44Jia Xin Third Board Company Inquired Continuous operation has become a hot topic

[paragraph]5month12On the same day, five new third board companies were questioned by the National Equities Exchange and Quotations (NEEQ). According to the information released by the stock transfer system,2017year3Since the beginning of the month, there have been a total of44Jiaxin Third Board Company was questioned by the stock transfer system.
from3Starting from the end of the month, the stock to equity conversion system will begin to inquire about the annual reports of some New Third Board companies. stay5month5On this day, the stock conversion system continuously released12An inquiry letter for the annual report.12The New Third Board companies that were inquired about include4Home Innovation Layer and8Home based company.
An anonymous employee of the New Third Board pointed out in an interview with Securities Daily that the overall number of companies listed on the New Third Board has increased compared to last year, largely due to an increase in the number of companies listed on the board last year.
according tochoiceData display,2015The number of companies listed on the New Third Board this year is only5129Home,2016The companies listed on the New Third Board are10163Home,2016The number of companies listed on the New Third Board in2015Twice the year.
However, the practitioner of the New Third Board also pointed out that from various aspects, this year's stock transfer system has a stronger regulatory force on the disclosure of annual reports in the New Third Board market than last year.
Sustainable business capability has become a hot topic of inquiry
5month12The five new third board companies inquired by the daily stock transfer system are: Qizhi Qicai, Beiwang Nongmu, Hansheng Construction Engineering, Zhongke Yaoyuan, and Zhonggong Machinery. Among them, Beiwang Agriculture and Animal Husbandry is the innovation layer, while the rest are basic level enterprises.
During the research, the reporter found that the main reasons why New Third Board companies were questioned by the stock to equity conversion system were focused on issues such as sustainable operating ability, company customers, related party transactions, and operating income.
The stock transfer system is beneficial for Qizhi Qicai, Houyang Holdings, Nisseng ChangSTThe sustainable operation ability of new third board companies such as Ziji has been questioned. Relevant data show that Qizhi Qicai is a company mainly engaged in the research, development and sales of online education products for Internet children,2016year5Listed on the New Third Board on a monthly basis.
Wisdom and talent2016The annual operating revenue of the company is230Ten thousand yuan, year-on-year decrease80%And there has been continuous loss, net profit-1107Ten thousand yuan, year-on-year decrease1092.84%. Qizhi Qicai provided an explanation for the decrease in the company's main business revenue. The company has optimized its market layout, adjusted its sales strategy, and reduced some of its business in markets outside the province. The loss of business personnel has also led to the loss of many customers of Qizhi Qicai, resulting in a decrease in operating revenue.
The stock transfer system requires Qizhi Qicai to explain the proposed measures to address short-term cash liquidity risks, whether the company's current operational repayment ability can meet daily operational expenses, and whether it can pay employee salaries on schedule; Is there any risk to the company's sustainable operating ability regarding the proposed measures to address the decline in profitability.
In addition to sustainable business capabilities, the stock transfer system has also raised doubts about the quality of Qizhi Qicai's annual report. There are multiple errors in the annual report of Qizhi Qicai, such as multiple positions being disclosed in red font, multiple green or blue highlighted text in the audit report notes, numbers without thousands, thousands marked as decimal points, or thousands marked with incorrect positions.
In addition, Jinyuan Securities, the organizer of Qizhi Qicai, also stated that Qizhi Qicai's2016The annual report did not pass the prior review by the sponsoring securities firm,
According to journalist statistics, it was found that the profitability of these New Third Board companies, which were questioned by the equity conversion system for their sustainable business capabilities, was poor last year. Among them, Ziji Technology also2016At the end of the year, the company's net assets remained negative due to the risk warning of stock conversion system.
The focus of the inquiry also includes related party transactions and operating income
Some New Third Board companies have also been questioned by the stock conversion system due to other issues. Taking Hansheng Construction as an example, during the review, Hansheng Construction was concerned about related party transactions, operating income, and disclosure issues. The fourth section of the company's annual report discloses the information of major customers, and calculates the total sales based on the sales amount and its proportion12，122Ten thousand yuan, combined with the operating income in the consolidated income statement16，876Ten thousand yuan is inconsistent. He requested the company to explain the reasons for the inconsistency in the stock transfer system.
In addition, companies such as Beiwang Agriculture and Animal Husbandry and Shengxia Starry Sky were questioned due to customer issues. Shengxia Starry Sky is a cultural and entertainment company mainly engaged in film and television investment, production and distribution, and artist management. It has attracted attention from the capital market due to the investment of its artists Tian Liang, Ye Yiqian, and Ma Tianyu. The stock transfer system has raised doubts about the top five customers of Shengxia Starry Sky and requested the company to verify whether the top five customers are listed incorrectly; And the reason why all the income of the top five customers is included in accounts receivable.
reporter5month18According to the Nikkei Times, those who were questioned by the stock transfer system this year44Among the new third board companies, the official website of the stock conversion system only displays21Response status of Jia Xin Third Board Company.
However,5month19On the same day, the stock transfer system gradually updated the response status of the New Third Board companies whose annual reports were inquired about. Most of the New Third Board companies questioned this year have replied to the inquiry letters of the stock conversion system within the specified date, but the official website of the stock conversion system has not been updated in a timely manner.
However, those who were questioned this year44Excluding companies on the New Third Board that have not yet reached the deadline5Home, there is still room for improvement2Jiaxin Third Board companies did not display the details of their annual report inquiry letter reply. These two companies are Yuanhe Fangyuan and Jiayin Jinke.
The above-mentioned New Third Board practitioners stated in an interview with Securities Daily that a small number of New Third Board companies have failed to respond to the inquiry letters of the stock conversion system on time, which may be due to some problems that the companies have, and those who raise questions about the stock conversion system need to be solved or are completely unable to solve them. In addition, there are also some companies with poor performance on the New Third Board that have plans to give up listing, subjectively do not attach importance to inquiry letters, and there are delays and other situations.
Liu Ping'an, Chief Economist of the China New Third Board Research Center, also told Securities Daily reporters in an interview,
There are three main reasons why companies listed on the New Third Board have not responded to the inquiry letter of the stock conversion system. Firstly, some New Third Board companies are unable to answer the questions in the inquiry letter. Listed companies themselves have problems, such as revenue recognition in annual reports, changes in accounting policies, etc. These are common financial fraud methods used by listed companies, and they are unable to answer such questions.
Secondly, this indicates that the current punishment in securities regulation is insufficient, and the cost of making mistakes is very low, or even non-existent. This is not only a problem with the New Third Board, but the Chinese capital market has always been like this. The regulatory authorities no longer have authority. The difference between the New Third Board and the exchange market is that as a form of self-discipline regulation, the New Third Board mainly relies on market self-discipline measures. In the New Third Board market, administrative and legal supervision have not yet formed an effective regulatory framework, and supervision is weak. The stock transfer system lacks authority, and listed companies do not take inquiry letters seriously.
Thirdly, it is because enterprises are unable to raise funds on the New Third Board, which cannot meet the fundamental needs of listed companies. For enterprises, the "stock conversion system" is an indispensable existence, and it is natural for listed companies to ignore you.


Taobao New Third Board