Reporter: OU Shaojun

The sudden outbreak of the COVID-19 pandemic had a major impact on the real economy, especially tertiary industries. IPO (Initial Public Offering), as an important part of direct financing, is beneficial for companies to strengthen their financial strength and reduce financing costs, which is also why all parties attach such great importance to IPO, and it is Main task that companies must pay attention to the listing. Today we would like to introduce the person – financial analyst DING Guisheng, who strictly controls the IPO process of listed companies, accelerates the efficiency of IPO verification of companies with technological innovation, and greatly improves the resilience and inclusiveness of the capital market to withstand risk.

Ding Guisheng graduated from Wollongong University in Australia in 2009, successfully earned double bachelor’s degrees in accounting and international trade and then pursued his studies for a master’s degree in finance. With his expertise in this field, he looks forward to achieving great success in the Chinese financial industry. After graduating, he joined China Aviation Fuel North China Co., Ltd. as Business Director. and gained a lot of operating experience in listed companies through years of work. In 2019 he ended his almost ten-year career as a supervisor. He joined Minsheng Bank’s Internal Quality Control Department as Senior Financial Analysis Manager and was mainly responsible for collaborating with various IPOs of listed companies. The China Minsheng Banking Corp.,Ltd. was established on January 12, 1996 and is the first national commercial bank established by private capital in mainland China. Since joining the company, DING Guisheng has reviewed more than 40 IPOs of listed companies and refinancing projects of listed companies, covering many professional fields including pharmaceutical biology, agriculture, software information technology, equipment manufacturing and other industries.

In 2019, DING Guisheng participated in the IPO review project and analysis of a well-known pharmaceutical technology company in Guangzhou, and helped the company to successfully list in the START Market (Sci-tech Innovation Board). There are many problems in the company’s IPO, such as the sharing of R&D costs, whether the company’s technology meets the requirements of the START market, and the shareholders’ wealth or financing sources in the previous capital increase and equity transfer of the issuers. DING Guisheng consulted the prospectus, annual report and other public information of famous listed companies in the same industry to understand the gross profit margin level of comparable companies in the same industry and conducted comparative analysis with issuers. He also verified and verified the authenticity of the issuer’s receipts by examining contracts, visiting, certifying and signing letters. Calculate the collection and accounting of the direct materials, direct labor costs, manufacturing costs and other expenses of the issuer. In addition, DING Guisheng analyzed the competitive position and the technical level of the issuer’s products in the in vitro diagnostics industry by consulting the prospectus, research report and statistical data from the government departments of the same industry. Under the review of DING Guisheng and his team, the pharmaceutical company successfully passed the review and successfully went public, which promoted the accumulation of financial resources in science and technology, promoted the transformation of research achievements and innovative R&D capabilities. and led the development of the industry.

In 2021, he also reviewed the listing of a pharmaceutical research company on the START Market for IPO. During the review, he found that the company had the following problems: First, the level of lending and orders increased rapidly. In order to meet the need for capital due to the increase in purchasing demand and the expansion of the operation scale, bank financing was used to solve the shortage of financing. In 2017, when applying for entrusted payment loans from banks, the company did not actually fulfill the relevant procurement contracts provided to the lending banks. Second, subordination issues between issuer and related party. There are other transactional matters between the Issuer and related parties, notably the Issuer providing research and development services to related parties, leasing premises, purchasing materials and services from related parties, and borrowing from the Issuer and paying salaries on behalf of related parties Related Party Warranties and Other Matters. DING Guisheng analyzed the reasons and circumstances of the subordination and found that the subordination is not subjectively intentional or malicious. After that, he received the industrial and commercial information, transaction agreement, price basis and internal approval documents from the related parties. After careful analysis, he confirmed that the transactions between the issuer and related parties were authentic and fair and that they all carried out the necessary verification procedures, which did not constitute a significant impediment to this issuance. The company eventually plans to raise 484 million yuan, laying the foundation for the continuous growth of the power scale.

Thanks to the excellent work of Mr. DING Guisheng and the groups, Minsheng Securities ranked fifth in the industry in terms of underwriting and sponsorship revenue for IPO listings by the end of 2019, adding even more vitality to its already competitive IPO business. At the same time, in 2019, Minsheng Bank ranked ninth in the industry in terms of the number of company-sponsored IPO companies, eleventh in terms of sponsorship revenue, and fourth in terms of Chinese A- Stocks in 2021. In addition, in the 12th New Fortune in 2019, it won the honorary titles of the best investment bank in China, the Junding Award of investment bank in China securities industry, and he won the top ten investment bankers in the top ten -Investment Banks.

In order to improve the efficiency of IPO verification, DING Guisheng has been committed to developing an intelligent IPO verification system in recent years. The system has realized the intelligence of IPO filing and verification work, and promoted the technical innovation of aspects related to financial verification. It has been used and technologically supported since its trial run in the listing review of the START market. The results of years of conducting digital financial analysis software innovation and the tremendous benefits derived from the reform of the IPO verification model have led to DING Guisheng being recognized by many industry experts and winning several major domestic technology awards.

DING Guisheng said that after the IPO, it is conducive to promoting companies to establish a standardized and transparent corporate governance structure and a strict internal control system, accept public oversight, improve the level of corporate governance and improve the competitiveness of the increase business. He will continue to work on the IPO review project, use information to improve the company’s asset structure, improve the company’s own risk resilience and help the company recover from the impact of COVID-19.

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