远程股份定增募资遭问询 历史违规与经营风险成关注焦点

Core Viewpoint - The company, Remote Cable Co., Ltd., is under scrutiny from regulatory authorities due to historical compliance issues, current profitability challenges, and potential investor litigation risks as it seeks to issue shares to specific investors [1][2]. Historical Compliance Issues - The company's historical compliance problems are a focal point of the regulatory review, stemming from violations by former actual controller Xia Jiantong between 2017 and 2019, which led to disciplinary actions and administrative penalties [2]. - Violations included failure to disclose guarantees, related party transactions, contingent liabilities, and significant lawsuits, with a reported guarantee balance of 544 million yuan, accounting for 36.31% of the audited net assets as of the end of 2017 [2]. - The change in actual control occurred in February 2020 when the Wuxi State-owned Assets Supervision and Administration Commission became the new controller, implementing corrective measures including financial data adjustments and management changes [2]. Current Operational Challenges - The company's main business gross margin has shown a declining trend, with figures of 10.82%, 10.89%, 10.17%, and 8.79% over recent reporting periods, indicating ongoing profitability challenges [3]. - The cable industry is characterized by high raw material costs, with copper and aluminum making up over 80% of total costs, and recent price fluctuations have added pressure on cost management and profitability [3]. - The company has adopted a price competition strategy to expand into the railway and urban rail transit markets, resulting in lower gross margins compared to industry peers [3]. - Cash flow from operating activities has been volatile, with negative cash flow reported in the past year, raising concerns about inventory turnover and payment collection pressures [3]. Regulatory and Market Considerations - The company's plan for a targeted stock issuance requires approval from the Shenzhen Stock Exchange and the China Securities Regulatory Commission [4]. - Ongoing issues such as historical violations, potential investor lawsuits, intense industry competition, and declining gross margins necessitate clear communication from the company to the market and investors regarding these risks [4].