⊙记者 吴正懿 ○编辑 邱江

⊙ reporter WuZhengYi ○ QiuJiang editor

　　拟IPO项目中屡有闪现的“客户股东化”模式或将碰壁。证监会最新披露的厦门万安智能IPO反馈意见显示，其被否系因2010年9月引入多名客户成为股东，由此导致大量关联交易，独立性存在严重缺陷。这意味着，存在“客户股东化”情形的发行人的独立性问题，今后可能面临更严格的审核。

Quasi IPO projects often have the flash“Customer shareholders turn”Mode or will go to the wall。Securities regulatory commission latest disclosure of xiamen vie intelligence feedback shows that IPO，It is no system for September 2010 into more than customers to become shareholders，Thus, resulting in a large number of connected transaction，Independence to have a serious defect。This means that，exist“Customer shareholders turn”The circumstances of the independence of the issuer problem，The future may be faced with more strict audit。

　　据资料，万安智能主营建筑智能化系统集成和智能化产品销售，原计划募集资金2.2亿元，今年3月14日上会遭发审委否决。

According to data，Vie intelligent main building intelligent systems integration and intelligent product sales，The original plan to raise capital of 220 million yuan，On 14 March this year by FaShenWei will veto。

　　证监会的反馈意见称，万安智能主营业务包括建筑智能化系统集成、智能化产品代理销售两部分，2011年毛利比重各为75%、25%。其中，建筑智能化系统集成业务市场竞争激烈，2010年公司在建筑智能化前50强中的市场占有率约为1.29%。2010年9月，金石投资、滨江控股、自然人吴忠泉和杨铿增资成为公司第四至第七大股东。2009年至2011年，公司与上述股东及其关联方的智能化系统集成业务销售金额分别为4386万元、4981万元、3088万元，占同类交易金额的比例分别为23.21%、19.67%、9.54%。发审委认为，上述情形与IPO管理办法第二十条的规定不符。

Securities regulatory commission feedback says，Vie intelligent main business including the intelligent building system integration、Intelligent products acting sales of two parts，In 2011 the proportion of gross margin was 75%、25%。the，Building intelligent systems integration business market competition is intense，In 2010 the company in building intelligent former top 50 of the market share of about 1.29%。In September of 2010，Stone investment、Binjiang holding、Natural person WuZhongQuan and YangKeng capital increase the company - the seventh largest shareholder。From 2009 to 2011，Company and the above the shareholder and the intelligent system integration business sales amount is 43.86 million yuan respectively、49.81 million yuan、30.88 million yuan，Account for the similar transaction amount to 23.21%、19.67%、9.54%。FaShenWei think，The above situation and the measures for the administration of the IPO in conformity with the provisions of article 20。

　　回查招股材料，2010年9月入股万安智能的四名股东身份特殊。其中，金石投资是保荐人中信证券(600030,股吧)的直投子公司；滨江控股是滨江集团(002244,股吧)的控股股东；吴忠泉是金都房产集团的实际控制人；杨铿则是房企四川蓝光实业集团董事局主席，后三家房企及其关联方均是万安智能的重要客户。

Back to check offering material，In September 2010 in wanan intelligent four shareholders special identity。the，The stone investment is guarantor citic securities(600030,guba)Straight TouZi company；Riverside holdings is riverside group(002244,guba)The controlling shareholder；WuZhongQuan is jindu real estate group's actual controller；YangKeng is room to sichuan blue light industrial group chairman of the board，After three room reachs its affiliated parties are vie intelligent the important customer。

　　根据IPO管理办法第二十条规定：“发行人在独立性方面不得有其他严重缺陷”。据查，IPO管理办法有关“独立性”的要求，罗列了发行人资产完整、人员独立、财务独立、机构独立、业务独立等多方面。此前也不乏因违反前述条款IPO被否的案例，但发行人因“其他严重缺陷”遭否似无先例。

According to the measures for the administration of the provisions of article 20 of the IPO：“The issuer shall not be in independence there are other serious defects”。According to check，The measures for the administration of the IPO“independence”requirements，Listing the issuer the integrity of assets、Personnel independent、Financial independence、Institutions independent、Business independent and other aspects。There are previously for violation of the above terms IPO was no case，But the issuer for“Other serious defects”Was not like is not unprecedented。

　　事实上，“客户股东化”的现象在近年屡见不鲜，大部分IPO项目安然过关。例如，无锡尚德持有隆基股份(601012,股吧)发行前4.73%的股权，而施正荣掌控的“尚德系”在2008年至2010年一直是公司第一大客户。再如，华伍股份(300095,股吧)二股东振华重工(600320,股吧)持有公司1000万股，占发行前总股本的17.39%，报告期内，振华重工一直是公司第一大客户。又如，燃控科技(300152,股吧)上市时，其主要客户凯迪控股的持股比例高达30%。此外，金刚玻璃(300093,股吧)、棕榈园林(002431,股吧)等公司也都存在重要客户入股变成股东的情形。

In fact，“Customer shareholders turn”A common phenomenon in recent years，Most of the IPO project enron pass。For example，Wuxi suntech holding longji shares(601012,guba)Before the release of the equity of 4.73%，Shi and control“Suntech system”In 2008 to 2010 has been the first big customer。Be like again，HuaWu shares(300095,guba)Two shareholders zhenhua heavy industry(600320,guba)Holding company 10 million shares，Before the release of accounts for 17.39% of the total equity of the，The report period，Zhenhua heavy industry company has been the first big customer。And as，Combustion control technology(300152,guba)When listed，Its main customers kaidi holding shareholding ratio as high as 30%。In addition，King kong glass(300093,guba)、Palm garden(002431,guba)And the company also have the important customer invest into shareholders situation。

　　但今年以来，监管层对“客户股东化”的审核似有趋严的势头。除万安智能之外，今年4月18日，深圳麦格米特电气IPO被否。据招股材料，TCL集团的控股子公司惠州TCL创投和无锡TCL创投，合计持有麦格米特17.84%股权。报告期内，在公司前五大最终客户构成中，TCL集团旗下的TCL王牌电器是其2010年第四大、2009年第五大客户。更隐秘的是，2009年、2010年公司第一大最终客户为兆驰股份(002429,股吧)，后者与TCL集团为战略合作伙伴。业界认为，“客户股东化”导致的大量关联交易，是麦格米特IPO折戟的主因。

But since this year，Supervision layer to“Customer shareholders turn”Audit there seems to hasten yan's momentum。In addition to vie outside intelligence，This April 18,，Shenzhen McGonagall milt electrical IPO is no。According to the stock offering material，TCL group holdings subsidiaries huizhou TCL vc and wuxi TCL venture，Aggregate hold McGonagall milt 17.84% equity。The report period，In the company the top five end users in the composition，TCL group's TCL trump electric appliance is the fourth largest in 2010、In 2009 the fifth big customer。The secret is more，In 2009,、In 2010 the company the first big end customer for mega chi shares(002429,guba)，The latter and TCL group for strategic cooperation partner。Industry think，“Customer shareholders turn”In a large number of connected transaction，Is McGonagall milt IPO discount the major cause of halberd。