In the village of Vietnamese stars and children, it is rare for a warm boy to receive the attention of the online community like the two daughters of MC Quyen Linh and his business wife Da Thao. If the youngest sister Chestnut is becoming more and more beautiful and hard to recognize, the second sister Cinderella is expected by the online community to become the future Miss. Accordingly, Cinderella almost possesses “golden characteristics” to be able to fight in beauty arenas, from a delicate face with harmonious five senses, a height of more than 1.7m even though she is only 16 years old. age to outstanding academic achievement. In particular, the beautiful girl of the Z generation also possesses the standard “beauty queen” feature. Recently, in a self-published clip on her personal instagram, not only is Cinderella’s beautiful face attractive, but Cinderella’s long and flowing black hair is also enough to attract all eyes. “On the air” with a rustic beauty, Quyen Linh’s daughter makes many people bewildered by her elegant face, V-line chin, big round double eyelids, high nose bridge, shining smile. In the short clip, Cinderella confidently poses with jet-black hair. Sometimes a high ponytail shows off her facial features, sometimes a low bun like a Korean girl. The most remarkable moment is the moment when Cinderella shows off her profile, not only her golden ratio face but her silky smooth hair stream is also enough to “wake up” the internet. With long shiny hair curled and bouncy, Quyen Linh’s daughter is no different from a princess. Only through blurry images, but Cinderella still shines. Over time, the beautiful lines of Miss 10X become more and more perfect and brilliant. However, for many years, long, uncolored bouncy hair has always been Cinderella’s first choice. Thanks to this shiny cloud hair stream, people are more and more convinced that Cinderella possesses the standard beauty of a future Miss. Since childhood, Cinderella and Chestnut have long, gentle, feminine hair. By the time he went to school, even though his figure was as tall as his father’s, the boy was still loyal with the cute and mischievous side-tied hairstyle. A little older, Cinderella changed direction with her hair parted in the middle and bouncy curls. Thanks to her long, shiny hair, Cinderella can befriend many different hair types. Sometimes it’s straight, sometimes it’s high. At times, Cinderella is as gorgeous as a princess in wavy wavy hair. And no matter what style of column, the 16-year-old’s radiant beauty still shines thanks to Miss’s standard hair. It can be said that it is not natural that Cinderella can transform with many different hairstyles and still keep her hair admirably smooth and shiny. Part of it must be that the lady of the Quyen Linh family must be very careful about this “character” of thousands of people. And just looking at the hair stream of this Z gen girl, the sisters also see that sometimes you don’t have to follow the trend of sophisticated trimming or outstanding coloring, you can still shine with a hair Strong, natural smooth. So, what are the popular tips that are both simple and effective to help her have beautiful Miss Miss hair? – Find the right shampoo You may not know, shampoo plays a very important role in nourishing beautiful hair. Depending on the type of scalp and different hair condition, you will have your own suitable shampoo. Choosing the right shampoo will not only help clean the scalp and hair, but also keep it moisturized much better as well as not make the hair oily, cause dandruff … – Use conditioner properly In addition to finding a suitable shampoo for the scalp, you should not skip the step of using conditioner right after each wash. However, you need to be careful to avoid overusing these products because they can make the scalp easy to get dirty, quickly dirty and have more dandruff. Accordingly, after shampooing, use conditioner to gently massage the ends of the hair for about 1 minute to provide nutrients for stronger hair. In the process of using conditioner, you should not apply the product to the roots and let it stick to the scalp because this can cause scalp irritation as well as make hair fall more. – Incubate hair with vitamin E Besides the use of skin care, you can use vitamin E to smoothen your hair both effectively and cheaply. First, mix 2 vitamin E capsules with 2 tablespoons of yogurt, 1 egg to form a paste. Then, rinse your hair and gently apply the mixture to your hair from root to tip. Once the mixture is evenly applied, use a towel to let your hair rest for about 20 minutes before washing it off with your regular shampoo. Just do it 2-3 times a week with this formula, your dry, split ends will disappear completely and replaced with a smooth shine. – Do not abuse care products Many women often think that nourishing hair with many care products at the same time is more beneficial for the hair. However, this is a misconception. Because like the face skin, the scalp can still be “overeating” if you apply too many products at the same time. The main reason is because each type of hair conditioner has different ingredients, sometimes they do not support but also inhibit each other. Just a suitable hair care product, combined with incubating hair with natural hair masks is enough to help women have strong hair.

