The road to listing of Huada Gene can be described as twists and turns. I don’t know when it will be “settledâ€.
In December 2015, after the first time the Huada Gene submitted the prospectus to the China Securities Regulatory Commission, the review was suspended due to the incomplete application documents. On March 14, 2017, Huada Gene updated the listing prospectus, compared with the previous submission. The number of pages has increased from 523 to 607 pages. The latest contents include the latest financial data, changes in the shareholding structure, employee compensation description, new business expansion, and future prospects. They are described in detail. Pure, only owe the wind. However, whoever thought, followed by the CSRC to issue a letter to Huada Gene's prospectus, asked a series of 59 questions.
In the feedback from the China Securities Regulatory Commission, issues such as the independence of the company and the eligibility of institutional shareholders were highlighted, and “whether the Huada Gene itself is independent of the controlling shareholder†and “the compliance of the 43 institutional shareholders’ shares is in complianceâ€, Issues such as "why are customers mostly research institutions" have become the focus of regulatory attention.
In 2010, Huada Holdings and Huada Sansheng Park formally established Huada Medicine, the predecessor of Huada Gene. Since 2012, Huada Gene has started the restructuring process and has undergone many restructurings as of 2016. On the 31st of the month, Huada Gene has 42 wholly-owned, holding subsidiaries and 4 shareholding companies, while Huada Sanshengyuan, Huada Holdings, Huada Investment and 40 other investors have become capitalized by many times. The shareholders of Big Gene, in which Huada Holdings is the controlling shareholder, may be due to the frequency of too many times, the asset restructuring of Huada Gene has attracted various questions. In the feedback, the CSRC requires the Huada Gene to explain the company and the above. Whether there is an upstream and downstream relationship between the entities, whether there are transactions, capital exchanges, whether there are shared assets, cost sharing and other benefits transfer, whether the company is independent of the above entities in terms of assets, personnel, organization, finance, business and so on. Some analysts said: "After many reorganizations of Huada Gene, controlling shareholders, actual controllers and other companies that directly and indirectly invest in them have a huge 'relationship network', and it is not a thing to maintain their independence. Easy things."
At the same time, the prospectus shows that all 43 shareholders of Huada Gene are institutional shareholders, including many well-known institutions such as Sequoia, Softbank, and Yunfeng Fund. Such a luxury lineup will inevitably not attract the attention of the CSRC. Therefore, feedback In the opinion, regarding the fact that 43 shareholders of Huada Gene are institutions, they asked about the legality of the shares held by these institutions, and asked Huada Gene to explain the eligibility of the shareholders of the relevant institutions, whether the equity held by them is legal and compliant, and whether there is a disguised public offering. In other circumstances, the investor, the actual controller and the actual controller of the relevant institutional shareholders, directors, supervisors, senior management personnel, other core personnel have no relationship, whether there are any holdings or other interest arrangements, etc.
In addition, according to the Huada Gene Prospectus, the company's most source of income in 2014-2016 is the reproductive health service business, with revenues of 357 million yuan, 568 million yuan and 929 million yuan respectively. The proportion of total income was as high as 31.71%, 43.5% and 54.62%. Therefore, among the top five customers in its history, including the Chinese Academy of Sciences, the Chinese Academy of Agricultural Sciences, and the University of Oxford, however, the major customers of Huada Gene have changed frequently and have a large cross-border in the past three years. In 2014, the top five customers of Huada Gene were basically academic research institutions; in 2015, the first major customer of Huada Gene became the American Health Industry Holdings Co., Ltd., and in 2016, Huada Gene The first big customer has turned into Chinese tobacco, and the health of the United States has retreated to the second place. The prospectus shows that China Tobacco Huada Gene spent a total of 679.952 million yuan, which is really a bit confusing, so feedback In the report period, Huada Gene is required to report on the sales of the top ten customers, the source of cooperation, the method of obtaining orders, whether to add new customers during the reporting period, whether there is any relationship between the customers and the issuer, and whether the core personnel of the issuer have Whether the relevant customer is employed and whether the issuer has an impact on the order; the income is mainly from the reproductive health service, but the main customers mostly express their opinions for the reasons of the research institution.
Medical Drape,Surgical Drape,Sterile Surgical Drape,Disposable Drape Sheet
Henan Anbang Medical Supplies Co., Ltd. , https://www.anbangmedical.com