The 123rd IPO approved by Shangneng electric this

Shangneng electric passed the meeting: this year's IPO was approved, and the 123rd Industrial Securities passed the third

China economic news Beijing, December 6. On December 5, the 193rd session of the 18th issuance Review Committee of the CSRC in 2019 was held, and the initial public offering of Shangneng Electric Co., Ltd. (hereinafter referred to as "Shangneng electric gas") was approved. This is the 123rd enterprise to attend the conference this year

the sponsor (lead underwriter) of this IPO of Shangneng Electric is Industrial Securities Co., Ltd., and the sponsor representatives are Tang Tao and Yu Yinhua. This is the third successful recommendation of Industrial Securities this year. On September 26th, 2019, Shanghai moment Technology Co., Ltd., sponsored by industrial securities, held its first meeting. On November 15, 2019, Fuzhou Ruixin Microelectronics Co., Ltd., sponsored by industrial securities, held its first meeting

the main business of Shangneng Electric is the R & D, production and sales of power electronic equipment. The company focuses on power electronic conversion technology, and uses power electronic conversion technology to provide solutions for photovoltaic power generation, electrochemical energy storage access and power quality management. Shangneng electric plans to land on the Shenzhen Stock Exchange gem, and the number of shares to be publicly issued this time is 18.336 million shares, accounting for 25% of the total share capital of the company after issuance. The funds raised this time are 484million yuan, 152 million yuan can be used for the industrialization project of high-efficiency intelligent inverter, 115 million yuan for the industrialization project of energy storage bidirectional converter and energy storage system integration, 98.06 million yuan for the construction project of R & D center, 38.96 million yuan for the construction project of marketing network, and 80million yuan for supplementary working capital

the main questions raised at the IEC meeting:

1. The issuer's main product is photovoltaic inverter, and the sales revenue accounted for more than 90% during the reporting period. During the reporting period, the issuer's operating income and net profit attributable to the parent company after non deduction continued to grow. The issuer's representative is requested to explain: (1) the specific impact of the "531" policy in the photovoltaic industry, "parity", subsidy decline and other policies on the issuer, and whether the issuer's business situation during the reporting period matches the situation of the domestic photovoltaic industry, installed capacity and other situations, and whether it is consistent with the situation of comparable companies in the same industry; (2) Whether the production and operation environment of the issuer has changed significantly, and whether it has a significant adverse impact on the profitability of the issuer; (3) Whether the reasons and rationality of the issuer's sharp decline in domestic revenue in the first half of 2019 match the photovoltaic industry policies and market changes, whether it is consistent with the situation of Companies in the same industry, and the realization of domestic sales revenue in 2019 is expected. The sponsor representative is requested to explain the verification basis and process, and express clear verification opinions

2. The issuer's overseas sales increased significantly in 2019, and the sales revenue from Vietnam accounted for a relatively high proportion. The issuer's representative is requested to: (1) explain whether Vietnam's local policy of requiring photovoltaic power stations to pass the acceptance before the end of June 2019 to enjoy the subsidized electricity price is the main reason for the issuer's rapid sales growth, and whether the issuer has the ability to continuously obtain large orders and the basis for judgment after the policy factor subsides; (2) Combined with the time, progress and revenue realization of large domestic EPC enterprises entering the overseas market, explain the rationality of the issuer's substantial growth in overseas sales in the first half of 2019; (3) State whether it directly or indirectly involves the equipment installation and commissioning obligations related to export sales, and whether it is consistent with the same industry; Whether the issuer is required to implement installation and commissioning, and whether there is a situation of recognizing revenue in advance; (4) Explain the starting time of cooperation between the issuer and major EPC enterprises, the way to develop EPC enterprise partners, and whether there are problems or risks involving commercial bribery; Business capital transactions with EPC enterprise partners, whether there are prepaid costs, expenses and benefits; (5) Combined with the current orders on hand, it is expected that the realization of overseas sales revenue in 2019 and the first half of 2020 will have an adverse impact on the issuer's sustainable profitability. The sponsor representative is requested to explain the verification basis and process, and express clear verification opinions

3. The amount of the issuer's accounts receivable outside the contract period at the end of each reporting period is increasing year by year. The issuer's representative is requested to explain: (1) the issuer's standard for dividing the contract period and the contract period, whether the relevant collection management system is effectively implemented, and whether all customers have been individually checked at the end of the reporting period to confirm whether they meet the standard of separate withdrawal of full bad debts, whether the single withdrawal is sufficient, and whether there is no withdrawal or less withdrawal in the case of the continuous increase of the amount of accounts receivable outside the contract period; (2) Whether the provision for bad debts of the issuer is sufficient during the reporting period, and the reasons and rationality for the differences between the issuer and companies in the same industry; (3) During the reporting period, the issuer made up bad debt reserves for litigation related claims and commercial acceptance bills. Whether the impact of the correction of relevant accounting errors on the issuer is in line with the provisions of the accounting standards for Business Enterprises No. 28 - changes in accounting policies, accounting estimates and correction of accounting errors, whether the issuer's basic accounting work is standardized, and whether its internal control is sound and effective. The sponsor representative is requested to explain the verification basis and process, and express clear verification opinions

