Enterprise dynamics:
[IPO termination of Kaibo Easy Control Technology Innovation Board]
On May 6, the website of the Shanghai Stock Exchange disclosed that the Shanghai Stock Exchange terminated its listing review in accordance with relevant regulations because of the withdrawal of the listing application of Kaibo E-Control Vehicle Technology (Suzhou) Co., Ltd. (hereinafter referred to as "Kaibo E-Control") and its sponsor CICC. Kaibo Easy Control focuses on the development and application of advanced vehicle technology in the field of new energy commercial vehicles. It is mainly engaged in the research, development, production and sales of key components of new energy commercial vehicles. Its main products include the electric drive system and vehicle connection system of new energy vehicles.
[Automatic driving company Momenta plans to go to the US for IPO]
According to Bloomberg News on May 6, Beijing Initial Speed Technology Co., Ltd. (Momenta), a Chinese autonomous driving technology company, has secretly started the process of IPO in the United States. Momenta is working closely with CICC, Goldman Sachs Group and UBS Group, and is expected to complete listing as early as this year. It is reported that, Momenta is expected to raise $200 million to $300 million through this IPO. At present, relevant deliberations are still in progress, Momenta may still ultimately decide not to list in the United States. For this matter, Momenta、 Goldman Sachs and UBS did not comment, and CICC did not respond to requests for comment.
[EDA of Yida Cloud is heard by HKEx]
On May 6, EDA Group Holdings Limited (formerly known as "Yida Cloud Technology Holdings Limited", hereinafter referred to as "Yida Cloud") from Shenzhen, Guangdong, disclosed the prospectus after the hearing in Hong Kong Stock Exchange, or was soon listed on the Hong Kong Main Board. It submitted the report twice on June 26, 2023 and February 27, 2024. Established in March 2014, Yida Cloud, as a B2C export e-commerce supply chain solution provider, provides e-commerce sellers with one-stop end-to-end supply chain solutions.
Public opinion of enterprises:
[Kent Catalyzed the "face changing" of the data in the prospectus of the annual report, and joined hands with suppliers to exceed the emission limit]
The listing application of Kent Catalytic Main Board controlled by Xiang Feiyong and Guo Yanping was accepted by the Shanghai Stock Exchange in February 2023, and passed the meeting four months later. In September of the same year, Kent Catalyzed to update the financial data in the inquiry materials. Since then, there has been no new progress in IPO. During the breakthrough period of Kent Catalysis, its gross profit rate declined, the qualification of high-tech enterprises was difficult to guarantee, and the difference between Kent Catalysis and China Catalyst and Tongcheng Pharmaceutical became the focus of attention. At the same time, Kent Catalysis and its suppliers also had the problem of excessive emissions of pollutants.
According to the prospectus disclosed in February 2023, the recommendation agency and the signing accounting registrar of Kent Catalysis are consistent with the information in the 2019 annual report. Its 2019 annual report shows that the sales amount of the top five customers in that year totaled 132.0154 million yuan, and the purchase amount of the top five suppliers totaled 128.4172 million yuan. However, the February version of the prospectus shows that in 2019, the sales amount of Kent's top five customers totaled 119.3014 million yuan, and the purchase amount of the top five suppliers totaled 111.2912 million yuan. The data in the February version of the prospectus and the data disclosed by Kent Catalyst when it was listed on the NEEQ have changed dramatically, and the reason for this has not yet been known.
In addition, Kent Catalysis and its main suppliers have exceeded the standard of pollutants. According to the draft on the prospectus, Kent Catalyst mainly purchases triethylamine, tri-n-butylamine, tri-n-propylamine, etc. from Jianye Chemical and Xinhua Chemical. According to the disclosure of Greennet, in 2022, the pollutants that Kent catalytic exceeded the standard mainly include ammonia nitrogen and chemical oxygen demand. Jianye Chemical has the problem of pollutant discharge exceeding the standard in each year. The pollutants (or indicators) are mainly chemical oxygen demand, ammonia nitrogen PH value. At the same time, Xinhua Chemical also has the problem of excessive emissions of pollutants. In 2023, the pollutants of Xinhua Chemical will mainly be ammonia nitrogen compounds and particulates, and there will be excessive emissions. (Source: Yicaixin)
[The main reason for the decline of performance after the meeting, or the termination of Liuchun Technology IPO]
On May 2, the IPO of Liuchun Technology Growth Enterprise Market was announced to terminate the review. The direct reason was that the company and the sponsor Huaxi Securities applied to withdraw the application/recommendation. The IPO application of Liuchun Technology was accepted on June 30, 2021, four rounds of inquiry and reply were completed during the meeting, and the IPO meeting was held in July 2022. After the IPO meeting, the company's performance began to decline, or the main reason for the termination of the IPO.
Liuchun Technology is mainly engaged in the R&D, production and sales of precision functional components of electronic products. Its products are mainly used in consumer electronics such as smart phones, tablets, laptops, wearable electronic devices, as well as automotive electronics such as new energy vehicle batteries and displays, which are greatly affected by the market demand for terminal electronic products. It is worth noting that, After the IPO meeting, the company's performance began to decline, and the net profit from January to June 2023 was negative.
From January to June 2023, the market was depressed, the sales scale declined, and the Issuer's fixed costs such as employee compensation were high. The cash paid to and for employees and other cash payments related to operating activities remained large, resulting in the cash outflow from operating activities in the current period being greater than the cash inflow from operating activities. (Source: V under Chinese parasol tree)
["Blood test for cancer" is not feasible? "Food and grass" is tight, and Mirai runs the Hong Kong Stock Exchange again]
Recently, Meirui Group once again submitted to HKEx, with CICC and CCB International as its co sponsors. As of April 22, 2024, Mindray Group has a core product (GASTROClear ™）、 Two other commercial products (i.e. LungClear ™ And Fortitude ™） And six candidate products in preclinical stage. Among them, the core product is a blood based miRNA detection group composed of 12 kinds of miRNA biomarkers for gastric cancer screening, which was successfully commercialized after obtaining the Class C in vitro diagnostic certificate issued by the Singapore Health Science Agency (HSA) in May 2019. It is worth mentioning that, perhaps because of the technological content of the products, Mirai Group has won the favor of many institutions along the way.
However, although it has the support of many institutions and has achieved commercialization, Mirui Group has been in a loss for many years. The latest prospectus shows that in 2022 and 2023, the annual losses of Mindray Group will be US $56.2027 million and US $69.5693 million respectively. In addition to the small income scale, the continuous loss is also due to the high expenses of Mindray Group. The data shows that in 2022 and 2023, its R&D expenditure will be US $18.4818 million and US $22.6103 million respectively, and its general and administrative expenditure will be US $26.6659 million and US $31.9922 million respectively, which will be higher than the R&D expenditure.
At the same time of continuous losses, the "hematopoietic" ability of MIRRY Group itself is almost meaningless. The data shows that in 2022 and 2023, Mirui Group recorded net operating cash outflows of $48.0348 million and $44.2127 million, indicating that the company's "hematopoietic" ability needs to be improved, mainly because of the loss before tax of Mirui Group in the year. However, Mirage Group said that the core product (i.e. GASTROClear ™） After commercialization and mass production in China, it is expected to improve the net operating cash outflow in the foreseeable future. Although a sum of money was raised in 2023, it was burned down for more than a year, and the "food and grass" of Mirai Group was a bit bottomed out. According to the prospectus, as of the end of 2023, the cash and cash equivalents of Mindray Group are only 14.721 million dollars, which is not enough. This may also be one of the main reasons for MIRRUI Group to continuously break through the Hong Kong stock market. (Source: IPO decoding)
