2022-10-25 21:31:50
13
https://dqzk.cn/
2022-10-25 21:31:50
cdbtb2pol6vi3magfrlg
注册制下IPO穿透式审核,信息披露质量要求严苛。截止3月21日,主动撤回材料数量达70家,IPO撤材料潮引发监管关注。细读一些发审问询与回复,大洋产服认为,一个阳光健康的资本市场、一个规范化的商业语言和概念体系,正在加速中国批量生产专业化职业化全球化企业家群体和优秀企业。
IPO、经营逻辑
IPO撤材料潮:企业家重构经营逻辑
IPO撤材料潮:企业家重构经营逻辑
林千闰
2021-04-08
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2021年04月08日"},{"insert":"\n\t\n\t"},{"attributes":{"lineHeight":"150%"},"insert":"注册制下IPO穿透式审核,信息披露质量要求严苛。截止3月21日,主动撤回材料数量达70家,IPO撤材料潮引发监管关注。细读一些发审问询与回复,大洋产服认为,一个阳光健康的资本市场、一个规范化的商业语言和概念体系,正在加速中国批量生产专业化职业化全球化企业家群体和优秀企业。"},{"insert":"\n全息穿透"},{"attributes":{"header":3},"insert":"\n"},{"insert":"\t"},{"attributes":{"lineHeight":"150%"},"insert":"发审体系,对企业治理和经营,实施的是全息式地、穿透式地、勾稽严密地、未来导向的审查体系。"},{"insert":"\n\t"},{"attributes":{"lineHeight":"150%"},"insert":"以森泰股份问询与回复为例,2021年2月23日,在连续三个月历经三次43组问题发审问询和回复后,森泰股份和保荐人民生证券向上交所提交了IPO撤回申请,终止本次在科创板上市的审核。3份问询回复函件,分别有340页、233页、170页,共743页,对于一个IPO审查,发审、保荐券商、发行企业,均是一次抽丝剥茧、智力与体力的巨大消耗。一次IPO,对于提升企业家境界、快速规范和提升企业经营水平价值彰显。"},{"insert":"\n\t"},{"attributes":{"lineHeight":"150%"},"insert":"发审问询森泰股份43组问题。一是有核心,聚焦于“技术先进性、经营可持续性、业绩稳定性”,担当了投资者安全的前置风控。二是有结构,对于市场趋势、贸易壁垒、行业竞争、人员、专利、主营结构、产能、成本/营收/利润构成、客户结构和质量、信披质量、合规性、募投项目等,形成勾稽关系,全息式全方位穿透式无微不至。"},{"insert":"\n企业逻辑"},{"attributes":{"header":3},"insert":"\n"},{"insert":"\t"},{"attributes":{"lineHeight":"150%"},"insert":"科创属性。“结合研发投入、研发人员结构、发明专利的具体类型、行业竞争状况、产品性能比较情况...获取的国家级奖项...科技创新能力是否突出...量化数据或客观证明;...发明人仍任职...是否同一技术重复申请...装备式建筑业务认定为主营业务的依据...半数发明专利集中于装备式建筑业务的原因及合理性...核心技术的先进性及核心专利的具体应用情况”"},{"insert":"\n\t"},{"attributes":{"lineHeight":"150%"},"insert":"行业定位。属于“节能环保”领域中的“资源循环利用产业”。结合发行人生产原材料的具体构成,论证属于“节能环保”领域的具体依据是否充分。"},{"insert":"\n\t"},{"attributes":{"lineHeight":"150%"},"insert":"市场地位。“国际先进、国内领先”、“产品性能达到或优于相关国际标准,研发技术水平在国内处于领先地位”被问询。"},{"insert":"\n\t"},{"attributes":{"lineHeight":"150%"},"insert":"科研能力。“2017年至2020年上半年,森泰股份研发费用分别为1064.86万元、1238.65万元、2166.49万元、1168.63万元,占营业收入的比例分别为2.61%、2.81%、4.06%和4.15%,研发投入强度较小。”"},{"insert":"\n\t"},{"attributes":{"lineHeight":"150%"},"insert":"主营结构。“装配式建筑收入占公司主营业务收入比重较低。2020年上半年,森泰股份装配式建筑收入仅172.43万元,占营收比例仅为0.61%。”过于传统。"},{"insert":"\n\t"},{"attributes":{"lineHeight":"150%"},"insert":"半数发明专利集中于装备式建筑业务但营收贡献比例过低"},{"attributes":{"align":"center"},"insert":"\n"},{"attributes":{"align":"center","table-col":{"width":"100"}},"insert":"\n\n\n"},{"attributes":{"color":"#000000","bold":true},"insert":"对应的产品"},{"attributes":{"align":"center","table-cell-line":{"rowspan":"1","colspan":"2","row":"1","cell":"1","cell-bg":"rgb(255, 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