4. Among the raw materials purchased by the issuer, IGBT power module is the core component of the product, and foreign brands are mainly used. The representative of the issuer is requested to: (1) in combination with the procurement mode, contract period, price adjustment mechanism, etc. between the issuer and the IGBT power module supplier during the reporting period, explain whether the issuer relies on imports of core components of products and whether it has alternative products; (2) Combined with the supplier's capacity and market supply, explain whether there is a risk of shortage in the supply of IGBT power modules, and the issuer's countermeasures and effectiveness; (3) Explain the trial use of domestic suppliers' products, and it is expected that the time can effectively and economically replace foreign products. The sponsor representative is requested to explain the verification basis and process, and express clear verification opinions

list of IPO companies this year:

serial number company name date of the meeting proposed listing location sponsor 1 Broadcom integrated circuit (Shanghai) Co., Ltd. 2019/1/3 Shanghai Stock Exchange main board CITIC Securities 2 Yashi optoelectronics Co., Ltd. 2019/1/3 Shanghai Stock Exchange main board China Merchants Securities 3 Yunnan Zhen'an shock absorption technology Co., Ltd. 2019/1/8 Shenzhen Stock Exchange gem Minsheng securities 4 Nanjing Quanfeng Automotive Precision Technology Co., Ltd. 2019/1/8 Shanghai Stock Exchange main board CICC 5 Guangdong Southern New Media Co., Ltd. 2019/1/29 Shenzhen Stock Exchange gem Huaxi Securities 6 Sichuan Tianwei Food Group Co., Ltd Limited company 2019/3/12 Shanghai Stock Exchange main board Dongxing securities 7 Shenzhen German Nano Technology Co., Ltd 2019/3/19 Shenzhen Stock Exchange gem Huatai United Securities 8 Beijing Yuan liuhongyuan Electronic Technology Co., Ltd 2019/3/22 Shanghai Stock Exchange main board Guotai Junan Securities 9 lakala payment Co., Ltd 2019/3/26 Shenzhen Stock Exchange gem China construction investment 10 Zhongjian Technology Co., Ltd 2019/3/26 Shenzhen Stock Exchange gem Everbright Securities 11 Zhejiang Yunda Wind Power Co., Ltd Limited company 2019/3/26 Shenzhen Stock Exchange gem CAITONG securities 12 Guangdong RiFeng Cable Co., Ltd. 2019/3/26 Shenzhen Stock Exchange SME board Dongguan securities 13 Wuhan dill Laser Technology Co., Ltd. 2019/4/4 Shenzhen Stock Exchange gem Changjiang Securities Underwriting recommendation Co., Ltd. 14 Xi'an triangle defense Co., Ltd. 2019/4/4 Shenzhen Stock Exchange gem AVIC securities 15 Honghe Technology Co., Ltd. 2019/4/4 Shenzhen Stock Exchange SME board Dongxing securities 16 Sichuan Furong Branch Technology Co., Ltd. April 4, 2019 Everbright Securities, main board of Shanghai Stock Exchange 17 Qingdao Huicheng Environmental Protection Technology Co., Ltd. April 11, 2019 Shenzhen Stock Exchange gem Sino German securities 18 Shenzhen new city planning and Architectural Design Co., Ltd. April 11, 2019 Shenzhen Stock Exchange gem Haitong Securities 19 Ningxia Baofeng Energy Group Co., Ltd. April 11, 2019 Shanghai Stock Exchange main board CITIC Securities 20 Guangdong Songyang renewable resources Co., Ltd. April 11, 2019 Yingda securities, main board of Shenzhen stock exchange so far Securities 21 Hongta Securities Co., Ltd. April 18, 2019 Dongwu securities on the main board of Shanghai Stock Exchange 22 Shandong Yuanli Technology Co., Ltd. April 18, 2019 Zhongtai securities on the main board of Shanghai Stock Exchange 23 Bank of Suzhou Co., Ltd. April 25, 2019 China Merchants Securities on the small and medium-sized board of Shenzhen stock exchange Soochow securities 24 Sichuan deen Precision Technology Co., Ltd. April 25, 2019 Shenzhen Stock Exchange gem Guohai Securities 25 Guangdong insey Brand Marketing Group Co., Ltd. April 30, 2019 Shenzhen Stock