On the evening of May 13, 2024, the official website of the Shenzhen Stock Exchange said that due to the initiative of Anhui Jingqi Network Technology Co., Ltd. (hereinafter referred to as Jingqi Network) and sponsor institutions to withdraw the registration application documents, the China Securities Regulatory Commission decided to terminate its issuance registration process.
The company's official website
A reporter from the Daily Business News noticed that Jingqi applied for the listing of gem online.GalagamesblockchainIt took a long time for the company to submit and accept the application documents in December 2020, and to register in August 2021, but the registration was not effective two and a half years later until the termination of the IPO (initial public offering).
Effective for failure to register for a long timeGalagamesblockchainOn the morning of May 14, 2024, the reporter called Jingqi Network and sent an interview email, but as of press time, no reply has been received.
At present, the business scale is relatively small.
Jingqi Network focuses on the information construction in the field of medical insurance and civil administration for the aged, mainly providing software products and solutions for customers such as government departments and medical and health institutions. According to the specific business type, the company's main business can be divided into software products, operation and maintenance, technical services and system integration.
During the reporting period (2020-2022 and the first half of 2023), Jingqi network realized operating income 2Galagamesblockchain0.05 billion yuan, 2.GalagamesblockchainThe net profits of .32 billion yuan, 238 million yuan and 113 million yuan were 62.3162 million yuan, 63.3178 million yuan, 49.6822 million yuan and 16.1754 million yuan, respectively. From the performance point of view, Jingqi network 2021 income, net profit showed a small increase, 2022 return to the mother of the net profit decreased significantly.
In response, Jingqi Network said in the prospectus (registration draft) disclosed in January 2024 that due to macroeconomic, market environment and other factors, comparable companies in the same industry showed a year-on-year decline in deduction of non-net profit in 2022, and the company also decreased by 26.12% compared with the previous year.
However, compared with comparable companies in the same industry, Jingqi's network business is smaller. In 2022, the operating income of Jiuyuan Yinhai (002777) is 1.283 billion yuan, Huikang (300451) is 1.527 billion yuan, Weining Health (300253) is 3.093 billion yuan, and ST Yi Lianzhong (300096) is 539 million yuan, all of which are much higher than Jingqi network.
Jingqi Network frankly said that considering that the company's current business scale is relatively small, and its anti-risk ability has certain disadvantages compared with listed companies in the same industry, in the face of increasingly fierce market competition environment, it may face the disadvantage of market expansion outside Anhui Province, which in turn affects the speed of development and profitability of the company.
In addition, a reporter from the Daily Economic News noted that the growth requirements of enterprises declared on the gem of the Shenzhen Stock Exchange are also increasing. In 2022, the interim provisions on the Application and recommendation of the issuance and listing of gem Enterprises (revised in 2022) put forward the target of "the compound growth rate of operating income in the last three years is not less than 20%". On April 30, 2024, the Shenzhen Stock Exchange answered questions about nine rules, including the rules for the examination and approval of Stock issuance and listing, emphasizing the growth requirements of the gem and moderately raising the compound growth rate of operating income in the evaluation criteria for gem from 20% to 25%.
From 2020 to 2022, the annual compound growth rate of Jingqi network main business income is 7.81%. Compared with the business income compound growth rate index of gem positioning evaluation standard, there is a certain gap.
According to the preliminary calculation of Jingqi Network, the company's performance will improve significantly in 2023, with an estimated operating income of 310 million to 340 million yuan, an increase of 30.30% to 42.91% over the same period last year, and a net profit of 58 million to 68 million yuan, an increase of 18.99% to 39.50% over the same period last year.
Attention has been paid to the recovery of accounts receivable
Jingqi network customer group mainly includes government departments, medical institutions and PetroChina and other large enterprises, the company mainly through bidding, business negotiations and other ways to obtain business cooperation. During the reporting period, the company's income obtained through bidding accounted for 47.41%, 48.72%, 43.65% and 56.18%, which was the company's largest source of income.
There is a situation in the company that the start time of some projects is earlier than the bidding time. Jingqi Network explained that such projects involve the field of people's livelihood, the time limit for start and completion is tight, and the internal examination and approval process is relatively long. During the reporting period, all such project companies have carried out the corresponding bidding procedures in accordance with the law and signed business contracts after winning the bid.
It is worth mentioning that in August 2021, one of the things that Jingqi Network needs to further implement during the meeting is to supplement the disclosure of the legal risks of bidding during the reporting period.
In addition, the collection of Jingqi network accounts receivable is also one of the key issues concerned by the exchange inquiry letter and the gem listing Committee.
At the end of each period of the reporting period, the balance of Jingqi network accounts receivable was 150 million yuan, 225 million yuan, 318 million yuan and 371 million yuan respectively, which exceeded the growth rate of the company's operating income during the reporting period, especially at the end of 2022 and the first half of 2023. The balance of accounts receivable even exceeded the scale of operating income.
In terms of the collection of accounts receivable, at the end of each period of the reporting period, the book balances of accounts receivable with an age of more than one year on Jingqi network were 52.4698 million yuan, 78.5006 million yuan, 139 million yuan and 177 million yuan respectively, accounting for 34.92%, 34.94%, 43.66% and 47.60% of the accounts receivable, respectively.
Jingqi Network said that the company's main customers strictly implement the budget management system, affected by financial funds arrangements, payment approval process, etc., the payment cycle is generally long, so there is overdue in the company's accounts receivable.
A reporter from the Daily Business News noticed that at the end of each period, the amount of overdue accounts receivable from Jingqi Network was 84.7025 million yuan, 96.4405 million yuan, 169 million yuan and 192 million yuan respectively, of which accounts receivable with an age of more than two years accounted for 27.58%, 32.16%, 25.06% and 29.24%, respectively.
By the end of June 2023, the accumulated overdue amount of the company's top ten overdue accounts receivable customers was 77.8854 million yuan. Jingqi Network said that the company's top 10 overdue accounts receivable customers are mainly government departments and large state-owned enterprises, and the company has actively communicated and coordinated with relevant customers on the progress of repayment and formed a corresponding payback plan. there are no disputes or potential disputes with the company.