The relationship between Meirui New Materials and Wanhua Chemical was deeply inquired by the Issuance Examination Committee

First, the annual production and sales volume of Wanhua Chemical's TPU products, and the specific differences between the issuer's TPU industry segments such as varieties, technologies, and application fields;

The second is whether the dual relationship between the issuer and Wanhua Chemical's raw material suppliers and business competition will affect the issuer's business development, whether Wanhua Chemical has a public plan to increase TPU production in the future, and whether it will affect the issuer's MDI raw material supply in the future.
Adverse effects; whether there is a greater business risk;

The third is whether some directors, supervisors and senior management personnel of the issuer have signed non-compete agreements with Wanhua Chemical, and whether there is any violation of relevant agreements or commitments;

Fourth, whether the issuer's technology, main production equipment, main management, R&D, and production personnel come from Wanhua Chemical, whether there is any infringement of Yantai Wanhua's intellectual property rights, and whether there are disputes or potential disputes;

The fifth is the reason and rationality of the purchase price compensation provided by Wanhua Chemical since 2018, whether it has a significant impact on the financial status of each period, and whether there is an inter-period profit adjustment by adjusting the rebate time point
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The focus of media attention is mostly asked about

In addition, the reason and rationality of the former employee Yu Haipeng’s resignation to found Xiamen Pengrui and immediately becoming the issuer’s large-amount distributor after establishment; and the reasons and rationale for the resignation of the issuer’s three financial managers since 2016 Issues of public media concern, such as sexuality, were also asked
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In addition, the prospectus filing shows that Meirui New Materials' "net cash flow from operating activities" in the first half of 2016, 2017 and 2019 was higher than the company's current net profit and operating profit, especially in 2016 and 2017.
The net cash flow generated” is more than double the net profit
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Industry insiders believe that this situation is relatively rare in industrial enterprises
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