after 3 months, a-share ipo acceptance welcomes: 3 orders a day, 1 order on the science and technology innovation board, 2 orders on the beijing stock exchange
2024-10-02
한어Русский языкEnglishFrançaisIndonesianSanskrit日本語DeutschPortuguêsΕλληνικάespañolItalianoSuomalainenLatina
three months later, the a-share market accepted three new ipo applications.
on september 30, the science and technology innovation board accepted a new ipo application. this is the second ipo application accepted by the science and technology innovation board after the "eight articles of science and technology" and the third ipo application accepted by the shanghai and shenzhen stock exchanges this year. the company whose ipo application was accepted is wuhan xinxin integrated circuit co., ltd. (hereinafter referred to as "xinxin")
on the same day, the beijing stock exchange also accepted two new listing applications. the two companies are shanghai balanshi automotive testing equipment co., ltd. (hereinafter referred to as "balance") and yatu high-tech materials co., ltd. (hereinafter referred to as "yatu high-tech").
this is the second time since june that the shanghai stock exchange and beijing stock exchange have accepted ipo applications. prior to this, on june 20, this year’s “zero acceptance” situation for ipos on the shanghai and shenzhen stock exchanges was broken. the a-share market has newly accepted ipo applications from two companies, respectively from the shanghai stock exchange science and technology innovation board and the shenzhen stock exchange main board. immediately afterwards, the beijing stock exchange also began to accept new listing applications on june 21. this was more than three months after the last time it disclosed the new acceptance of listing applications.
compared with the shanghai and shenzhen stock exchanges, which only had one ipo application each, the beijing stock exchange set off a wave of new acceptances after june 21, and by june 28, it had accepted a total of 28 listing applications. in addition to the two orders accepted in january and march, the north exchange has accepted a total of 32 listing applications this year.
in other words, as of press time on september 30, the shanghai and shenzhen exchanges had accepted a total of 35 listing applications.
xinxin shares, which applied for the science and technology innovation board this time, chose the fourth set of standards to apply for listing, that is, "the expected market value is not less than rmb 3 billion, and the operating income in the most recent year is not less than rmb 300 million."
the company plans to raise 4.8 billion yuan, of which 4.3 billion yuan will be used for the third phase of the 12-inch integrated circuit manufacturing production line project, and 500 million yuan will be used for characteristic technology iteration and r&d supporting projects.
xinxin co., ltd. is a semiconductor specialty process wafer foundry company, focusing on specialty storage, digital-analog hybrid and three-dimensional integration and other business areas.
according to the prospectus, from 2021 to 2023 and the first quarter of 2024 (during the reporting period), the company's operating income was 3.138 billion yuan, 3.507 billion yuan, 3.815 billion yuan and 913 million yuan respectively, and the net profit attributable to the parent was 639 million yuan respectively. yuan, 717 million yuan, 394 million yuan and 14.8664 million yuan. the company's comprehensive gross profit margin was 32.11%, 36.51%, 22.69% and 16.64% respectively.
"during the reporting period, the company's operating income showed a growth trend. affected by factors such as market demand and product structure adjustments, the company's gross profit margin level fluctuated to a certain extent." xinxin co., ltd. said that if it is affected by industry cycles, market fluctuations, and changes in downstream market demand in the future, , rising raw material costs, increased depreciation of fixed assets, or the promotion of the company's technology platform is less than expected, and the production capacity utilization rate declines, etc., and the company fails to take effective measures to respond to the above-mentioned market changes in a timely manner, it will face the risk of fluctuations in operating performance and gross profit margin, extreme this situation may lead to the company's operating profit falling by more than 50% year-on-year or even losing money in the year of issuance and listing.
the company also said there is a risk of high supplier concentration. during the reporting period, the company's total purchases from the top five raw material suppliers accounted for 41.46%, 42.62%, 34.46% and 35.51% of the total purchases for the period respectively, indicating a relatively high degree of supplier concentration.
the wafer foundry industry is a typical capital-intensive industry with high demand for fixed asset investment. as of march 31, 2024, the book value of xinxin's fixed assets was 8.166 billion yuan, accounting for 43.46% of the company's total assets; the book value of projects under construction was 2.114 billion yuan, accounting for 43.46% of the company's total assets. the proportion is 11.25%. "the company's continued production capacity expansion has put forward higher requirements for subsequent capital investment, and the company's financing ability is facing a greater test." xinxin co., ltd. said.
from the perspective of ownership structure, yangtze storage technology holdings co., ltd. (hereinafter referred to as "yangtze storage group") directly holds 68.19% of new core shares and is the company's controlling shareholder. since the ownership structure of changkong group is relatively dispersed and there is no entity that can actually control its behavior, the controlling shareholder changkong group has no actual controller and xinxin shares has no actual controller. the top ten shareholders of new core also include guangchuang xinzhi, optics valley semiconductor, wuhan xinsheng, wuchang xinghui, changtou fund, bank of communications investment, ccb investment, etc.
balanshi, which has applied for the beijing stock exchange, is an enterprise focusing on the research and development, production and sales of automobile repair, testing and maintenance equipment.
according to the prospectus, the company is at risk of declining gross profit margins. from 2021 to 2023 and the first half of 2024, the gross profit margins of the company's main business products are 22.62%, 23.87%, 27.29% and 28.79% respectively. "if the sales price of the company's products decreases, costs and expenses increase, or customer demand changes significantly in the future, the company's product gross profit margin is at risk of declining." balanshi said.
in addition, the company also stated that there are risks such as fluctuations in raw material prices, oem sales models, bad debts in accounts receivable, and exchange rate fluctuations.
yatu high-tech is an enterprise integrating r&d, production, sales and professional skills services of industrial coatings. its main business is the r&d, production and sales of high-performance industrial coatings.
from 2021 to 2023 and the first quarter of 2024 (during the reporting period), yatu high-tech's overseas sales grew rapidly, and the proportion of overseas sales in its main business income was 41.86%, 50.28%, 55.10% and 50.22% respectively, of which the year-on-year growth rate is 48.92% in 2022 and the year-on-year growth rate is 25.48% in 2023.
"the company's overseas sales are mainly concentrated in countries and regions such as the americas, europe, and africa. in recent years, as the international situation has become increasingly complex and market competition has become increasingly fierce, the company's overseas sales risks have gradually increased." yatu high-tech said that if some overseas countries if trade, tariff and other policies are implemented that are obviously unfavorable to the company's overseas sales, or the company is unable to maintain product competitiveness through localized operations or r&d innovation, the company will be at risk of being unable to maintain rapid growth in overseas sales and the resulting risk of performance decline.
according to the prospectus, the company also faces risks such as raw material price fluctuations, dealer management, large accounts receivable, and exchange rate fluctuations.
(this article comes from china business news)
