Ribon Instrument Prospectus excessively whitewash history doubt vague

The SFC March 8 night Notice, Shenzhen Precision Instrument Co., Ltd. started the application was approved. Ribon Precision intends to publicly issue RMB 25 million shares of common shares, accounting for the total share capital after the issuance of 25%. 　　Raise funds for the expansion of research and development centers, production platform expansion, marketing network expansion and brand operation construction, information platform construction. As the most important document of IPO, the prospectus should enable investors to obtain sufficient and objective information about all aspects of the company so as to make reasonable investment judgment.　　But the company's prospectus in some aspects of the disclosure is clearly inadequate, in other places deliberately packaging highlights, so that the prospectus to some extent into the company's advertising brochure. The history of the company, the forming process of the ownership structure and the significant change of the registered capital are important information for investors to understand the history of the company. The listed companies will generally make a complete exposition of the development history of the company since its inception, especially the changes of equity and registered capital in the "basic situation of the Issuer" section. However, the disclosure of State instruments is unusually simple, only disclosing the company's share capital structure and the basic situation of its shareholders as a whole as of December 31, 2009.　　The company's historical information before December 31, 2009 is a blank. The whole change set up Limited Company is a general enterprise listing the necessary links, although the company's development process of major issues, but it is not the beginning of corporate history. It is the key information that investors need to know when the company was created, the significant increase in capital and the change of equity structure in the process of development, and how the VC institution intervened. The Ribon instrument was created in 1995, and what happened to the company's business, equity and capital structure during the 15 years of 1995-2009? For these important information, the company's disclosure is seriously inadequate, only in the following section of the management analysis with a summary of the status of verification, investors can only indirectly from this table to learn about the history of the company's development of a small amount of information: the company in 15 years after 5 times to increase capital, Registered capital from the original 2 million yuan to more than 53 million yuan (before restructuring), there are three venture capital structure in 08 through the increase in investment, a staff holding company in 09 to increase the investment involvement. With regard to the specific circumstances of capital raising, pricing and asset valuation, there is no word of disclosure and investors are completely unable to obtain any information. Moreover, with regard to the history of the company's business development, the term "the main assets owned by the main sponsor and the major business in which the issuer was established" has not changed in the prospectus.　　and "Medical electronic equipment industry customer demand changes rapidly" (the original prospectus), the company in 15 years of business operations and product structure has not changed any changes, is inconceivable. Company to the development of history Morukin, but dense pen heavy color repeatedly stressed the company's several "bright spots." For example, the following several aspects: (1) "Nearly three years, the company researchThe cost input is 2,203 850,000 yuan, 2,850 510,000 yuan, 3,822.530,000 yuan, accounting for the current operating income of 12.53%, 12.45%, 11.92%. The phrase was repeated several times in the prospectus. The company's research and development costs are indeed much higher than the general 3%-5% level, but the analysis of research and development costs of the detailed data can be found that the largest proportion of the research and development staff pay, 3 years on average accounted for 54%. And this is closely related to the company's personnel structure: research and development personnel accounted for 30%, and production staff accounted for only 12%. So a lot of people's wages are included in the research and development costs. While it does not violate accounting standards, is the RIBON instrument, as it is deliberately shown, a company that is leading the research and has an obvious technological innovation advantage?　　We compare it with companies in the same industry, as shown in the following table: Note: 2009 data are used to ensure comparability; Wandong medical and nine health care data are obtained from annual reports or prospectuses; The number of research and development personnel in 09 was not disclosed directly by the total number of employees and the percentage of developers. The analysis of financial data and related business data can often produce real information which is difficult to be reflected in financial statements. As can be seen from the above table, the research and development of the state instruments accounted for significantly higher than the comparison company, on the surface of its attention to research and development of the highest degree. But comparing per capita output indicators, the company's research and development staff per capita sales income significantly lower than Wandong medical and nine health care, which means that the company will be the efficiency of the research and development into sales revenue is very low, or means that the number of research and development personnel is high.　　Compared with the total number of employees per capita sales income, the company is in Wandong Medical and nine health care, which cannot but be doubted, the company for the acquisition of research and development costs deducted income tax concessions, as well as the packaging itself into a high-tech research and development companies, the research and development personnel accounted for the data was deliberately beautified. (2) "The company in 2008 the full use of flexible production lines, the ordinary order delivery period from 15 days to 3-5 days, to achieve production and order response efficiency of the rapid improvement." "However, financial data show that 08-10 years of company inventory turnover days are 80 days, 85 days and 99 days, not only far beyond the company's stated order delivery period, and there is a trend of continuous extension." The company has to add in the following text is due to the larger proportion of raw materials, 08-10-year production turnover days are 26 days, 23 days and 20 days, and the company's product production cycle is basically consistent.　　And this is deliberately prominent with the previous "order delivery period of only 3-5 days" there is still a big gap. (3) "Extensive coverage of marketing network Advantages" "The company has more than 2,400 domestic distributors, covering more than 2,000 counties and cities and more than 480 more than three general hospitals, with 1,166 international distributors, covering more than 120 countries and regions around the world ..." the number of dealers in the company is indeed huge, But is there a real advantage? 2010 the company sold all kinds of medical equipment 94114 units (from the merger of the prospectus data), if the number of dealers in the above calculation, the average dealer only 26 units, with the average price of all products 3238 yuan (calculated by the prospectus data) calculated, the average dealer only achieve sales revenue of 85,000 yuan.　　The company deliberately emphasized the advantages of marketing network, only a simple average operation can be seen, this is not what advantages, but that the dealer team is large and not strong, average sales ability is poor. (4) "The company has a strong brand influence, product volume into the Royal Moroccan Hospital, the Queen Mary Hospital in Hong Kong, Sweden, Malmö University affiliated hospital, such as the world's top medical institutions." "The language was repeated several times in the prospectus, but it was not disclosed on the number of so-called" batches ". The company produces the equipment belongs to the technology relatively mature medical product, competes with the General Electric medical and Philips and so on foreign manufacturers to rely on the price-performance ratio, or says the cost superiority.　　Access to the top medical institutions although the quality of the product is good, but does not represent the advantages of innovation and research and development. As can be seen from the above examples, the company selected some "highlights" in the prospectus has been repeatedly emphasized, and our analysis based on the relevant data shows different information. The lack of disclosure on the one hand and deliberate packaging on the other are not conducive to investors acquiring comprehensive and objective information and making the right investment decisions. As for the prospectus, it is worrying whether the company will be able to make sufficient and objective information disclosure after its listing in the future. In addition, the company's sponsor securities underwriting the other gem companies, has a large proportion of the performance of the situation, indicating the listing of the excessive packaging. Investors should remain vigilant.