Recently, Ningbo Lian Technology Co., Ltd. (hereinafter referred to as Lian Technology) is sprinting to be listed on the GEM of the Shenzhen Stock Exchange.The Shenzhen Stock Exchange has issued the first round of review inquiry letter to Leon Technology.
The reporter of "Daily Economic News" noticed that the resumes of Li Shifeng and Qiu Yi, the current actual controllers of Li'an Technology, are quite interesting.Li Shifeng worked in the Investment Promotion Center of Fenghua Economic Development Zone for more than ten years, and Qiu Yi worked in Zhejiang Satellite TV and Ningbo Radio and Television Group for more than ten years.However, regarding when Li Shifeng and Qiu Yi joined the company, when they assumed the positions of chairman and managing director, there were many inconsistencies between the prospectus (declaration draft, the same below) and the public information data.
In addition, consumer electronics products are currently the largest revenue segment of Lion Technology, and toys, daily necessities, medical equipment, auto parts, etc. are emerging segments that are vigorously developing.The reporter noticed that in 2016, Leon Technology also tried to expand to the downstream of the industrial chain and develop business in the field of smart devices, but there was no relevant disclosure in the prospectus, and related products could not be searched.
The outside world questioned who the founder was
Due to the inconsistency between the prospectus and public information disclosure, the mystery of the founder of Leon Technology has attracted much attention.
Specifically, Li’an Technology stated in the prospectus that the company’s predecessor, Ningbo Li’an Electronics Co., Ltd., was jointly established in 2006 by Korean Li Zhenrong and Chinese national Song Liang.After adjustment, in the end, Li Zhenrong invested 300,000 US dollars in cash, and the remaining 50,000 US dollars was contributed by machines. The machines were two injection molding machines for mobile phone goggles, and the shareholding ratio was 70%; Song Liang invested 150,000 US dollars, and the shareholding ratio was 70%. 30%.However, in 2019, Li Zhenrong and Song Liang did not appear as shareholders during the share reform of Li'an Technology. Instead, the actual controllers of the company, Li Shifeng, Qiu Yi and his wife, and Zhejiang Hafnium Intelligent Technology Co., Ltd. jointly controlled by the two (below) Hafnium ratio intelligence for short), holding 10%, 10%, and 80% of the shares respectively.The change in equity between the company's establishment and before the share reform was not disclosed in the prospectus.
When did Li Shifeng and Qiu Yi join the company?When will Li Zhenrong and Song Liang quit?Who is Li'an Technology founded by?The reporter found a 2014 civil judgment on the Judgment Documents Network, which disclosed part of the changes in Leon Technology's equity.On January 11, 2007, Song Liang's shares of Li'an Technology changed to 50%; on January 22, 2010, its shareholding ratio was changed to 66.6667% again.On December 15, 2011, Song Liang and Li Shifeng agreed to divorce.On December 20 of that year, Song Liang transferred all the shares of Li'an Technology she held to Li Shifeng.Qixinbao shows that on April 3, 2013, the shareholding of Li'an Technology changed, and the company's 66.6667% shareholder was changed from Song Liang to Li Shifeng.
The prospectus shows that from December 2011 to May 2019, Li Shifeng served as the executive director and manager of Li'an Technology; from October 2015 to May 2019, Qiu Yi served as the company's supervisor; since May 2019, Li Shifeng has served as the company's chairman. , Qiu Yi served as the company's director and general manager.
The reporter noticed that Li Shifeng and Qiu Yi's positions and time of joining the company were inconsistent with those disclosed in the prospectus, whether in the news reports on Li'an Technology's official website, the media, or in the company's relevant judgment documents.There are even reports that Li'an Technology was founded by Li Shifeng.
A news article from the Fenghua District People's Government mentioned that Li Shifeng had worked in government agencies, and in 2006, he "going to the sea" to establish Li'an Technology; in a 2012 news, it was mentioned that Li Shifeng's position was the chairman of Li'an Technology.A report in Fenghua Daily in 2016 mentioned that Qiu Yi joined Li'an Technology in 2013.On Li'an Technology's official website, many reports from 2014 to 2018 also mentioned that Li Shifeng was the chairman of Li'an Technology, and Qiu Yi was also mentioned as the company's director and general manager.In an enforcement ruling dated December 21, 2016, Li Shifeng's position was also the chairman of Li'an Technology; in a civil judgment on September 25, 2019, Li Shifeng's position was Li'an Technology's chairman and general manager.
In order to learn more, in mid-June 2022, a reporter from "Daily Economic News" contacted Yu Zhengzheng, a former executive of Li'an Technology, by phone on the grounds of asking for advice on entrepreneurial experience.The reporter asked Yu Zhengzheng: "Are you still in Li'an Technology now?" Yu Zhengzheng said: "I quit all of them many years ago, and gave it back to my other partner, in 2014 (exit)." During your tenure in the company, did you participate in the shares?" Yu Zhengzheng said: "If you have shares, the company was transferred from the hands of Koreans at that time, and the Koreans were not there at the time, so many procedures were not completed." "You accepted them. Is it the company?" Yu Zhengzheng said: "Yes, it turns out that this company is no longer in operation, so I took this company over."
According to industrial and commercial information, Yu Zhengzheng has served as the director and general manager of Li'an Technology since 2011, and withdrew in 2015. The 30% shares he held were also transferred to Qiu Yi in 2015. Li'an Technology applied for several patents in 2012 and 2013. The inventors are all named Yu Zhengzheng.
