One month after the initial application was postponed，Shanghai Qinsen Garden Co., Ltd. (hereinafter referred to as "Qinsen Garden") will once again face the listing test on October 10，But it failed in the end。Evening of October 10th，According to the announcement of the review results of the 155th meeting of the 17th Issuance Review Committee in 2018 published on the official website of the China Securities Regulatory Commission，Youyou Food Co., Ltd.’s initial application was approved，Qinsen Garden’s initial application was rejected。It is worth mentioning，The issuance review committee inquired about issues such as the large fluctuations in net profit of Qinsen Garden during the reporting period。

Prospectus display，Qinsen 188bet Online Sports Betting and Casino Garden is a comprehensive garden enterprise dedicated to the construction of urban ecological garden landscapes，The company’s main business is garden engineering construction、Garden landscape design、Garden maintenance and seedling planting。Financial data display，2014-2016 and January-June 2017，The operating income achieved by Qinsen Garden is approximately 4.8.4 billion yuan、6.5.9 billion yuan、7.8.9 billion yuan and 4.2.6 billion yuan，The corresponding net profit attributable to the owners of the parent company is approximately 4328.590,000 yuan、6930.330,000 yuan、5794.390,000 yuan and 3905.570,000 yuan。

According to the prospectus，2014-2016 and January-June 2017，The net cash flow generated by Qinsen Garden’s operating activities is -7274.410,000 yuan、-3925.040,000 yuan、-9037.750,000 yuan and 4911.340,000 yuan。At the issuance review committee meeting，The issuance review committee requires Qinsen Garden to report large fluctuations in net profit during the reporting period、The growth rate is inconsistent with the growth rate of operating income；The reasons and rationality for the inconsistency between net operating cash flow and net profit for the current period；Whether it is related to purchasing、Sales、Match credit and other policies；Explain the reasons for the large differences 188bet online sports betting in the growth rate of garden project income and purchase amount in each period。

During the reporting period，The large growth rate of Qinsen Garden’s accounts receivable is also a key question。According to Qinsen Garden’s prospectus，The company’s net accounts receivable from 2014 to 2016 and from January to June 2017 were 12461 respectively.770,000 yuan、24173.50,000 yuan、47695.630,000 yuan and 25870.690,000 yuan，Accounting for 19% of the total assets at the end of each period、23.82%、29.98% and 15.67%。Qinsen Garden stated in the prospectus，The company's accounts receivable balance has been settled according to the progress of the project、Unrepaid project funds，That is, the statistics of the amount that has been settled and confirmed between the company and Party A (or the contractor) but has not yet been received，Due to a certain time difference in payment repayment，Therefore, the company’s accounts receivable amount at the end of each period is larger。

During the reporting period，Qinsen Garden’s accounts receivable turnover rate has declined year by year，To this，The Issuance Review Committee requires Qinsen Garden to report the significant increase in accounts receivable during the reporting period、The reasons and rationality for the decline in accounts receivable turnover rate year by year，The reasons and rationality of the 188bet app download adjustment in the recognition time of accounts receivable during the reporting period，Is there any deliberate adjustment of balance structure and accounts receivable、Inventory corresponds to the financial status of major customers and suppliers，Explain the adequacy of inventory impairment and provision for bad debts。

Also，From the second half of 2017，Qinsen Garden’s operating income and proportion from PPP projects increased gradually。The Issuance Review Committee’s Risks to Qinsen Garden’s Business Model of Participating in PPP Projects，Including the investment part and the undertaking of special engineering projects；The funding sources and development status of each PPP project，Scale of funds required for future PPP projects、Source of funds and whether there are major uncertainties，Focused on the reasons why the Longnan project no longer adopts the PPP model and the subsequent impact on the company。

188bet Online Sports Betting and Casino Original title: "Qinsen Garden IPO was rejected after the vote was suspended，Performance fluctuation、Accounts receivable, etc. attract attention》.