Added to the material will be referred to the new bottle of old wine Kay-American second trial still exist variables

A year ago, Hunan Kai Mei Special Gas Co., Ltd. (hereinafter referred to as "Kester") submitted an IPO (initial issue of New shares) was rejected by the SFC.　　A year later, the company changed the sponsor after the new bottles of old wine, again submitted to the IPO application, but this Kemet can be in the Commission "second instance" after the success of the meeting, still have a lot of variables. After a year of IPOs coming back according to the SEC, Kester will be audited by the Commission on Wednesday.　　Company's main business is engaged in dry ice, liquid carbon dioxide, food additives, liquid carbon dioxide and other industrial gas production and sales. This is the second time that Kester has been on the IPO. As early as November 23 last year, Kester's IPO application was vetoed by the issuing committee.　　For the reasons of the original veto, the market views, the mainstream point of view, the original Kai Mei Special IPO is the main reason is: corporate governance issues, lack of sound corporate governance structure, the transfer of state-owned shares flaws. According to the prospectus issued by Kemet a year ago, its historical share transfer is frequent, many shareholders have been written off after the transfer of the company's equity, and their relationship with the actual control of the human body is therefore difficult to investigate.　　At the same time, there are some analysis that Kemet in the process of the transfer of state-owned shares flaws.　　Once again, the core doubts have not been eliminated two times Kemet the same as a year ago, compared to the prospectus, but also in the details of information disclosure made a small improvement, and in response to the previous market doubts, Kester has not made any new clarifications. According to the latest prospectus, Kester's sponsor was replaced by a wealth of securities from a year ago.　　In response to rumours that the market had been suspected of corporate governance the latest prospectus has several significant changes: first, the company's board of directors in recent years to make a brief overview of the operation, add a point of time and other details; second, the original to the general manager of the audit department, the transfer by direct to the Board of Auditors under the responsibility of the Audit Committee. However, although Kemet has made improvements to the details of the letter, the new prospectus has not dispelled public concerns about the central link in the market-challenged equity transfer. During the establishment of the company, the transfer of equity is complicated in particular, the transfer of state-owned shares many doubts, the first in the transfer process, Shenzhen plastic, baling Petrochemical, Hong Kong, Shun Tak and other key corporate units have been dissolved or revoked license, and the United States and the actual control of the Shunfo of the relationship between the people do not know; second, according to regulations If the transfer pricing of state-owned shares is below 90% of the evaluation price, the relevant state-owned departments shall approve.　　But in fact, in 2001, the transfer of state-owned equity, the value of the United States to evaluate 4.4564 million yuan of equity, the actual transfer price of 4,010,760 yuan compared to the "90% lower limit" slightly exceeded, but the whole process has no state-owned sector participation. Doubt whether there will be a change in the analyst's view, the new version of the U.S. IPO information is only replaced by the sponsor and slightly added to the details of the letter, the core of the market doubtIt is only a new bottle of old wine that has not been eliminated.　　The company "second instance" whether the success will still exist uncertainty. In addition to the foregoing details, the company has made a "fine-tuning" of its offerings, according to the new prospectus. The company's original IPO project, the Beijing Yanshan project and the Argon Recovery project, plans to raise 165 million yuan.　　The new version of the IPO project on the original basis of the increase in engineering technology research and development projects, the amount of fund-raising increased to 190 million yuan. Analysts believe that, although it is not yet possible to determine the specific reasons for the Kemet last year, but according to the "new bottle of old wine" situation, the company's actual changes in the letter of the envelope is not big and the link involved in the change is not like the core issue last year.　　So it's hard to say whether this will happen. However, it is noteworthy that in the Kay Mei special related party letter, I wish Enfo the original indirect shares of Yueyang Silver Ling Company has been in the new prospectus, as for the reasons and whether there is a competition between Yueyang Silver Ridge and Kemet or related transactions, is still unknown. Commercial newspaper reporter Yu Yuqing