Logitech is the company's largest customer
The main business of Li'an Technology is the research and development, production and sales of precision injection molds and injection products. According to the application fields, the products are divided into consumer electronics, toys and daily necessities.Among them, consumer electronics products accounted for about 88% of the company's total revenue in 2019. In the past two years, this proportion is also about 70%. The main products are mouse injection products and camera injection products.In the past three years, the industry leaders Logitech and Hikvision have both ranked among the top five customers of the company.Among them, Logitech's sales in the past two years accounted for about 60% of Li'an Technology's total revenue, and it reached 91.2% in 2018.
The reporter noticed that in recent years, the sales of downstream consumer electronic terminals have been weak, and the changing trend of the demand for mouse as a peripheral accessory of the computer is closely related to it.After the outbreak of the new crown epidemic in 2020, the industry once reaped dividends, but shipments began to decline again in the first half of 2022.
According to the World Wide Web report in April, preliminary statistics from Gartner show that global personal computer (PC) shipments totaled 77.9 million units in the first quarter of 2022, a decrease of 6.8% from the first quarter of 2021.
Perhaps feeling the downward pressure in the industry, Leon Technology is expanding its business in other sectors such as toys and daily necessities.In 2020, the sales revenue of the company's toy and daily necessities products achieved rapid growth, an increase of 9127.88% year-on-year, which also led to a substantial increase in the company's operating income that year, an increase of 85.74% year-on-year.The well-known toy brand Spin Master has also ranked among the top five customers of Lyon Technology in 2020.
Judging from the planned investment of the raised investment funds, the investment funds raised by Li'an Technology for toys and daily necessities and auto parts products are higher than those for the expansion projects of consumer electronics products, the three are 176 million yuan, 141 million yuan, 96.7138 million yuan.
From the upstream suppliers of Li'an Technology, many of them are local enterprises in Fenghua, including Ningbo Shangyin Plastic Technology Co., Ltd., Ningbo Fenghua District Jinsheng Electronic Technology Co., Ltd., Ningbo Fenghua Boyuan Electronics Co., Ltd., etc.It is worth noting that there are cases in which Leontech's suppliers were established by former employees.
Li'an Technology stated in the prospectus that Ningbo Fenghua Haotong Logistics Co., Ltd. (hereinafter referred to as Ningbo Fenghua) was established in 2019 with a registered capital of 280,000 yuan. The shareholders are Wang Shihao and Yuan Weilong, who used to be employees of the company's transportation fleet.In order to focus on its main business, the company plans to disband its transport fleet.Wang Shihao and Yuan Weilong were familiar with the company's transportation business, so they set up Ningbo Fenghua to provide transportation services for the company.
The company has tried to launch smart devices
Since 2016, Leon Technology has also tried to further expand into the downstream smart device field.From the perspective of gross profit margin, the gross profit margin of downstream terminal equipment manufacturers is obviously higher than that of upstream accessories manufacturers.In fact, from 2019 to 2021, the gross profit margin of Li'an Technology's main business has gradually declined, reaching 33.21%, 31.48%, and 28.19%, respectively.Correspondingly, Wind shows that Logitech’s gross profit margin has exceeded 35% in recent years, and will reach 44.47% in 2020; Spin Master’s gross profit margin is above 45%.
At present, the toy and daily necessities products sold by Leon Technology include early education machine injection products and fishing game injection products, and auto parts products include end cap injection products and controller box cover injection products.Since 2016, the smart devices developed or launched by Leon Technologies are a direct extension of the above business.The current controlling shareholder of Li'an Technology is Hafnium Intelligence.
According to the "Fenghua Daily" report, Li'an Technology launched an early education robot with the brand name "Habbie" in 2016, including 5 invention patents.In 2017, Qiu Yi set up an "Internet of Things" R&D team, and successively developed products such as "habbie car networking box" and "smart manhole cover".
The reporter found some related patents in Li'an Technology's prospectus, including a multi-functional artificial intelligence Braille learning machine, an intelligent control device for children's life rules, and a smart home appliance control system based on the Internet of Things.
"2016 is an important year for artificial intelligence to become popular again. At this time, many manufacturers have entered the market, but very few manufacturers have really developed." On June 28, Lu Hanchen, director of the Institute of High-tech Robotics Industry He told reporters through WeChat, "Many manufacturers do not have core AI capabilities, resulting in poor product experience. They still look at products from the perspective of toys, and product growth will be greatly restricted."
Lyon Technology did not disclose the business situation related to smart devices in the prospectus.However, the reporter noticed that in 2021, Li'an Technology and Zhejiang University professor Wang Kaiwei jointly established Hangzhou Shiyu Software Co., Ltd., whose business scope includes artificial intelligence application software development, artificial intelligence basic software development, software sales, electronic product sales, Sales of optical communication equipment.
In order to understand the details of Li'an Technology at the beginning of its establishment, and whether the company plans to develop smart device business in the future, on June 29, 2022, a reporter from "Daily Economic News" sent an interview outline to Li'an Technology's public mailbox.Since then, the reporter has also called Li'an Technology's public phone many times. The staff said that they had received the email and reported to the leader, and they were not clear about the follow-up progress.As of press time, the reporter has not received a reply.
Every reporter Fan Qianqian every editor Dong Xingsheng
(Editor in charge: Jiang Ninglu)
