News from November 26: Jiangsu Donghenan Geotechnical Technology Co., Ltd. has recently officially applied for listing on the New Third Board (NEEQ), with its listing materials disclosed on the National Equities Exchange and Quotations system on November 24. Southeast Geotechnical was established in September 2012 and completed its shareholding reform in September 2015. Chairman Li Renmin and Director Wang Jianlan, a married couple, hold 100% of the shares and are the company's actual controllers.
According to data from the Wabei NEEQ Research Institute, Southeast Geotechnical's operating revenue for January-July 2015, the 2014 fiscal year, and the 2013 fiscal year was 6.2109 million yuan, 13.3841 million yuan, and 4.9738 million yuan, respectively; net profit was 1.1118 million yuan, 1.0103 million yuan, and 667,800 yuan, respectively.
The announcement shows that in July 2015, December 2014, and December 2013, Southeast Geotechnical's book value of accounts receivable was 8.2325 million yuan, 5.7238 million yuan, and 890,800 yuan, respectively, accounting for 55.80%, 57.57%, and 14.03% of current assets in the respective periods.
Its customers are mainly well-known large construction companies such as the Shanghai Branch of Jiangsu Sunan Construction Group Co., Ltd., Jiangsu Yancheng Second Construction Group Co., Ltd., and Jiangsu Hongji Technology Co., Ltd. Although these customers are large in scale, if receivables cannot be recovered due to reasons such as systemic industry risks, there may be a risk of large bad debts.
Southeast Geotechnical is mainly engaged in the application and development of urban underground engineering technology. The lead underwriter for this listing application is Great Wall Securities, the legal advisor is Beijing Dacheng (Wuhan) Law Firm, and the financial auditor is Ruihua Certified Public Accountants (Special General Partnership).