news

한어Русский языкEnglishFrançaisIndonesianSanskrit日本語DeutschPortuguêsΕλληνικάespañolItalianoSuomalainenLatina

since the successful approval of the gem ipo in january 2023, the listing process of the ninth institute of machinery has not made any progress, and the ipo was finally withdrawn a few days ago.

on september 18, the shenzhen stock exchange announced that due to the withdrawal of the application for issuance and listing by the ninth institute of machinery and the sponsor, according to regulations, the shenzhen stock exchange decided to terminate its issuance and listing review.

the ninth institute of machinery is registered in changchun automobile economic and technological development zone. its predecessor was the factory design office of the process department of the first automobile works, which was founded in 1958. it was officially established in 1987 under the name of "ninth design institute of the state machinery industry commission".

the prospectus shows that the ninth institute of machinery is committed to providing overall automotive engineering solutions to users in the automotive industry. it mainly provides smart factory epc, comprehensive solutions for smart equipment, and consulting and design services to users in the automotive industry. it has full-chain and full-process service capabilities from project site selection, project feasibility study, to factory planning, engineering design, construction engineering contracting, and equipment engineering contracting.

according to data from the china surveying and design industry association, in 2021, the ninth institute of machinery ranked 27th in terms of engineering general contracting turnover in the surveying and design industry, and ranked first among similar companies in the automotive engineering surveying and design industry.

to date, the representative customers of the ninth institute of machinery include well-known domestic automobile companies such as faw, changan, baic, gac, geely, byd, great wall, chery, and king long, as well as wholly-owned or joint ventures in china of internationally renowned automobile companies such as tesla, volkswagen, audi, bmw, daimler, and toyota. at the same time, in the past two years, the ninth institute of machinery has gradually begun to provide services to domestic new car manufacturers such as xiaopeng and leapmotor. the project footprint is spread all over the country, and it has begun to explore overseas markets.

the ninth institute of machinery has undertaken a number of major projects, including the changchun automobile industrial development zone prosperous intelligent manufacturing industrial park project, the tesla shanghai super factory painting workshop project, the xiaopeng motors central china (wuhan) co., ltd. final assembly workshop conveyor line project, the saic volkswagen co., ltd. anting 120jph paint workshop-wax injection line project, the leapmotor co., ltd. final assembly conveyor line project, the geely aisin automatic transmission construction project epc general contracting project and other well-known projects in the industry.

in terms of performance, from 2019 to the first half of 2022, the ninth institute of machinery achieved revenue of 2.327 billion yuan, 3.834 billion yuan, 4.999 billion yuan, and 1.44 billion yuan, respectively; net profit was 89.7888 million yuan, 155 million yuan, 149 million yuan, and 26.5728 million yuan, respectively.

it is worth noting that the proportion of related sales of the ninth institute of machinery is relatively high. from 2019 to the first half of 2022, the proportion of related sales of the ninth institute of machinery to operating income was 73.84%, 53.35%, 46.91% and 13.54% respectively; among them, since the ninth institute of machinery was a wholly-owned subsidiary of faw group, it has a relatively close business relationship with faw group. during the reporting period, the proportion of related sales to faw group accounted for 68.20%, 49.30%, 44.37% and 13.51% of operating income respectively.

in addition, the ninth institute of machinery has a high customer concentration. from 2019 to the first half of 2022, the sales revenue from the top five customers of the ninth institute of machinery accounted for 88.09%, 88.38%, 91.76% and 96.71% of its operating income respectively. at the same time, the business area of ​​the ninth institute of machinery is relatively concentrated. during the reporting period, the business income achieved by the ninth institute of machinery in the northeast accounted for 54.90%, 64.14%, 79.82% and 82.19% of its main business income respectively.

in terms of equity structure, the ninth institute of machinery has no controlling shareholder or actual controller. the current shareholders of the ninth institute of machinery are ruiyun investment, faw group, shixing partnership, shenshi partnership, aerospace peninsula, and shiyuan partnership, which hold 42.33%, 26.30%, 12.25%, 10.96%, 4.67%, and 3.49% of the company's shares respectively.

looking back on its listing history, the ninth institute of machinery, which has passed the gem, has not submitted a registration application since it successfully passed the review in january 2023. in this ipo, the ninth institute of machinery originally planned to raise 1.349 billion yuan to be used for the construction of intelligent equipment manufacturing park projects, regional center construction projects, digital park construction projects, digital platform construction projects and to supplement working capital.

after the meeting, the ninth institute of machinery updated and submitted relevant financial information in june 2024. two and a half months later, it finally withdrew the ipo.