Jin Shi da ning software: The investment value of investing project is worrying

Shanghai Jin Shi da Ning Software Co., Ltd. (hereinafter referred to as Ning Software) began to purchase online today. 300253, from the July 5 after the market on the question of the sound constantly: two times the company's prospectus is complex and clear, shareholders questioned its open and secretive transfer of equity is difficult to conceal its "gorgeous" packaging, 　　Both the customer and the supplier of the related transactions are the suspicion of manipulating profits and so on. April 2010, because "the ability to resist risk is weak, the applicant's continued profitability of a major adverse impact;" The applicant to raise capital investment projects, and its existing production and operation scale, technical level, management capacity and other aspects are compatible, there are significant uncertainties "and other reasons, the Jin Shi Tatsu Ning IPO application was rejected　　Senior personage analysis Deep reason thinks, Jin Shi Tatsu ning before the listing of the competition with the trade relationship between the Shanghai Jin Shi Tatsu Ning Medical Information Technology Co., Ltd. and Shanghai Jin Ning Computer Technology Services Co., Ltd., there is a possibility of a covert transfer of its business to the proposed listing of the company, thus calculating the growth of the IPO is of little significance. Jin Shi up to two entry project "Change Yan" but the value of worry and the first listing will be compared to the Jin Shi Tatsu ning This can be prepared, will be part of the investment project "changed tack." In the 2011 prospectus, although the number of investment projects is still four, but with the previous announcement of the investment plan, originally planned to raise 32.26 million yuan of the SaaS Project is planned to raise 33.5 million yuan of medical technology projects replaced.　　The four projects are: Hospital project, medical Technology project, public health information System technical renovation project, marketing service system construction project, the investment amount is 50.44 million yuan, 33.5 million yuan, 36.49 million yuan and 17.98 million yuan respectively. Industry insiders believe that the SaaS project in the new prospectus is deleted should be directly related to the 2010 of the SFC's comments.　　However, a careful and comparative analysis of the 2010 and 2011 prospectuses found that the new 33.5 million-yuan medical technology project was not a project but was stripped out of the hospital project from the original proposal. The original prospectus shows that the 50.85 million Yuan Hospital project, including "Electronic medical records, wireless care, LIMS, Pacs/miis, RTIs and other upgrades, as well as new Frid radio frequency identification technology, surgical anesthesia, intensive care and three-dimensional image reconstruction and professional image processing functions." "In the new prospectus, the contents of the hospital project are simplified as follows:" The electronic medical records, wireless care and other upgrades, new Frid radio frequency identification technology, surgery anesthesia, intensive care and other functions. "As for the LIMS, Pacs/miis, RTIs and other upgrades, as well as three-dimensional image reconstruction and professional image processing functions," was independent out of the need to finance 33.5 million yuan of medical technology projects. In other words, the 2010 investment amount of 50.85 million Yuan Hospital project, to 2011 years, the same project content, was split into two, the amount of investment on the increase to 83.94 million yuan.　　"The original project split the financing, and the financing amount expands, such practice, has the fictitious expansion project suspicion."　　"In this respect, the industry explains this, and the company's investment returns are not very small." Jin Shi Tatsu ning in the prospectus is expected, the investment project annual income will reach 100.4 million yuan, to achieve a net profit of 29.17 million yuan. According to this calculation, the investment return of the project 21%.　　If the new depreciation, amortization total 9.06 million yuan, insiders bluntly, the project is not high return on investment will be pulled lower. Again from the Jin Shi da Ning's several big raise investment project market share, even if raises the investment project to the postpartum, the hospital information management system and the medical technology information Management system market share only 4.34%, 1.98% respectively, but the public health information system market share may reduce to 2.71%.　　The "competitive advantage" proposed by the Board of Auditors in 2010 does not seem to have improved. Both the supplier and the customer "double win" relationship in the Jin Ning prospectus revealed a message to understand: Shanghai Brocade is its 2008 hardware revenue, the second largest customer, the annual Shanghai Brocade to Kim Shida purchase amount reached 6.5464 million yuan. But the prospectus also mentions that in the same 2008, "because the company has good business cooperation with the other side", Jin Shi Tatsu ning to Shanghai Brocade to lend 3 million yuan.　　