Wind into the stock to create a period of high growth of the state instrument looked a bit empty

A prospectus is the most important document for an IPO and should enable investors to obtain sufficient and objective information on all aspects of the company in order to make reasonable investment judgments. The prospectus of the state instrument is clearly inadequate in some respects, and in others it is deliberately packed with highlights, making the prospectus a part of the company's advertising brochure.　　Ribon instrument since the application for listing, its prospectus information disclosure, suspected excessive packaging has been the growth of risk is pointed out, for this reason, the reporter specifically call Ribon instrument dong, but the phone has been in no answer to the state. VCs enter into a "phased" rapid growth from the 08-10 data disclosed by the Ribon instrument, sales revenue and net profit compound growth rate reached 35% and 52% respectively, and grew rapidly. The 08-10-year report shows the high growth, and the 08 three venture capital to increase the investment of more than 40 million yuan has a significant link.　　It can be said that the involvement of VCs and the infusion of funds have boosted the company's high growth in the 3 years before the IPO, and its fundamental purpose is to operate the company's listing and exit profits. According to senior accounting experts, the cost of VC intervention in the state instrument is about 1 yuan per unit of registered capital (according to the prospectus financial and capital verification data calculation), corresponding to the folded shares after the cost of less than 0.70 Yuan, and the company price is at least two digits, meaning that the VC profit more than 10X.　　Venture commitment to the lock-up period of 12 months, after the pot full of money is bound to exit as soon as possible, and after the company can reproduce 08-10 years of high growth, it will become difficult to say. The lack of disclosure of prospectus is a worry. The historical evolution of state instruments, the formation of ownership structure and the significant changes of registered capital are important information for investors to understand the historical development process of the company.　　The listed companies should 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. It is understood that the company in the 15 years before the restructuring of 5 times, registered capital from the original 2 million yuan to more than 53 million yuan, three venture capital structure in 08 through the increase in investment, a staff holding company in 09 to increase investment.　　As to the specific circumstances of capital increase, pricing and asset valuation, the prospectus is not disclosed and investors are unable to obtain any information at all. 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 company in 15 years of business operations and product structure has not changed? From the Ribon instrument prospectus, only disclosed the company with the December 31, 2009 net assets break stock overall change set up the company limited, as well as the overall change in the corporate structure of the capital and shareholders of the basic situation.　　The company's historical information before December 31, 2009 is a blank. A prospectus is the most important document for an IPO and should beTo enable investors to obtain adequate and objective information on all aspects of the company in order to make reasonable investment judgments. And the company's prospectus in some aspects of the disclosure is obviously inadequate, why the information withheld?　　This really worried investors, the reporter contacted the company's board secretary, but the phone has been unanswered.　　The prospectus is suspected of excessive packaging the state instrument for the development of the history of Morukin, but dense pen heavy color repeatedly stressed the company's several "bright spots." Ribon instrument in the prospectus several times "in the last three years, the company's research and development costs of 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 company's research and development costs are far higher than the average of 3% to 5%, but the breakdown of research and development costs can be found, the largest proportion of which is the wages of research and development personnel, 3 years on average accounted for 54%."　　But compared with the same industry, the state instrument research personnel income enterprises are significantly lower than the same industry level. Note: 2009 data are used to ensure comparability; Wandong medical and nine health care data are obtained from annual reports or prospectuses; the state instruments in 09, the number of research and development personnel has not been directly disclosed by the total number of employees and developers accounted for by the above table can be seen, the state instrument research and development personnel accounted for significantly higher than the comparison company, On the surface, it attaches the highest importance to research and development.　　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. The order delivery period is suspected of false disclosure. "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 the 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. "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. The disclosure of the prospectus on the one hand, and deliberately packaged on the other, not conducive to investors to obtain fullObjective information and make the right investment decision.　　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. Use distributors to adjust sales data the company's domestic income accounted for 30% of the total income, domestic sales of more than 90% of the use of dealer mode. According to the prospectus disclosed, the company adopts "deep marketing mode", as shown in the following figure: the role of the general distributor is to build channels, contact customers, obtain orders and achieve terminal sales.　　But the core role of the company's distributors is actually to carry out collection and settlement, and promotion, marketing, orders, installation, after-sale, and other important aspects of the company is essentially the completion of their own. It is understood that the state instrument 08-10 years of accounts receivable turnover days only 15 days, 9 days and 10 days, while the same industry Wandong medical and nine health care is 80 days-180 days.　　Ribon instrument on the one hand hold a large number of distributors, on the other hand, in the sales of all the main links are pro-Pro, these unique positioning of the dealer has become a company to beautify the report tool?　　The prospectus explains that this is due to the fact that most of the domestic distributors do not yet have professional medical knowledge and technical competence, which is hard to convince. Plant-dependent leasing contains obvious operating risks the company has no own plant and land use rights, all the production and management sites are obtained through leasing. The leasing of the main plant is as follows: The above table shows that the company's main plant leasing is a short-term tenancy agreement, the lease period of only 2-5 years. The company has not disclosed any arrangements for the long-term stability of the leasing of such establishments.　　In the direction of raising funds, there is no plan to purchase their own production and management sites. Although the leasing method reduces the operating cost of the company, it can improve the profit margin of the company, but it also contains the operating risk that cannot be neglected. Once the company is unable to postpone the lease, production operations will be significantly affected.　　Re-searching for plants and redecorating, equipment relocation and installation all mean significant new spending. The company's "Production Platform Expansion Project", contains 4 million of the basic cost of the site renovation. If a long-term lease cannot be signed, the interests of the company are difficult to guarantee. As a productive enterprise, but deliberately pursue the operation of light assets, even in the case of abundant funds, nor any place of business capital investment, the company's operating policies have hidden concerns. In addition, the company's main production and management sites adjacent to Shenzhen, the former sea, the future existence of the risk of rent increases, the company's profitability will be adversely affected.