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With the continuous development of China's capital market, an increasing number of enterprises are determined to raise funds through the capital market to continuously expand and strengthen their business. The feasibility study report for the fundraising investment project of the three-phase electric energy meter calibration device is a written report that assists enterprises planning to go public in completing the filing of fundraising investment projects before an IPO, coordinating with securities firms, and providing necessary support for the company's prospectus.
The design of the fundraising investment project should combine the market segment report and the enterprise's own characteristics, reasonably forecast the project's prospects and profitability, accurately describe the logical relationship with the company's core competitive advantages and sustained profitability, and demonstrate its feasibility, necessity, and controllability, fully aligning with the CSRC's review approach to ensure approval. Issues related to the use of raised funds include the necessity of financing, whether there is a clear direction for the use of raised funds, whether the fundraising investment project has clear profit prospects, whether preparations for the use of over-raised funds are sufficient, and whether blind expansion may occur. Among IPO applications rejected on the ChiNext board, nearly half had issues with the use of raised funds, indicating that the fundraising investment project is a critical part of the CSRC review stage.
However, the road to listing has never been a smooth one, and many enterprises have failed along the way. Statistics show that from 2007 to 2011, the CSRC reviewed 1,226 initial public offerings, of which 228 were rejected, with a rejection rate of 18.6%. Strict review has become the norm.
Many enterprises have broken through their previous understanding of main business in the design of fundraising investment projects. For example, one enterprise extended from subway business to high-speed railway through its ChiNext listing, another extended from building intelligent services to building energy-saving services, and yet another transformed from vaccine marketing to independent vaccine research, development, and production.
Many enterprises have also made significant breakthroughs in the proportion of raised funds invested in R&D centers. For instance, one IT enterprise invested about 50% of the total raised funds in its R&D center, while a biopharmaceutical enterprise invested over 40% of the total fundraising amount in its R&D center. In fact, in certain fields, R&D capability equates to sustained profitability.
The rationality of fundraising investment projects has always been a focus of the CSRC's attention. Reasonable and scientific feasibility studies for fundraising investment projects have become an important part of supporting enterprises' successful listing.
The feasibility study of a fundraising investment project must start from the overall system, analyzing and demonstrating multiple aspects such as technology, economy, finance, business, environmental protection, and law, to determine whether the construction project is feasible and provide a scientific basis for correct investment decisions. The feasibility study of a project is a continuous process of analysis, research, evaluation, and decision-making for a multi-factor, multi-objective system. It requires the cooperation of professionals with knowledge in various fields to complete. It should fully consider the CSRC's requirements for the use of raised funds, market prospects, product technology content, environmental impact, and compatibility with the company's existing actual management capabilities and sales capabilities. A reasonable feasibility study for a fundraising investment project is key to passing the review.
Huajing Zongheng has a very solid research foundation in fundraising investment feasibility studies and can provide clients with high-quality services:
15.10 The necessity and rationality of significantly increasing investment in fixed assets, intangible assets, and R&D expenses (key point)
