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pinwo foods' main business performance is under pressure and it begins to target the cheese market

"china science and technology investment" li xiaona and he ziyan

recently, pinwo foods (300892.sz) was issued a warning letter by the shanghai regulatory bureau of the china securities regulatory commission (hereinafter referred to as the "shanghai securities regulatory bureau") for mixing raised funds with its own funds for cash management, using the accumulated amount of over-raised funds to permanently supplement working capital within 12 months exceeding 30% of the total amount of over-raised funds, using raised funds for cash management beyond the board of directors' review quota, and omissions in the announcement of raised funds cash management. the day after the announcement of receiving the warning letter, pinwo foods' stock price fell 4.31%.

in terms of performance, in the first half of this year, due to the sluggish sales growth of its two main businesses, imported dairy products and beer, pinwo foods' revenue continued to decline, and its operating profit did not turn around. under the continued pressure on performance, pinwo foods increased its cheese business last year, perhaps hoping to find a new growth point.

irregular management of raised funds

the warning letter issued by the shanghai securities regulatory bureau pointed out that pinwo food has used over-raised funds to permanently supplement working capital within 12 months, and the cumulative amount exceeds 30% of the total amount of over-raised funds. according to the prospectus, pinwo food will issue 25 million shares for the first time in 2020, and plans to raise 489 million yuan. the prospectus shows that pinwo food plans to invest 269 million yuan, 130 million yuan, 7.223 million yuan, 32.6449 million yuan, and 50 million yuan in channel construction and brand promotion, renovation of premises, overall information construction, replenishment of working capital, and deya dairy channel construction and brand promotion, respectively. in the end, pinwo food actually raised 667 million yuan. after deducting the brokerage underwriting and underwriting fees of 52.32 million yuan (excluding tax) and other issuance expenses of 16.7866 million yuan (excluding tax), the net amount of funds raised was 597 million yuan, and the over-raised funds reached 109 million yuan.