Another family company launched an impact on the A-share market.

Recently, Tangshan Baichuan Intelligent Machine Co., Ltd. (hereinafter referred to as “Baichuan Intelligent”) submitted a prospectus, and plans to be listed on the Science and Technology Innovation Board, with a public offering of no more than 33.4 million shares, accounting for no less than 25% of the total share capital after the issuance.

The IPO Daily found that the equity of Baichuan Intelligent was mainly held by the actual controller, the father and the daughter. The company not only relies on the top five customers for its performance, but is also questioned by the Shanghai Stock Exchange whether it has the attributes of science and technology innovation.

The value of “post-90s”

It is understood that Baichuan Intelligent was established in 1998, funded by Qingyuan Environmental Protection and Liu Jianying.

As of the signing date of the prospectus, Baichuan Zhixin holds 72.09% of the shares of Baichuan Intelligent, Liu Jingyan holds 19.9% ​​of the shares, and Baichuan Zhihui holds 8.01% of the shares.

It needs to be pointed out that Baichuan Zhixin is 100% owned by Liu Jianying, Liu Jianying and Liu Jingyan have a father-daughter relationship.

In other words,Liu Jianying and Liu Jingyan directly and indirectly hold 91.99% of the equity of Baichuan Intelligent and are the actual controllers of Baichuan Intelligent.

In this regard, Baichuan Intelligent said that the company’s operations may be affected due to the relative concentration of the equity structure and the control of the actual controller, and there is a risk of the relative concentration of the equity structure and the actual controller’s control.

In addition, Baichuan Zhihui is the employee stock ownership platform of Baichuan Intelligent.

In other words, Baichuan Intelligent does not have any external shareholders. Relying on its own capabilities, Baichuan Intelligent wants to become a listed company.

In addition, if Baichuan Smart goes public, A-shares will usher in a “post-90s” worth over 100 million yuan.

The prospectus shows that Baichuan Intelligent intends to raise 1.449 billion yuan this time and publicly issue no more than 25% of its shares. Based on this calculation, if Baichuan Intelligent successfully raises funds, its valuation may reach nearly 5.8 billion yuan.

It is reported that Liu Jingyan was born in 1991 and currently does not hold any position in Baichuan Intelligent. After the successful listing of Baichuan Intelligent, Liu Jingyan’s equity ratio in Baichuan Intelligent will be diluted to 14.92%, and the value of the equity held may reach 865 million yuan.

Performance depends on the top five customers

It is understood that Baichuan Intelligent is mainly engaged in the research and development, production and sales of rail transit locomotive and rolling stock inspection and testing equipment, and is committed to providing reliable guarantee for rail transit safety. It is the main rail transit locomotive and rolling stock inspection and testing equipment provider in the industry.

From 2017 to 2019 and from January to March 2020 (hereinafter referred to as the “reporting period”), Baichuan Intelligent realized operating income of 601,265,800 yuan, 722,321,900 yuan, 822.9387 million yuan, and 74,412,200 yuan respectively, and the net profit was returned to the parent after deduction. They were 113,700,900 yuan, 139,666,600 yuan, 20,257,300 yuan, and 19.509 million yuan respectively.

During the above time period, both the revenue and net profit of Baichuan Intelligent have shown a continuous upward trend.

It needs to be pointed out that Baichuan Intelligent can achieve the above-mentioned performance, mainly The top five customers that rely on the company.

According to the prospectus, during the reporting period, the sales revenue generated by Baichuan Intelligent’s top five customers was 457,955,700, 493,907,400, 390,581,800, and 69,134,200, respectively. Respectively accounted for 76.17%, 68.38%, 47.46%, 92.91% of the current operating income.

In this regard, Baichuan Intelligent said that if the industry policy changes in the future, or the operating conditions of major customers undergo adverse changes, resulting in a decrease in customer demand for the company’s products, it will adversely affect the company’s operating results.

