high-tech enterprise in Jiangsu Province and a small giant enterprise in science and technology in Jiangsu Province. It has participated in the formulation of two industry standards, attached great importance to investment in technology research and development, improved the ability of independent innovation, and has obtained six invention patents and 71 utility model patents. The downstream customers of the company's solar silicone panel products include Jinchen Stock, Longji Green Energy, Xiexin Integration, Jingao Technology, Trina Solar Energy and other leading photovoltaic module enterprises.
However, there seems to be some flaws in the disclosure of information on research and development of Keqiang shares. The comparable companies in the same industry are Shuangjian Stock, Special Rubber and Plastics, Three-dimensional Stock and Tiantie Stock. The "technical strength" of the prospectus "the selection basis and key business data of four comparable companies in the same industry" shows that the R & D cost rates of the four comparable companies are 3.26%, 4.94%, 1.04% and 3.99% respectively, and the R & D cost rate of Keqiang shares is 34.71%. According to the "R & D investment", the proportion of R & D investment in business income of Keqiang shares in 2022 is 4.71%. Obviously, in the comparison of technical strength, there are obvious errors in the disclosure of R & D cost rate.
In addition, according to the company profile on its official website, Keqiang has 300 employees, including 88 professional and technical personnel with bachelor's degree or above. According to the prospectus, as of the end of the reporting period, there were 338 employees in Keqiang. According to the educational structure, there were 21 employees with bachelor's degree or above. According to the professional composition, there were 36 R & D personnel, which meant that there were no more than 21 R & D personnel with bachelor's degree or above, which was much different from the 88 disclosed on the official website. From
2020 to 2022, Jinchuang Group and its subsidiaries are the second largest customer, the first largest customer and the first largest customer of Keqiang shares, with corresponding sales revenue of 21.9167 million yuan, 27.2179 million yuan and 26.6738 million yuan respectively. The proportion of business income was 8.96%, 9.76% and 9.39% respectively. Jinchuang Group is the main customer of Keqiang's vehicle corridor shed cloth products. In August 2020, the second provisional shareholders'meeting of Keqiang shares in 2020 decided to increase the registered capital by 4.24 million yuan , and the new shares were subscribed by Jinchuang Group at a price of 6.37 yuan per share . Jinchuang Group holds 4.50% of Keqiang shares. As of the signing date of the prospectus, Jinchuang Group holds 4.24% of the shares of Keqiang.
According to the disclosure of Jinchuang Group, Keqiang Co., Ltd. is the tarpaulin supplier of its subsidiary Changzhou Jinchuang Windshield System Co., Ltd. In order to strengthen the strategic cooperation between the two sides, the company invests in Keqiang Co., Ltd. and has no other follow-up arrangements except for normal business cooperation and joint development of new products. The exchange asked Keqiang shares to explain whether there was a performance bet or other interest arrangement between the company and Jinchuang Group, and Keqiang shares said there was no relevant arrangement.
It is worth mentioning that the annual report of Jinchuang Group in 2020 disclosed Keqiang shares as related parties, but six months later corrected the information disclosure of the annual report, saying that there was no relationship between them and Keqiang shares. Qingdao Outemei Transportation Equipment Co., Ltd. (Hereinafter referred to as Outemei) is also the
main customer. From 2020 to 2022, Outemei is the largest customer, the third largest customer and the third largest customer of Keqiang respectively, with corresponding sales revenue of 23.4787 million yuan, 11.7686 million yuan and 11.2346 million yuan respectively. In June 2021, Outemei subscribed for a new registered capital of 4.24 million yuan of Keqiang shares at a price of 6.79 yuan per share. As of the signing date of the prospectus, Outemei held 4.24% of Keqiang shares.
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