Unanimous Konjac IPO: lower issue price after being asked

News from this website (Reporter Wang Jinchen) Recently, Hubei Accord Konjac Biotechnology Co.

It is worth noting that before the meeting, the Beijing Stock Exchange issued a key inquiry on issues such as the issue reserve price of Concord Konjac and the rationality of fundraising in the review inquiry letter

In recent years, the operating performance of Accord Konjac has shown a continuous growth trend

According to public information, Accord Konjac is mainly engaged in the deep processing of konjac and the research and development, production and sales of konjac-related products, including konjac flour, konjac food, and konjac cosmetics

As early as November 2016, Accord Konjac was listed on the stock transfer system and publicly transferred, and its IPO application submitted to the Beijing Stock Exchange was also accepted on May 12, 2022, and the sponsor was Minmetals Securities

Less than a month after the acceptance was accepted, the Beijing Stock Exchange disclosed an audit inquiry letter to Accord Konjac, in which the company was required to analyze and explain whether the existing issuance reserve price and price stabilization measures had an adverse impact on this public issuance

After adjustment, the number of shares to be publicly issued by Accord Konjac decreased from 19.

After this adjustment, the total amount of funds raised by Accord Konjac will be greatly reduced

In terms of financial data, the operating performance of Accord Konjac has shown an increasing trend in recent years, but the gross profit margin has been declining year by year and is lower than the average level of comparable companies

The prospectus shows: From 2019 to 2021, the revenue of Accord Konjac is about 366 million yuan, 379 million yuan and 501 million yuan respectively, an increase of about 22.

During the reporting period, the company's sales revenue of konjac flour was approximately 321 million yuan, 331 million yuan and 430 million yuan respectively; accounting for 88.

As of the disclosure date of the prospectus, Wu Ping and Li Li, the actual controllers of Accord Konjac, only controlled 66.

Accord Konjac also disclosed the risk of improper control by the actual controller.

The Beijing Stock Exchange requires Concord Konjac to explain whether its qualification acquisition and project approval comply with relevant laws and regulations, whether there is commercial bribery or other unfair competition, and whether the above-mentioned matters constitute major illegal acts, and requires it to fully disclose relevant risks

Responsible editor: Zhao Yu Review: Peng Zonglu