Exchange gem GF Securities 26 Jiangsu Guomao reducer Co., Ltd. April 30, 2019 Shanghai Stock Exchange main board Guotai Junan 27 Guangdong Wanmei Biotechnology Co., Ltd. April 30, 2019 Shanghai Stock Exchange main board CITIC Securities 28 Guilin Ximai Food Co., Ltd. May 9, 2019 Shenzhen Stock Exchange China China Merchants Securities 29 Zhejiang Xinhua Chemical Co., Ltd. May 9, 2019 Everbright Securities 30 Shandong langjin Technology Co., Ltd. May 9, 2019 Shenzhen Stock Exchange gem Northeast Securities 31 CNOOC Energy Development Co., Ltd. May 16, 2019 Shanghai Stock Exchange main board CICC 32 Jiangsu Zhuosheng Microelectronics Co., Ltd. May 16, 2019 Shenzhen Stock Exchange gem CICC 33 three squirrels Co., Ltd. May 16, 2019 Shenzhen Stock Exchange gem CICC 34 Honghe Electronic Materials Technology Co., Ltd. May 23, 2019 Shanghai Stock Exchange main board Haitong Securities 35 China Satcom Group Co., Ltd. May 23, 2019 Shanghai Stock Exchange main board CSC 36 Zhejiang dashengda Packaging Co., Ltd. May 23, 2019 Shanghai Stock Exchange main board Dongxing securities 37 Jiangsu Shenma Power Co., Ltd. May 30, 2019 Shanghai Stock Exchange main board Changjiang Securities Underwriting recommendation Co., Ltd. 38 Shanghai Mobile Communication Technology Co., Ltd. and is not limited to the shell of the object Co., Ltd. May 30, 2019 China Merchants Securities 39 CITIC Publishing Group Co., Ltd. June 6, 2019 Shenzhen Stock Exchange gem CSC 40 Chengdu Tangyuan Electric Co., Ltd. June 6, 2019 Shenzhen Stock Exchange gem Guojin securities 41 Beijing Guolian video information technology Co., Ltd. June 13, 2019 Shanghai Stock Exchange main board Western securities 42 Jingjin environmental protection Co., Ltd. June 13, 2019 Shanghai Stock Exchange main board Galaxy Securities 43 Ningbo Cori Sensor Technology Co., Ltd. 2019/6/13 Shanghai Stock Exchange main board Guosen Securities 44 Qingdao Guolin Environmental Protection Technology Co., Ltd. 2019/6/13 Shenzhen Stock Exchange gem Huafu securities 45 Beijing worth buying Technology Co., Ltd. 2019/6/13 Shenzhen Stock Exchange gem No. 1 entrepreneurial thermoplastic will occupy more market share in the future securities underwriting recommendation Co., Ltd. 46 Nantong Haixing Electronics Co., Ltd. 2019/6/20 Shanghai Stock Exchange main board Anxin securities 47 Shenzhen Kerui Technology Co., Ltd. 2019/6/2 0 Shenzhen stock exchange small and medium-sized board Guohai Securities 48 Anfu county Haineng Industrial Co., Ltd. 2019/6/20 Shenzhen Stock Exchange gem CITIC Securities 49 keboda Technology Co., Ltd. 2019/6/27 Shanghai Stock Exchange main board CICC 50 Xiaoxiong Electric Appliance Co., Ltd. 2019/6/27 Shenzhen stock exchange small and medium-sized board Dongguan securities 51 Zhongke Soft Technology Co., Ltd. 2019/7/4 Shanghai Stock Exchange main board Zhongtai securities 52 Nanhua Futures Co., Ltd. 2019/7/4 Shanghai Stock Exchange main board CITIC Securities 53 Xiamen Songlin Technology Co., Ltd. July 11, 2019 Shanghai Stock Exchange main board GF Securities 54 Ruida Futures Co., Ltd. July 11, 2019 Shenzhen stock exchange small and medium-sized board CITIC Securities 55 Qingdao richen Food Co., Ltd. 2019/7 optical MOF film material research made a breakthrough/18 Shanghai Stock Exchange main board GF Securities 56 Anhui Communications Construction Co., Ltd. July 25, 2019 Shanghai Stock Exchange main board Guoyuan securities 57 China Guanghe Power Co., Ltd. July 25, 2019 Shenzhen stock exchange small and medium-sized Board CICC 58 Hubei Wufang optoelectronics Co., Ltd. 2019/8/8 Shenzhen stock exchange small and medium board Minsheng securities 59 Dongguan Yutong Optical Technology Co., Ltd. 2019/8/15 Shenzhen Stock Exchange gem Dongxing securities 60 Chongqing Rural Commercial Bank Co., Ltd. 2019/8/15 Shanghai Stock Exchange main board CICC 61 xianle health technology shares