Has it been denied twice, is there any drama in the 3L stock epidemic that does masks？
Has it been denied twice, is there any drama in the 3L stock epidemic that does masks?
Recently, 3L shares have received considerable attention. On the one hand, this two-time IPO slashed company received a counseling and filing letter from the Jiangxi Securities Regulatory Bureau earlier this year, and its voice for the third sprint IPO was very loud. On the other hand, since the outbreak of the New Coronary Pneumonia, 3L shares have actively helped fight the epidemic, producing 11.96 million masks in 15 days, becoming one of the models of anti-epidemic enterprises in Jiangxi Province. On March 11, Sauna and Yewang called the 3L Securities Department. The other party rejected the reporter’s interview on the grounds that the company was currently in a quiet period. More than 10 million masks were produced in half a month. The Provincial Ministry of Industry and Information Technology deployed more than 20 tons of non-woven fabrics to the new crown pneumonia epidemic in one day. Masks and other protective products have become hot products. Mask companies have also become the focus of public attention. Sauna and Yewang noticed that during the epidemic, Jiangxi 3L Medical Products Group Co., Ltd. (abbreviation: 3L shares) Gaoan Branch frequently appeared on the page of Jiangxi Daily, reporting that the company was “Jiangxi’s largest manufacturer of medical masks.”, Jiangxi Provincial People’s Congress Standing Committee also called it “one of the province’s main enterprises in the production of masks.”According to the Jiangxi Daily report on February 26,“ As one of the key enterprises in the province ‘s mask production, the company officially resumed work from the third day of the first month, and the current domestic production capacity has increased from 80,000 per day before the Spring Festival to the current 200,000The Cambodian production base has reached the production capacity target of 400,000 per day.As of February 15, the two bases produced a total of 11.96 million masks, all of which have been allocated.Of course, in addition to the active resumption of production and production, the government has also given strong support. According to reports, at the 3L Co., Ltd. Gao’an Branch, the squat support representatives dispatched to the enterprise by the Provincial Department of Industry and Information Technology must understand the company’s raw material inventory, logistics, capital, etc. every day, and coordinate and solve the “stuck neck” problem that restricts the company’s production in a timely manner. On January 27, the supply of medical mask materials for the Gaoan branch was tight, and the relevant person in charge of the Industrial and Information Bureau of Yichun City immediately contacted the Provincial Department of Industry and Information Technology immediately after receiving an emergency call.More than 20 tons of non-woven fabrics, timely guarantee the production needs of the company. 欲第三次冲刺IPO此前已因内控和品控问题两度折戟 除了赶制口罩、积极抗疫，今年年初收到江西证监局辅导备案函，是3L股份之所以再度置身于媒体聚光灯之下Another reason. This means that 3L shares, whose main business is the research, development, production and sales of disposable sterile medical polymer products, may launch an impact on the IPO for the third time in the epidemic. As early as 2014, 3L shares have already submitted the prospectus declaration draft.However, in July 2015, the CSRC issued a decision not to approve.The reason is that the internal control of 3L shares is flawed, and 16 sales staff privately engraved 19 customer seals for sales orders.In addition, there are some false invoices in the expense reimbursement of 3L shares. In 2016 and 2018, 3L shares submitted the prospectus declaration draft twice.However, in July 2019, 3L shares were again denied.This time, the main concern of the NDRC is its accounts receivable and product quality. The clients of 3L shares are mostly public hospitals at all levels.The procurement of such customers generally has the characteristics of many batches and small single quantity, and there are many appropriation links for disbursement funds.As a result, 3L shares have higher accounts receivable balances and longer aging. Its 2018 prospectus shows that at the end of 2014, 2015, 2016 and September 2017, the company’s account receivable balance was 2.3.6 billion yuan, 2.6.8 billion yuan, 2.9.1 billion yuan and 3.100 million yuan, accounting for 64.64% of revenue respectively.51%, 70.45%, 71.76% and 106.15%, increasing year by year, once it cannot be recovered on schedule, it will have an adverse impact on the company’s cash flow and profitability. In addition, the high-profile branch of Gao’an, which has been shining today, has also repeatedly violated laws and regulations. On July 7, 2015, due to illegal production of disposable sterile catheterization bags, Gaoan Branch was stopped by Yichun Food and Drug Administration to produce the product and 4.A fine of 90,000 yuan; on November 22, 2016, Gaoan Branch was corrected by the Gaoan Municipal Market and Quality Supervision Administration for illegal behavior and a fine of 20,000 yuan because the medical surgical masks produced did not meet the standards; January 4, 2017On the other day, the Gaoan branch was again punished by the Yichun Food and Drug Administration because the medical protective masks it produced did not meet the standards. The mask company queuing for the IPO, Wenjian Medical, has also been noticed by the past. Sauna, Yewang. There are many other IPO companies like 3L shares that actively support during the epidemic, such as Jianhe Medical and Wanshili Silk. In 2017, Wenjian Medical also had the experience of whether the IPO was rejected. On December 20, 2019, Wenjian Medical submitted the prospectus again. According to its official website, on March 5th, Steady Medical & Cotton Era made donations to Shenzhen Third People’s Hospital and the second-stage emergency hospital area, covering 10,000 N95 masks and 5,000 sets of protective clothing.According to the company, its “all factories producing epidemic prevention materials have been on holiday without stopping during the Spring Festival. Since the outbreak, they have continued to supply masks, protective clothing and other materials to the frontline and society.According to its prospectus, the medical and disease prevention and protection products of Steady Medical include medical grade masks, gauze masks, medical grade gloves, and protective clothing.From 2016 to 2018 and the first half of 2019, the sales revenue of its disease control and protection products was 0, respectively.8.4 billion yuan, 1.1.4 billion yuan, 1.3.7 billion and 0.8.3 billion. Under the ranking, Wanshili Silk is not a company in the medical industry, but under the epidemic situation, it has also begun to produce masks. According to the Zhejiang Daily, Wanshili Silk officially launched its internal listing plan in 2016.The reporter also saw the announcement document of Wanshili Silk’s counseling record on the website of the China Securities Regulatory Commission and found that it was already accepting listing counseling. On February 27, Wanshili Group’s official WeChat announced that Hangzhou Wanshili Silk Digital Printing Co., Ltd. completed the production line transformation, worker training, and mask proofing in only 6 days, becoming the first mask production enterprise.Recently, the daily production capacity of masks has exceeded 1 million. Hope that the data show that Hangzhou Wanshili Silk Digital Printing Co., Ltd. is a wholly-owned subsidiary of Wanshili Silk. ”The planned increase in the production of anti-epidemic products by IPO companies has contributed to society and increased the company’s income, which is conducive to promoting its IPO process. At the same time, it is conducive to the market to give these companies a higher valuation.During the period, anti-epidemic supplies suffered from capital hype, and some companies are expected to rise more.Yang Delong, chief economist of Qianhai Open Source Fund Company, said. Buna Xin, member of the China Council for the Promotion of International Science and Technology, believes: “With the severe challenge of closing the global epidemic, China is likely to expand its support through capital market support and epidemic prevention-related enterprises. For example, the Shanghai Stock Exchange has quickly expressed support for encouragementThe technology innovation companies listed on the Science and Technology Board have far-reaching considerations and economic considerations.”Sauna, Ye Wang editor Yan Yong Sun Yong proofreading Li Shihui reporter yanxia @ xjbnews.com