Shanghai Broadcom Integrated Ipo: R & D Costs Increase Year By Year, Real Control Is Us Citizenship.

China Network Finance and Finance (May 21st) Limited by Share Ltd (Shanghai) Limited by Share Ltd (hereinafter referred to as "Bo Tong integration") recently disclosed a prospectus on the SFC's website. The company plans to issue 34 million 678 thousand and 400 shares in the Shanghai Stock Exchange and 139 million shares after the issuance of the total equity. The sponsor is CITIC Certificate (19.810, 0.08, 0.41%).

Public information shows that the main cause of the integration is the research and development of wireless communication integrated circuit chips, and the specific types are divided into wireless data transmission chips and unlimited audio chips. It is understood that the Broadcom integrated product application category mainly includes 5.8G products, WIFI products, Bluetooth data transmission, general purpose wireless and so on. At present, the company has authorized 26 patents and 39 items in mainland China and the United States, and 70 layout designs for integrated circuits.

According to the disclosure, the Bo Tong integration plan raised about 671 million yuan through this IPO, to the standard agreement wireless interconnection product technology upgrading project, the national standard ETC product technology upgrading project, the satellite positioning product research and development and industrialization project, the intelligent home entrance product research and development and the product oriented project and research and development center construction project.

In the past 2015-2017 years, the operating income of Bo Tong's integration was 444 million yuan, 524 million yuan and 565 million yuan respectively, and the net profit of the same period was 93 million 843 thousand and 700 yuan, 104 million 121 thousand yuan and 87 million 427 thousand and 300 yuan respectively. It is worth mentioning that the company's R & D costs are 53 million 285 thousand and 700 yuan, 64 million 886 thousand and 900 yuan and 69 million 99 thousand and 800 yuan respectively, accounting for 76.04%, 72.79% and 82.05% of the management costs, respectively.

Broadcom also hints at a number of financial risks in the prospectus. At the end of 2015-2017, the net accounts receivable of the company are 67 million 128 thousand and 800 yuan, 91 million 746 thousand and 100 yuan and 146 million 748 thousand and 400 yuan respectively, and the net stock of the stock is 62 million 484 thousand and 300 yuan, 146 million 925 thousand and 300 yuan and 76 million 787 thousand and 400 yuan respectively.

Broadcom also hints at the risk of control changes in the prospectus. Before the issue, the company's actual controllers were Pengfei Zhang and Dawei Guo, all of them are American nationality. The two party indirectly held 24.01% of the company's shares through Ben BVI. Hong Zhou, Xu Boxiong, Wenjie Xu as the company's actual controller of the company's actual controller, the company's actual controller and its unanimous action people jointly control the company's 42.83% shares, the proportion of shares is relatively low.