The first "prudent examination" of the Gem

After the implementation of the separation system, there are Bohai Sea Leasing (000415.SZ), *st Earth (002200.SZ) is divided into "prudent audit" type, and Kelite (300326.SZ) is the third, but also for the first gem of this type of listed companies. As at December 20, "listed companies merger and reorganization Administrative license application information and audit schedule" shows that Kelite *st earth 15.71-0.05-0.32% Bohai Lease 7.53-0.16-2.08% Gold Securities 15.36-0.35-2.23% Kelite 55.20-1.30-2.30% The reorganization plan was accepted by the SFC on December 20 and classified as a "prudent audit" type. In this respect, some market analysts said that the main likely to involve two aspects of the focus of the regulatory review, on the one hand, it is already the second merger this year, and the amount of money involved, but the media questioned the lack of vitality, on the other hand, is responsible for its restructuring of the financial advisory National Gold securities. IPO projects slow in the IPO, Kelite has promised that the investment project is mainly for its main business, but a year after the listing, the original promise is now cashing in slowly. As can be seen from its prospectus, Kelite June 2012 IPO total raised funds 378 million, excluding the related costs of 326 million, and its commitment to invest in total of 171 million yuan, over the fund for 155 million. At the same time, its fund-raising is expected to be invested in the production of the balloon surgery system of water vertebral body reconstruction and expansion of construction projects 88.84 million, product research and development institutions construction projects 59.82 million, domestic and foreign marketing network and training platform construction project 22.09 million. After a lapse of one year, its 2013-year report data show that the company's commitment to raise funds accumulated investment amount of 4.5009 million yuan, the total amount of investment committed projects accounted for a total of 2.64%. The above three projects were 2.58%, 1.85% and 4.99% respectively; In addition, the latest quarterly data in 2013 showed that the total amount of capital raised was 105 million, which accounted for 61.48% of the total investment of the pledged projects, three of which were invested in 70.52 million quarters. The investment ratio of the above three projects is 19.65%, 8.05% and 50.22% respectively. It is noteworthy that Kelite main business related to the process of investment projects slow, while it is spending money, which has caused the media on its desire to cover up the vitality of the lack of light, cross-industry mergers and acquisitions development of the query. On the evening of July 26 this year, Kelite announced that the company intends to buy 139 million yuan of technology 29.73% of the equity. Meanwhile, on the evening of November 11, it also announced that it intends to buy 528 million yuan ideal 80% of the equity. Although the above acquisition by the organization is very bullish, but it is not the main business, at the same time, its shortage of funds also attracted investors attention. There are even investors who are directly interacting with the Shenzhen stock Exchange. Kelite Third Quarterly Bulletin, 2013Show that the company's total assets of 504 million, net assets of 483 million, and operating income of 80.7 million, net profit of only 38.28 million, compared to two of billions of acquisitions, the shortage of funds can be seen. In addition, Kelite also said that the science and technology held by the Medical Device registration certificate [National Food Drug Supervision (] No. 2010 NO. 3460434] will expire on April 28, 2014, technology should be applied to the competent authorities to register and obtain the registration of medical equipment registration certificate. After that, the acquisition of surplus shares held by other shareholders of the technology will be initiated. Financial advisers dragged on by financial advisers to be classified as "prudent audit" type, Kelite is no longer the first, the Bohai Sea leased before the same story. Earlier, in the end of October this year, the reorganization plan was accepted by the SFC of the Bohai Sea leased into a "prudent audit" channel, the industry generally believe that an important reason is the financial advisers and intermediaries caused by the drag. Its financial advisor is Galaxy Securities, but it belongs to one of the class C rating brokers. According to the Division of the classification of the audit, the result of the inclusion of a prudent audit category C. Since the implementation of the separation system on October 8 this year, according to the "First division, one vote veto, difference audit" principle, the Securities and Futures Commission, Securities Association and financial advisers will evaluate the compliance of listed companies, the capacity of intermediary institutions, the industrial policy and the type of transaction three respectively. After that, according to the summary results of the partial evaluation, the merger and reorganization application is classified into an exemption/fast, normal and prudent three audit channel. In China Securities Industry Association September 28 announced the "2013 securities companies engaged in mergers and acquisitions of listed companies financial advisers professional evaluation results", Kelite financial advisory Gold Securities also belong to the 38 class C rating brokerage one. According to the division of the separation of the basis of audit, the same result of the inclusion of a prudent audit category C. It is reported that financial advisers are divided into a, B, C, and its classification reflects only the relative level of financial advisor's ability to practise. The classification result is mainly for the securities regulatory department to use, the securities Company may not use the classification result for the advertisement, the propaganda, the marketing and so on commercial purpose. The impact of the classified "prudent audit" type on the reorganization plan of listed companies, some brokers pointed out that the entry of prudent access to the project, in accordance with the "Securities and futures market integrity supervision and management interim measures", comprehensive consideration of the status of credit and other related factors, carefully review the applicant for the merger and reorganization of the application, if necessary to increase the verification strength. But the prospect of Kelite's restructuring plan was not necessarily pessimistic, given the approval of a restructuring plan for the Bohai Sea last week.