In addition to customer concentration, Baichuan Intelligent also relies more on tax incentives.

According to the prospectus, during the reporting period, the total amount of tax incentives obtained by Baichuan Intelligent was 21,780,500 yuan, 2019.94 million, 38,375,800 yuan, and 4,747,100 yuan, respectively, accounting for 15.56%, 24.32%, 14.8%, and 20.97 of the total profit for the period. %. At least 10% of Baichuan Intelligent’s annual profit comes from tax incentives.

In this regard, Baichuan Intelligent said that if there is an adverse change in the national tax preferential policy, it will have an adverse impact on the company’s operating results.

Weak liquidity

Although Baichuan Intelligent is mainly engaged in rail transit, it is an asset-light operating company.

At the same time, during the above time period, the balance of accounts receivable of Baichuan Intelligent was 571.1378 million yuan, 530.336 million yuan, 643.1794 million yuan, and 539.9911 million yuan, respectively, accounting for 39.42%, 37.04%, 38.92%, and 32.68 of the total assets of the current period. %; Inventory balances were 310.7784 million yuan, 328.19945 million yuan, 408.8454 million yuan, and 420.472 million yuan, respectively, accounting for 21.45%, 22.92%, 24.74%, and 25.45% of the total assets of the current period.

In other words, Accounts receivable and inventories are an important part of company assets.

It needs to be pointed out that the IPO Daily found that Baichuan Intelligent’s liquidity of accounts receivable and inventory is weaker than the average value of comparable companies in the same industry.

According to the prospectus, during the reporting period, the accounts receivable turnover rate of Baichuan Intelligent was 0.85, 1.02, 1.13, and 0.1, respectively. The average value of comparable companies in the same industry was 1.47, 1.25, and 1.42; the inventory turnover rate was 1.32, 1.35, 1.29, 0.09, the average values ​​of comparable companies in the same industry are 1.54, 1.5, 1.85, and 0.11 respectively. (Note: The average value of the accounts receivable turnover rate of comparable companies in the same industry of Baichuan Intelligent from January to March 2020 has not been announced)

During the above time period, Baichuan Intelligent’s accounts receivable turnover rate and inventory turnover rate have always been lower than the average value of comparable companies in the same industry.

Asked about the properties of science and technology innovation

The IPO Daily also found that because of the lack of science and technology attributes, Baichuan Intelligent wanted to be listed on the science and technology board this time.

Previously, the China Securities Regulatory Commission issued a science and technology innovation board science and technology innovation attribute evaluation index system. The specific conventional indicators are: the cumulative R&D investment in the last three years accounted for ≥5% of the cumulative operating income in the last three years, and the cumulative R&D investment amount in the last three years ≥6000 Ten thousand yuan, or the invention patents (including national defense patents) that form the main business income ≥ 5 items, etc.

According to the prospectus, during the reporting period, the R&D expenses of Baichuan Intelligent were 43.156 million yuan, 38.098 million yuan, 29.519 million yuan and 47.705 million yuan, respectively, accounting for 7.18%, 5.27%, 3.59%, and 6.41% of the current operating income.

It can be seen that in the above time period, the investment in R&D expenses of Baichuan Intelligent has shown a continuous downward trend. By 2019, its R&D expense ratio is still less than 4%.

At the same time, Baichuan Intelligent has invested a total of 110,774,400 yuan in R&D in the past three years, accounting for 5.16% of operating income, which is only just over 5%.

Look at invention patents again.

It is understood that as of the signing date of the prospectus, Baichuan Intelligent has a total of 7 invention patents, of which 3 have been applied for in 2013 and the remaining 4 have been applied for in 2019. Relying on the 4 new invention patents added in 2019, Baichuan Intelligent has more than 5 invention patents.

What needs to be pointed out is that in the inquiry, the Shanghai Stock Exchange asked Baichuan Intelligent to combine the aforementioned responses, Baichuan Intelligent’s R&D investment and R&D system, etc., to indicate whether Baichuan Intelligent has independent innovation capabilities and whether it possesses the attributes of science and technology.

END

Reporter Deng Haotian

Layout Wang Ying

Edit Wu Mingzhou

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