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It was not uncommon for IPO projects to be punished by regulators due to a sudden change in performance in the Shanghai and Shenzhen Stock Exchanges. As the number of listed companies on the Beijing Stock Exchange increased, this situation also began to occur.

On August 27, the Beijing Stock Exchange posted two regulatory decision documents on its official website. The decision documents show that Anda Technology, sponsored by CITIC Securities, and Lierda, sponsored by Guosen Securities, suffered losses in the year of listing (2023). For this reason, the two securities firms and related underwriters were issued warning letters.

According to Chioce data from Dongcai, a total of 77 companies were listed on the Beijing Stock Exchange in 2023, of which only four had losses in net profit after deducting non-recurring items, accounting for about 5%. In addition to Anda Technology and Lierda, the other two are Parallel Technology and Kangle TV. However, since the listing standards selected by the latter two do not include net profit indicators, their performance losses have not incurred penalties.

Profits exceeded 800 million in the year before listing

After listing, the company suffered a loss of over 600 million yuan in the first year

After investigation, Guizhou Anda Technology Energy Co., Ltd. (stock abbreviation Anda Technology), sponsored by CITIC Securities and two project sponsors, was listed on the Beijing Stock Exchange on March 23, 2023, and the selected listing standards included net profit standards. However, according to the 2023 annual report disclosed by Anda Technology on April 29 this year, Anda Technology's net loss attributable to shareholders of the listed company in 2023 after deducting non-recurring gains and losses was approximately 634 million yuan, and a loss occurred in the year of listing.

In view of the above facts and in accordance with relevant regulations, the Beijing Stock Exchange took the self-regulatory measure of issuing a warning letter to CITIC Securities and project sponsors Chen Jianjian and Zhao Qian.

According to the financial reports of Anda Technology for each period, its net profit excluding non-recurring items in 2021 was 233 million yuan, and its net profit excluding non-recurring items in 2022 soared several times to 816 million yuan. However, it was unexpected that it suffered a huge loss of 634 million yuan immediately after its listing in 2023.

Anda Technology's main business is iron phosphate, lithium iron phosphate, and lithium-ion batteries. The company said that since 2023, the lithium battery material industry environment in which the company is located has undergone major changes, and the cyclical mismatch of the supply and demand structure of the lithium iron phosphate industry has led to a serious overcapacity. In addition, the sharp drop in the price of upstream raw material lithium carbonate and the slowdown in terminal demand growth such as new energy vehicles have led to great challenges in the operation of the lithium iron phosphate industry.

The current market value of Anda Technology is only about 2.1 billion yuan, and the company had 18,300 shareholders as of the end of the first quarter of this year.

Lierda also changed its face after listing

Along with CITIC Securities, Guosen Securities and two project sponsors were also subject to self-regulatory measures by the Beijing Stock Exchange. The reason was also that the sponsored projects incurred losses in the year they were listed.

After investigation, Lierda Technology Group Co., Ltd. (stock abbreviation Lierda), sponsored by Guosen Securities and its sponsors Liu Hongzhi and Zhu Xingchen, was listed on the Beijing Stock Exchange on February 17, 2023, and the selected listing standards included net profit standards. However, according to Lierda's 2023 annual report disclosed on April 26, Lierda's net profit attributable to shareholders of listed companies in 2023 after deducting non-recurring gains and losses was -18.3171 million yuan, and Lierda suffered losses in the year of listing.

In view of the above facts and in accordance with relevant regulations, the Beijing Stock Exchange took the self-regulatory measure of issuing a warning letter to Guosen Securities, Liu Hongzhi and Zhu Xingchen.

According to Lierda's financial reports for each period, the company's non-GAAP net profit from 2020 to 2022 was RMB 43.5869 million, RMB 170 million and RMB 91.5 million, respectively. The contrast before and after listing was also huge.

Lierda's main business is IC value-added distribution business and the research, development, production and sales of IoT modules and IoT system solutions. The company's latest market value is about 1.8 billion yuan, and the number of shareholders at the end of the first quarter was only 5,003.