Hexin Instruments, a rare scene emerged after its IPO! Did Guoxin Securities help it "package for listing"?

Source: Fundamental Analysis Power Field

Previously, Power Field Lord, taking into account a complaint from some buddies about being taken for a ride, talked about it while discussing the way in which, in the eyes of brokerage research reports that are known for their optimism, HeXin Instruments (688622.SH), a company projected to be loss-making for the next three years. In that article, Power Field Lord also mentioned that after HeXin Instruments went public via an IPO in 2021, it fell into losses starting in 2022, and kept bleeding until 2025.

Turning into a different face immediately after going public and falling into losses—doesn’t that look abnormal? Immediately after, Power Field Lord went back to review HeXin Instruments’ performance before and after its listing, and felt that it could well be described as a string of strange occurrences.

Actually, even before HeXin Instruments went public, there were some unusual signs. For example, in two versions of its prospectus released in different periods, it lowered the 2018 full-year operating revenue. But before the listing, the company’s growth momentum in performance was truly quite strong. In 2019 and 2020, the year-over-year increases in net profit were as high as 131.96% and 49.45%, respectively. Even in the first half of 2021, just before the listing, net profit still surged year over year by 70.4%.

But after it completed its listing in September 2021, the original face was exposed so quickly, wasn’t it? On the basis that net profit in the first half of 2021 still rose sharply year over year, the company’s net profit for all of 2021—on a year-over-year basis—was only 13.13%, creating a very stark contrast with the strong performance in the first half. As for the rest of the story, everyone knows it now: starting in 2022, it was a one-way ticket into losses from which it never looked back.

On this matter, no matter who looks at it, who wouldn’t feel that such a turnaround before and after is too glaring? And who wouldn’t feel that the strong performance before HeXin Instruments’ listing was problematic?

Power Field Lord has another detail to share: in the year it was listed, namely 2021, HeXin Instruments had as many as 167 R&D personnel. In 2022, it expanded further to 201. In response, HeXin Instruments also emphasized multiple times in its prospectus its R&D strength and technical advancement.

But after it went public, it actually played out a very rare scene. According to disclosures in the 2023 annual report, by the end of that year, HeXin Instruments’ R&D personnel had been cut down to 145—down by nearly one-third from the previous year’s 201. By the end of 2024, the number of R&D personnel staying on had fallen even further, leaving only 43.

When comparing such sharply different performances before and after, Power Field Lord especially wants to ask one question: before HeXin Instruments’ IPO in 2021, did it have any “packaging for the listing”? As the IPO sponsor for this company—Guoxin Securities (002736.SZ)—and the two sponsor representatives, Zhang Hua and Wei Ansheng, did they help HeXin Instruments “package” its IPO?

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