In this way, Shanghai Brocade borrowed money to buy people's things, it is obvious that this is a "double win" deal.　　Reporters in contrast to the ning of the new and old two of the report found that its suppliers and customers have multiple overlapping phenomenon. 2011 of the disclosure of the report, 2008 and 2009, the company has been to Shanghai Chu star procurement of raw materials, 11.9482 million yuan and 10.734 million yuan of the purchase amount of the total amount of its procurement of 19.92% and 21.72% respectively.　　Thus, Shanghai Chu Star became the first major supplier of Ning for two years. 2010, Jin Shi Tatsu ning the third largest procurement of Shanghai Citic Information Development Co., Ltd. (hereinafter referred to as "Shanghai Citic") leaped to the first purchase amount, but the Shanghai Chu star still to 4.0736 million yuan (about 13.38% of the total amount of purchase) of the purchase amount of Jin Shi Tatsu Ning's second largest procurement supplier,　　Its purchase amount and Shanghai Citic 4.8034 million yuan purchase amount compared to the gap is only about 2%. 2008-2010, Jin Ning to Shanghai Chu star procurement of hardware equipment is mainly servers, storage equipment and switches.　　Oddly, however, Shanghai Chushing also played the role of Ning's third-largest sales customer in 2008. According to the disclosure, Jin Ning 2008 to the Shanghai Chu star sales of IBM server X3550 and H3C switch LS-9512-N-H3 hardware products, the total sales amount of 3.6652 million yuan, accounting for the total sales of 3.41% , and Ning in April 2010, the disclosure of the old Declaration also revealed that in 2007 to Shanghai Chu star sales hpServer, sales of 916,300 yuan. This means that in the past 4 years, the Shanghai Chu star has completed the transformation from the original Ning sales customer to the supplier, and become one of the latter's most important suppliers. Among them, 2008 years Jin Ning not only from Shanghai Chu star procurement of about 11.9482 million yuan hardware equipment, but also to its sales of 3.6652 million yuan hardware products.　　Such a complex transaction is really confusing to outsiders.　　According to the new report, Shanghai Citic 2010 to 4.8034 million yuan purchase amount to replace the first major supplier of Shanghai Chu star location; Prior to the 2008 and 2009, Jin Ning to its purchase amount of 6.5385 million yuan and 5.2701 million yuan of hardware equipment.　　The old report, which was disclosed by Ning last year, showed that in 2007 the company purchased 2.1795 million yuan of EMC storage equipment from Shanghai Citic, but in the same year the company sold HP, IMB servers worth 4.6906 million of dollars.　　In this respect, the Jin Ning in the old declaration did not give a corresponding explanation, and in the new Declaration because 2007 years did not include in 2008-2010 3 years of reporting period, this phenomenon was also ignored by the company.　　However, the relationship between Jin Ning and Shanghai Citic is more than that.　　According to the disclosure, in 2009, Ning has commissioned Shanghai Citic to develop CITIC information platform software, the Group Digital Archive Information Directory Center development Project and the new rural cooperative medical supervision Platform three software projects, Jin Shi Tatsu ning to pay Shanghai Citic 2.8 million yuan.　　In this respect, ning the explanation is that the company for "reduce costs and improve efficiency," the reasons for some Non-core sub modules or subsystems commissioned to develop.　　In addition to Shanghai Citic, 2008-2009 years, the Jin Shi Tatsu Ning commissioned Shanghai High computer technology and Shanghai LAN Heng Information System company to develop 5 software projects, involving the amount of nearly 5 million yuan.　　The verification opinion issued by the Ning sponsors, lawyers and accountants that the issuer commissioned the development of the business does not have a significant impact on the integrity and independence of Smirks Ning's software products.　　Although Jin Ning claims that Shanghai Citic is engaged in the wiring engineering services and the company's main business is not the same kind of service, but the reporter from Shanghai Citic Understand the information shows that its main business has included product software, industry application software development and hardware and software Technology services computer system integration. People familiar with the matter also disclosed that Shanghai Citic 2008 has won the contract to build the sixth People's Hospital PACs network and integrated wiring project; PACS network system is to ensure the hospital PACs system data exchange and transmission, while Shanghai Citic also in the six hospital room to add two units H3C　　9508 high-end switch as the core switch of PACS network system. At the same time, Jin Ning won the bid for the six hospital Informatization project, Shanghai Citic also "purchased six hospital electronic medical records system core server and storage, and installation and cluster deployment."