Four "Blocking Tigers" or Blocking Ocean King Lighting IPO

On the evening of June 6, Ocean King Lighting Technology Co., Ltd. (hereinafter referred to as “Ocean King Lighting”) issued an initial public offering prospectus (declaration draft) on the website of the China Securities Regulatory Commission, and plans to issue 50 million shares. The total issued share capital is 4 after the issue. Billion shares, the sponsor is China Merchants Securities.

After reading the company's prospectus, the reporter found that Ocean King Lighting's “one big deal”, the existence of historical capital, and the large-scale employees' unpaid accumulation of funds, fierce competition in the industry, etc., there are still certain risks in the IPO listing of Ocean King Lighting.

Ocean King Lighting was restructured into a company limited by shares in 2008 with a registered capital of 350 million yuan and the legal person is Zhou Mingjie. The main business is specialized in the development, production, sales and service of special environmental lighting equipment. The products cover three series of fixed lighting equipment, mobile lighting equipment and portable lighting equipment.

Husband and wife holding a big one

According to the prospectus, the actual controllers of Ocean King Lighting are Zhou Mingjie and Xu Su, among whom Mr. Zhou Mingjie holds 281,140,400 shares of Ocean King Lighting, accounting for 80.37% of the total share capital, and is the controlling shareholder of Ocean King Lighting; Zhou Mingjie Ms. Xu Su, the wife of Mr. Wang, holds 11.37 million shares of Ocean King Lighting, accounting for 3.25% of the total share capital. The two persons in the previous issue held a total of 83.62% of the shares of the company and are in an absolute controlling position. Its shareholder composition can be called a “couple enterprise”, and the governance structure makes investors have doubts.

After the completion of the public offering of shares, Zhou Mingjie and Xu Su and his wife held a total of 73.17% of the shares of Ocean King Lighting, and they are still in an absolute controlling position. As the actual controller of Ocean King Lighting, they may use their controlling shareholders and key decision makers. The status, exerting influence on major capital expenditures, related party transactions, personnel appointment and dismissal, and ocean king lighting strategy, may lead to the decision of Ocean King Lighting to deviate from the best interests of small and medium shareholders. Therefore, Ocean King Lighting has the risk of actual controller control.

Historical funding methods existç‘•ç–µ

According to the prospectus, Ocean King Lighting was jointly invested by Zhou Mingjie and Liang Guizhen in August 1995. The registered capital of the company was RMB 10 million, of which Zhou Mingjie invested 9 million yuan in cash, accounting for 90% of the registered capital. Liang Guizhen invested 1 million yuan in cash, accounting for 10% of the registered capital, but verified at the sponsor institution. At the time of the capital verification report, it was found that the corresponding documents were not included in the industrial and commercial registration materials. In 1997, the Nanshan Branch of the Shenzhen Administration for Industry and Commerce conducted a routine inspection of the company and found that the capital was not in place, requiring Ocean King Lighting to correct it and impose a fine of 10,000 yuan.

Not only that, from April 16, 1996 to June 30, 2000, Zhou Mingjie paid 5,554,246.55 yuan in bank deposits through the accounts opened by Jinhuan in Shenzhen, through the sponsors and issuer lawyers. Verification of relevant fund voucher, bookkeeping vouchers, agreements, and written confirmation by Golden Circle Company, Jinhuan Company has never invested any funds into the RMB current account, the money under the account is owned and controlled by Zhou Mingjie, and the capital contribution method also exists. problem.

Ocean King did not pay housing accumulation fund to 377 employees

According to the Ocean King Lighting Prospectus, Ocean King Lighting had a large-area employee's unpaid housing provident fund in 2011, with a total number of 598 people. Except for 221 people who are still in the process of handling new employees, 377 employees have not paid.

Ocean King Lighting explained in the prospectus that “377 people are non-residents in Shenzhen, and they are voluntarily applying for non-payment of housing provident fund due to reasons such as cross-regional withdrawal of housing provident fund is not very convenient.” The state stipulates that the employer shall pay the housing provident fund to the employees. According to the provisions of the Interim Measures for the Administration of Housing Accumulation Funds in Shenzhen, the housing accumulation fund is deposited by state organs, institutions, enterprises, private non-enterprise units, social organizations (hereinafter collectively referred to as units) and their employees. Suspected of violating the above management measures.

Special lighting industry is highly competitive

In China's special environmental lighting market, in 2008, 2009 and 2010, Ocean King Lighting's sales and market share ranked fourth, second only to international manufacturers such as Philips, Cooper and Osram, in many domestic manufacturers. Ranked first in the middle.

It is worth noting that Ocean King Lighting is a company specializing in R&D, production, sales and service of special environmental lighting equipment. At present, the main special environmental lighting equipment providers in the domestic market are the international lighting companies Philips, Cooper, Osram, GE Lighting and Ocean King Lighting, while other domestic suppliers in the same industry have not yet formed a large scale.

With the development of oilfield, electric power, shipbuilding, metallurgy and other industries, the market demand for special environmental lighting equipment is strong. Enterprises that were not originally in this industry include Haier Group Corporation, Foxconn Technology Group Corporation, Guangdong Midea Electric Appliances (000527) Co., Ltd., TCL. Well-known companies such as Group Co., Ltd. and NVC Lighting have stepped into the industry and expanded their scale and market share through various competitive strategies.

At the same time, internationally renowned companies such as Philips, Cooper, Osram, and GE Lighting have gradually increased their investment in the Chinese market, and have taken the development of the domestic high-end special environmental lighting market as their development goal. Therefore, the future market competition of the special environmental lighting industry will become more and more fierce. The development of Ocean King Lighting will be hindered and the profitability will be affected.

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