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Text | Li Lei from Harbor Business Observer

Text | Li Lei from Harbor Business Observer

Since the beginning of this year, whether it is the strict review of the IPO process or the dozens of investigations into illegal and irregular activities of listed companies, it has highlighted the regulatory authorities' determination to maintain the entire chain of institutional rules and protect investors.

The "Issue and Listing Review Dynamics (2024 Issue 5)" (hereinafter referred to as the "Review Dynamics") issued by the Shenzhen Stock Exchange a few days ago disclosed the "radish seal" details of Changjing Technology's IPO.

The “carrot stamp” in IPO working papers

It is understood that the Shenzhen Stock Exchange's on-site supervision found that there were anomalies in the issuer's accounting of distribution income: First, there were anomalies in the business documents sold by the issuer to distributors. In the working papers of the sponsor's income details test and the distribution income samples sampled by the supervision team, there were cases where the official seals on important supporting documents such as the issuer's sales orders and statements were pasted on pictures, and there were traces of post-editing on the sales orders. The supervision team required the sponsor to provide abnormal statements, original communication records and original documents of the orders, and original logistics receipts for sales to distributors, but most of the sponsors were unable to provide them. Second, there may be arrangements for stockpiling between the issuer and some distributors. In the issuer's regular work meeting, the actual controller of the issuer mentioned that some of the sales increases were stockpiling orders, and the person in charge of the issuer's distribution department and relevant sales personnel mentioned in work email communications that some orders were stockpiling orders.

In addition, the Audit Dynamics pointed out that in 2022, the issuer acquired approximately 65% ​​of the equity of a target company, resulting in goodwill of approximately RMB 700 million. At the end of 2022, the issuer commissioned an appraisal agency to issue a relevant appraisal report during the goodwill impairment test, and concluded that goodwill had not been impaired.