拉卡拉信披之惑：员工参保披露“不实” 动产抵押扑朔迷离
《金证研》沪深资本组 夜雨/文 唐里/编辑 映蔚/校对 洪力/编审
踏入资本市场的拉卡拉支付股份有限公司（以下简称“拉卡拉”），可谓是“春风得意马蹄疾”，可总有几块“绊脚石”横亘在其路上。
反观身后，拉卡拉信息披露与“官宣”多处不符，参保人数远低于工商数据，涉嫌逃避缴纳社保义务，而动产抵押情况更是扑朔迷离，信息披露出现遗漏。
员工参保人数披露“不实” 涉嫌逃避缴纳社保义务
2019年3月12日，拉卡拉招股书披露，2016年末、2017年末和2018年末，拉卡拉在册员工总数分别为3,315人、3,961人、3,671人，社保缴纳人数分别为3,181人、3,892人、3,631人，占在册员工总数的95.96%、98.26%、98.91%。
截至2019年3月11日，拉卡拉共有13家控股子公司和二级子公司，分别是北京拉卡拉资产管理有限公司（以下简称“拉卡拉资管”）、拉卡拉云商网络有限公司（以下简称“云商网络”）、达孜弘诚科技发展有限公司（以下简称“弘诚科技”）、北京拉卡拉云闪科技有限公司（以下简称“拉卡拉云闪”）、西藏云闪科技有限公司（以下简称“西藏云闪”）、拉卡拉云商科技有限公司（以下简称“云商科技”）、拉卡拉信息科技（上海）有限公司（以下简称“拉卡拉信息科技”）、北京顺维无限科技有限公司（以下简称“顺维无限”）、拉卡拉汇积天下技术服务（北京）有限公司（以下简称“汇积天下”）、广东云商网联信息服务有限公司（以下简称“云商网联”）、天津弘诚科技发展有限公司（以下简称“天津弘诚”）、拉卡拉汇积天下商务服务(天津)有限公司（以下简称“天津汇积天下”）、广州赢达信息咨询有限公司（以下简称“广州赢达”）。
其中，拉卡拉信息科技、天津弘诚、天津汇积天下、广州赢达均成立于2018年之后，并未年报。云商网联成立于2017年，也并未披露2016年年报。其余公司均成立于2017年以前，已披露年报。
根据企业年报，2016-2017年，拉卡拉参保人数分别为176人、211人，拉卡拉资管参保人数分别为0人、0人，云商网络参保人数分别为257人、334人，弘诚科技参保人数分别为0人、0人，拉卡拉云闪参保人数分别为0人、1人，西藏云闪参保人数分别为0人、6人，云商科技参保人数分别为48人、220人，顺维科技参保人数分别为61人、0人，汇积天下参保人数分别为45人、63人。2017年，云商网联参保人数为0人。
上述母子公司2016-2017年合计参保人数分别为587人、835人，与招股书披露拉卡拉2016-2017年在册员工总数相去甚远，更与其披露的社保、公积金缴纳人数大相径庭。拉卡拉此举涉嫌虚假陈述，有逃避缴纳社保义务之嫌。
动产抵押披露不充分 信息披露现遗漏
除了涉嫌虚假陈述以外，拉卡拉还存在信息披露存在遗漏的问题。
经《金证研》沪深资本组调查发现，拉卡拉有三条动产抵押信息，登记日期分别为2015年4月21日、2016年8月19日、2016年10月13日。三次动产抵押，抵押权人均为中关村科技租赁有限公司（以下简称“中关村科技租赁”）。
其中登记日期在2015年4月21日的记录显示，拉卡拉抵押了商用终端机设备56,303台，公共终端机设备28,232台，技术设备994台。被担保债权数额为4,351.63万元。
登记日期在2016年8月19日的记录显示，拉卡拉抵押了开店宝、手持POS机、公共终端、多媒体终端、商用终端、金融POS机、网络POS机、技术设备、POS机等多种设备。被担保债权数额为6,207万元。
此外，登记日期在2016年10月13日的记录显示，拉卡拉抵押了POS机9,117台、云POS机19,484台。被担保债权数额为2,094万元。
如此高数额的抵押情况，拉卡拉却并未披露详细的抵押情况。
2017年招股书披露拉卡拉取得中关村科技租赁融资租赁借款6,000万元。2019年招股书披露拉卡拉其他应付款中存在中关村科技租赁借款8,123.22万元，该融资租赁款项为拉卡拉向中关村科技租赁租入POS机具等设备的应付款项。
上述两份招股书仅仅披露了融资租赁产生的借款，均未披露由此产生的动产抵押情况，《金证研》沪深资本组将持续保持关注。
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