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▶ Video account attention cross-border navigation It is learned that since the beginning of 2022, a number of cross-border e-commerce companies waiting in line for listing have suspended their applications for listing on the Growth Enterprise Market, and the most eye-catching among them is Savi Times.
On January 26, 2022, the Shenzhen Stock Exchange suspended the review of Suntech Power's IPO issuance and listing. On February 21, the Shenzhen Stock Exchange resumed the review of the IPO issuance and listing of Suntech Power Holdings Co., Ltd. on the ChiNext Board. Orient Securities is its sponsor and plans to raise 622.46 million yuan. On February 27, SDIC responded to the first round of review inquiries on the ChiNext. In the ChiNext inquiry, the Shenzhen Stock Exchange mainly focused on eight issues, including the positioning of the ChiNext, core competitiveness, compliance of opening multiple accounts, postal parcel business, Amazon's "account blocking wave", and 2021 full-year performance. This article will focus on analyzing and interpreting Savi Times' responses to three questions: the compliance of opening stores with multiple accounts, Amazon's "account blocking wave", and the full-year performance in 2021. Response to multiple accounts opening stores: Never violated Amazon regulations In the first round of review inquiries on the ChiNext, Suntech Power was asked about the compliance of opening stores with multiple accounts. The Shenzhen Stock Exchange required additional explanation on whether, when the third-party stores belong to the issuer, it violated Amazon's regulations on opening stores, and whether the risk of retroactive punishment in the future for violating the regulations would constitute an obstacle to the current issuance and listing. Savi Times responded to each of these questions. 1. In the early stage of operation, Savi Times signed an "Information Use Commitment" with the information licensor, and its business behavior of opening a third-party store on Amazon in the name of the information licensor and actually obtaining the ownership of the third-party store did not violate Amazon's regulations on opening stores. 2. Based on Amazon's relevant platform rules, interviews with Amazon account managers, public information of listed companies in the same industry and other relevant regulations, Savi believes that registering stores in the name of a third party and having the actual operating rights, control and ownership of such stores in the early stages of operations does not violate Amazon's rules. At present, matters related to Savi's third-party stores and the possible risk of retroactive penalties from Amazon do not constitute matters that have a significant adverse impact on Savi's continued operations, and do not constitute a substantial obstacle to Savi's issuance and listing this time. Responding to the "account blocking wave": There is no violation of regulations such as "brushing reviews" Regarding the Amazon "account blocking wave" incident, the Shenzhen Stock Exchange asked Savi Times to provide additional information on whether the issuer had violated the relevant e-commerce platform regulations and was punished or blocked. Savi Times responded that in the Amazon "account blocking wave" incident, the Amazon platform did not target the seller's single Amazon account, but multiple accounts operated by the seller may be affected. After interviewing relevant persons in charge of the Amazon platform, they stated that they did not find any situation in which the Savi account they were responsible for had been subject to major penalties or temporary measures by the platform due to serious false orders, self-trading, false empty parcels, false positive reviews, etc. It is worth noting that during the period of Amazon's "account blocking wave", the main reason why Sunway was forced to close its store on the Amazon platform was that the account failed to pass the review, which did not involve "brushing reviews" and did not violate Amazon's regulations on opening stores. Related matters and the risk of retroactive punishment in the future do not constitute a substantial obstacle to Sunway's issuance and listing this time. Revenue increased in 2021, but net profit declined It is learned that Savi Times was once one of the representatives of the multi-store distribution model of cross-border e-commerce, and was nicknamed "the Four Heavenly Kings of South China City". In 2020, Savi Times' operating income has exceeded 5 billion yuan, reaching 5.253 billion yuan, and its net profit is 451 million yuan. Compared with 2019, the net profit has increased by nearly 9 times, and its performance in the first half of 2021 has maintained continuous growth, with a year-on-year increase of 26.80%. Through the IPO, Suntech Power intends to publicly issue no more than 40.1 million A-share common shares, with an estimated fundraising of 622 million yuan. It does not involve the number of shares publicly sold by the original shareholders and is not less than 10% of the company's total share capital after this issuance. In the first round of review inquiries on the GEM, the Shenzhen Stock Exchange asked Suntech to explain its full-year performance in 2021. In its reply, Suntech Power explained the company's performance for the third quarter, fourth quarter and full year of 2021 (revenue, net profit attributable to shareholders, net profit attributable to shareholders after deducting non-recurring items, and net cash flow from operating activities) and year-on-year changes. As can be seen from the table above, the company's operating income in the third and fourth quarters of 2021 decreased slightly compared with the same period last year, while the operating income for the whole year of 2021 increased slightly compared with the previous year; The net profit attributable to the parent company's shareholders in the third quarter, fourth quarter and full year of 2021, and the net profit attributable to the parent company's shareholders after deducting non-recurring items, declined compared with the same period last year; The net cash flow from operating activities in the third quarter of 2021 and the full year of 2021 decreased compared with the same period last year; while the net cash flow from operating activities in the fourth quarter of 2021 increased compared with the same period last year. In addition, Savi Times also stated that since the second half of 2021, the external environment has fluctuated. On the one hand, the new inventory capacity policy, the low-price clearance behavior of peers under the wave of account closures, and the decline in the online consumption boom boosted by the previous epidemic have had a major impact on the short-term market supply and demand of non-clothing categories; on the other hand, the rapid increase in international freight costs and the increase in the proportion of Amazon's revenue have increased the company's overall sales cost rate and sales expense rate to a certain extent. Looking at the whole year, under the combined effect of the above factors, the company's revenue in 2021 increased slightly compared with 2020. Due to the fact that the performance in the second half of the year was not as good as the same period, the company's net profit in 2021 declined compared with 2020, but also reached 357 million yuan. As of now, there are no major ongoing adverse factors affecting the normal operations of Suntech, and there has been no significant change in its ability to continue operations. It is understood that this time, Suntech Power responded to the first round of review inquiries from the GEM, and it is currently uncertain whether it can successfully put the listing back on the agenda. Have you sellers learned about the latest listing news of other big sellers recently? You can share in the comment area~ |
