Full-pass education probably income from China Mobile too dependent or risky

Securities Times Network (www.stcn.com) December 31, Guangdong Full Pass Education Co., Ltd. (hereinafter referred to as "full education") issued a prospectus today, the company plans to issue no more than 20 million shares, will be implemented on January 13 online, net purchase. Full-pass education prospectus shows that The company's total assets of 214.6 million yuan, the first half of 2013 operating income of 85.866 million yuan, net profit of 25.626 million yuan, the first half of the basic earnings per share of 0.43 yuan, the company plans to issue no more than 20 million shares, issued after the total share capital of not more than 80 million shares, will be implemented on the Internet, and listed on the gem. Full-pass education is a professional operation organization which is engaged in the interactive information service of home and school, which belongs to the Family Education Information Service field. The main business is the comprehensive utilization of mobile communication and Internet technology means, the use of cooperative development with the basic operators model, the construction of information system platform for primary and secondary schools (kindergartens) and parents to provide real-time, convenient and efficient communication and interactive services. Company Main Products Home-school interactive system is a web-based, mobile Internet, mobile communication network technology development Support Home and school interactive Information service operation and management needs of the telecommunications-level Internet software platform. Securities Times Network reporters to arrange the prospectus found that the main business of the whole education relies on China Mobile and other basic operators to launch, of which from 2010 to 2013 in the first half of the four fiscal year and the fiscal quarter, the mobile control customers accounted for their operating income ratio of up to 83.09%, 83.58%, 84.53% and 86.84% In the same financial quarter, Guangdong regional income accounted for 72.43%, 64.97%, 62.79% and 58.94% of the main business income of the year respectively. The company's disclosure of the 17 major risks it currently faces also highlights the problem of excessive concentration of its customers. Prior to the IPO in 2009, the Shenzhou Thai Yue due to fly-letter business contributed nearly to the profit, but also rely heavily on China Mobile related business and was criticized. Full-pass education said that, because the basic operators in the local branch of the city has an independent choice of partners, all service operators to the city as the unit decentralized competition. At present, there are few large service operators in trans-regional operation, and the whole-pass education can effectively form the advantage of scale users and strong brand influence, and is in the low position in the competition. But its operating income over-reliance on China Mobile and Guangdong region, investment risk can not be belittled.