中汽试验过会:

中汽试验过会:今年IPO过关第231家 中国银河过首单_股市聚焦_市场_中金在线


  中汽试验本次发行的保荐机构为中国银河证券股份有限公司,保荐代表人是王建龙、刘卫宾。这是中国银河今年保荐成功的首单IPO项目。此前,7月2日,中国银河保荐的北大荒垦丰种业股份有限公司被否。
  中汽试验公司是我国主要的汽车试验场投资、运营、管理企业之一,公司主营业务为通过构建汽车场地试验环境和试验场景,为汽车整车生产企业、汽车检测机构、汽车底盘部件系统企业以及轮胎企业等客户提供场地试验技术服务。同时,报告期内公司还依托汽车试验场环境,开展整车强化腐蚀耐久检测及轮胎检测等检测业务。
  截至招股说明书签署日,中汽中心为公司的发起人之一,直接持有公司 55.96%的股份,系公司的控股股东。中汽中心是由国务院国资委100%出资的国有独资企业。公司的实际控制人为国务院国资委。
  中汽试验拟在深交所创业板上市,计划公开发行的股票数量不超过3.31亿股,不低于发行后总股本的10%且不超过发行后总股本的25%。公司拟募集资金7.50亿元,全部用于长三角(盐城)智能网联汽车试验场项目。
  上市委会议提出问询的主要问题
  1.报告期内,发行人现有场地道路的总体使用率分别为49.97%、44.17%和39.70%。请发行人代表结合市场空间、竞争格局、行业壁垒以及发行人目前的道路使用情况、收入区域特征等因素,说明发行人汽车场地试验服务业务是否具有成长性,未来成长空间是否受限,相关风险是否充分披露。请保荐人代表发表明确意见。
  2.发行人控股股东中汽中心投资建设、运营汽车试验场地道路包括天津检验中心拥有的一条内部试验路,以及呼伦贝尔检验中心建设运营的冬季汽车试验场地。呼伦贝尔检验中心的业务规模处于扩张期。请发行人代表说明:(1)以“常规环境”与“极限环境”下汽车试验场的运营及管理为依据,认定呼伦贝尔检验中心冬季汽车试验场地不构成同业竞争的合理性;(2)呼伦贝尔检验中心未来的业务扩张是否包括延伸到“常规环境”下汽车试验场的运营及管理;(3)发行人是否存在收购呼伦贝尔检验中心的相关计划或战略安排。请保荐人代表发表明确意见。
  3.报告期内,发行人技术研发人员数量较少且流动性高,研发费用率低于同行业可比公司。请发行人代表说明上述情况对其后续研发能力的影响,以及能否适应未来智能网联、新能源汽车的发展对研发能力的要求。请保荐人代表发表明确意见。
  需进一步落实事项
  2.请发行人进一步披露在提供对外试验服务业务方面,与呼伦贝尔检验中心试验场、天津检验中心的内部试验路之间是否存在同业竞争以及对发行人造成的影响。请保荐人发表明确意见。

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