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Bafang Electric: various data of "flameout" at a huge cost become a mystery

recently, the CSRC approved the initial application of Bafang electric (Suzhou) Co., Ltd. (hereinafter referred to as "Bafang electric")

Bafang electric plans to raise 1.28 billion yuan to invest in overseas marketing projects, production and construction projects of special motors and control systems for electric bicycles, and upgrading and reconstruction projects of electric drive system technology center

however, looking through the prospectus, it was found that Bafang electric had problems involving patent infringement, false high company valuation, questionable procurement data, etc

after patent infringement, pafang electric spent 10million to "extinguish the fire"

established in 2003, a high-tech enterprise specializing in the R & D, production, sales and technical services of electric bicycle motors and supporting electrical systems. The company's products are mainly used in electric bicycles

after years of development, the company has formed a series of motor products with more than 80 product models, including hub motor and mid mounted motor, and has the supporting supply capacity of electrical system products such as controller, sensor, instrument and battery, which can provide a full set of adaptive electrical solutions for different types of bicycles such as mountain bikes, road bikes, urban recreational vehicles and urban scooters

in 2012, Bafang electric developed the first generation BBS drive system for central motor, but this technology did not meet the requirements of the patent law in many places and did not obtain relevant invention patents

even so, since 2013, products produced by Bafang electric using this technology have been continuously flowing to the European market

to the company's disadvantage, in March2007, sunstar company of Japan submitted a PCT patent application for the above technology in Japan and was authorized in 2010

based on the PCT patent agreement, sunstar company has applied for this patent to the European Union and China since the reform and opening up, and obtained the authorization of this invention patent in March, 2014 and June, 2016 respectively

in August, 2014, sunstar company of Japan filed a lawsuit with the court of Dusseldorf, Germany, alleging that bbs01 central motor produced and sold by eight party electric infringed its European patent (EP), and the amount of damages is estimated to be 500000 euros

in march2017, the first instance judgment of Dusseldorf court in Germany determined that the eight party electric lost the lawsuit

in June 2017, the company filed an appeal

at the same time, the company sought a settlement with the 60 ~ 100hrf division of sunstar company. After many consultations with sunstar company, it was finally agreed that at the end of 2017, Bafang electric purchased the patent applied and obtained by sunstar company in Europe and China at the price of US $1.5 million (about RMB 1012.77 according to the then exchange rate)

do you know whether there are defects in the company's patent application awareness and process

company valuation or false high

according to the prospectus, in September 2017, the registered capital of Bafang electric increased to 90million yuan, and Suzhou Guanqun Information Consulting Center (limited partnership) subscribed at the price of 2 yuan/share. The total subscription amount was 18million yuan, accounting for 10% of the equity

subsequently, in june2018, eight party electric issued the prospectus application draft for the first time and applied for listing

Guanqun information is the shareholding platform for senior executives of Bafang electric. According to the financial data disclosure, the company has confirmed that the share payment fee is 104million yuan

according to the reverse calculation, the overall valuation of the company in September 2017 was more than 1.2 billion yuan. I wonder if there is a sufficient basis for this? The company is the prototype of this shoe and participated in the exhibition of the international footwear exhibition in Milan. Did you falsely estimate the share based payment fee

questionable purchase data

according to the prospectus, the total purchase amount of Bafang electric from the top ten suppliers in 2017 was 185249200 yuan, accounting for 47.29% of the total purchase amount. Therefore, the total purchase amount of the company was 392million yuan

in the same year, the company's procurement fund support amount reached 424million yuan, which was tens of millions more than the total procurement amount in the same year

under this background, the balance of accounts payable of the company also increased by more than 50million yuan in 2017. I wonder whether this is in line with the normal accounting logic

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