Aiwei Electronics’ multiple dilemmas still need to be solved

On March 3, Capital State learned that Shanghai Aiwei Electronic Technology Co., Ltd. (hereinafter referred to as Aiwei Electronics) responded to the second round of inquiries about the IPO on the Science and Technology Innovation Board yesterday.

multiple dilemmas still need to be solved

Aiwei Electronics is a NEEQ listed company with stock code 833221.OC. The company’s Sci-tech Innovation Board IPO application was accepted by the Shanghai Stock Exchange on September 30, 2020. On November 3, 2020, the company’s Sci-Tech Innovation Board IPO status was updated to “Inquired”.

In this round of inquiries, 12 issues such as the internal transactions of Aiwei Electronics Group and the capital exchanges between the actual controller and the directors, supervisors and senior executives have attracted the attention of the Shanghai Stock Exchange.

[The group keeps internal transactions, and employees borrow money from the actual controller to buy a house]

Regarding intra-group transactions, there are sales businesses between Shanghai Aiwei and Wuxi Aiwei, which are subsidiaries of Aiwei Electronics, and Hong Kong Aiwei. In each period of the reporting period, the transaction amount between companies within the scope of consolidation was 231 million yuan and 3.6 million respectively. RMB 100 million, RMB 1.323 billion, and RMB 792 million. Domestic entities sell goods to overseas entities through customs brokerage agents.

The Shanghai Stock Exchange requires Aiwei to explain electronically that Shanghai Aiwei and Wuxi Aiwei purchase stocks from the parent company for specific purposes, and Shanghai Aiwei and Wuxi Aiwei sell products to Hong Kong Aiwei. Whether the relevant expressions of “mainly engaged in research and development” contradiction.

In response, Aiwei Electronics replied that in order to attract local technical talents, the company established Shanghai Aiwei and Wuxi Aiwei in 2016 and 2018, respectively. During the reporting period, Shanghai Aiwei and Wuxi Aiwei positioned their main functions as R&D centers. In order to meet the cash flow expenditures required for daily operations such as employee salaries and house leasing, and support regional economic development, Shanghai Aiwei and Wuxi Aiwei provided support to the parent company Purchase stock products and sell them to Hong Kong Aiwei to increase cash inflow.

Regarding the capital exchanges with directors, supervisors, and senior executives, according to inquiries, during the reporting period, Sun Hongjun, the actual controller of Aiwei Electronics, and other directors and supervisors of the company Gao Guohui, Wu Shaofu, Du Liming, Cheng Jiantao and Zhang Zhong have large-scale fund exchanges. Up to now, Guo Hui has paid Sun Hongjun 5.65 million yuan due to employee equity incentives. In addition, Sun Hongjun and Guo Hui serve as directors of the subsidiary Hong Kong Aiwei.

According to Aiwei Electronic’s response, as of December 31, 2020, Sun Hongjun and the company’s directors, supervisors, senior management and personnel have capital exchanges for subscribing to the company’s issuance of shares and the purchase of real estate. Among them, the transaction amount with colleague D is 5.89 million yuan, the transaction amount with colleague A is 17.62 million yuan, the transaction amount with colleague C is 1.4 million yuan, the transaction amount with colleague B is 12 million yuan, and the transaction with colleague E The amount is 12.5 million yuan.

In addition to the above-mentioned capital exchanges, due to temporary capital turnover, purchase of financial assets and other reasons, Hongjun Sun and his colleague D have a capital exchange. During the reporting period, a total of 15.4 million yuan occurred. As of December 31, 2020, the above-mentioned capital exchanges have been cleared.

As of December 31, 2020, with the exception of Sun Hongjun and individual colleagues in arrears, Sun Hongjun and other directors, supervisors, senior management and core technical personnel and other employees of the company did not have large amounts of funds in arrears. Three colleagues borrowed 5.65 million yuan, 12.5 million yuan and 8 million yuan respectively from Sun Hongjun. Two of them borrowed money from Sun Hongjun to purchase real estate.

 

In addition to the questions asked by the Shanghai Stock Exchange, by combing through the company’s prospectus, it can be found that Aiwei Electronics still has large debts and inventory backlogs.

Aiwei Electronics is an enterprise specializing in high-quality digital-analog mixed-signal, analog, and radio frequency. It develops and sells integrated circuit chips.

The company’s main products include audio power amplifier chips, power management chips, RF front-end chips, motor drive chips, etc. The end customers are mainly well-known mobile phone manufacturers such as Huawei, Xiaomi, OPPO, and vivo, and ODM manufacturers such as Huaqin, Wingtech, and Longcheer. .

From 2017 to the first half of 2020, Aiwei Electronics had short-term loans of 64 million yuan, 70.297 million yuan, 145 million yuan and 424 million yuan, respectively, and the amount of debt increased year by year. The proportions of current liabilities were 32.31%, 31.19%, 35.19% and 58.15%, respectively.

In this regard, Aiwei Electronics explained that during the reporting period, the company’s short-term borrowings continued to increase, mainly due to the increase in capital expenditures such as the company’s fixed asset purchases and the expansion of its business scale, through short-term bank short-term financing without external financing. Loan financing meets operating needs.

In addition, Aiwei Electronics has an inventory backlog problem. According to reports, at the end of 2017, 2018, 2019, and June 2020, the book value of Aiwin’s electronic inventory was 152 million yuan, 189 million yuan, 300 million yuan and 396 million yuan, respectively, and the inventory value increased significantly.

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