Enterprise dynamics:
[Marco Polo's inaugural meeting at Shenzhen Stock Exchange on May 16]
According to the website of Shenzhen Stock Exchange, the Listing Review Committee of Shenzhen Stock Exchange is scheduled to hold the 9th Review Meeting of the Listing Review Committee in 2024 on May 16, 2024, when it will review the IPO of Marco Polo Holding Co., Ltd. (hereinafter referred to as "Marco Polo"). Marco Polo, focusing on the research, development, production and sales of building ceramics, is one of the largest manufacturers and distributors of building ceramics in China.
[Submission of IPO registration of Changlian Technology]
On May 10, Dongguan Changlian New Material Technology Co., Ltd. (hereinafter referred to as "Changlian Technology") changed the status of its application for Shenzhen Stock Exchange's GEM IPO review to "submission for registration", and Dongguan Securities was its sponsor. According to the prospectus, Changlian Technology is specialized in the research, development, production and sales of printing materials. Its main products include water-based printing paste, water-based resin, silk screen silica gel, etc., and also engaged in the research, development, design and sales of printing equipment. Its products are mainly used in the field of textile printing.
[Tutorial on launching IPO of Altay Technology]
On May 9, Shenzhen Adelaide Technology Co., Ltd. (hereinafter referred to as "Adelaide Technology") went through the guidance filing registration with Shenzhen Securities Regulatory Bureau, planned to make an initial public offering and listing, and the guidance broker was Guosen Securities. Founded in 2007, Adelaide Technology is a leading provider of optical connection equipment. The company's main products include passive optical devices, optical fiber management systems WDM wavelength division multiplexer ODN intelligent devices and other products.
[Wuhan Xinxin launched A-share IPO coaching]
On May 10, Wuhan Xinxin Integrated Circuit Co., Ltd. (hereinafter referred to as "Wuhan Xinxin") went through the guidance filing registration with Hubei Securities Regulatory Bureau, and planned to issue shares and go public for the first time. The guidance broker was Guotai Jun'an. Wuhan Xinxin was established in Wuhan in 2006 and can provide 12 inch NOR Flash CIS and Logic wafer foundry and technical services, the company is committed to becoming a leader in semiconductor characteristic process.
[Hongzhong Pharmaceutical terminates the IPO of Beijing Stock Exchange]
On May 9, the website of Beijing Stock Exchange announced the decision on terminating the public offering of shares to Hubei Hongzhong Pharmaceutical Co., Ltd. (hereinafter referred to as "Hongzhong Pharmaceutical") and listing on the Beijing Stock Exchange. Hongzhong Pharmaceutical originally planned to raise 178 million yuan to be used for the expansion project of characteristic API R&D industrialization, the industrialization project of key intermediates of Changchun flower series anti-tumor API, and the project of supplementing working capital. Its sponsor is Haitong Securities (600837) Co., Ltd., and its sponsor representatives are Hu Xuan and Wang Zhe.
Public opinion of enterprises:
[Cao Cao, who lost 7 billion yuan in three years, rushed to Hong Kong shares: more dependence on aggregation platform]
Recently, Cao Cao Chuxing submitted the listing application of Hong Kong Stock Exchange, with Huatai International, Agricultural Bank International and Guangfa Securities (Hong Kong, China) as joint sponsors. It is worth noting that Cao Cao Chuxing, who continued to lose money, achieved positive profits one year before listing, and submitted IPO in the first year of profits. Behind this achievement, there is also a hidden worry about deepening dependence on the aggregation platform. Cao Cao Chuxing has realized the rapid increase of order size by accessing various aggregation platforms, but this also makes the company face greater market volatility and uncertainty.
From 2021 to 2023, Cao Cao Chuxing will continue to suffer losses in terms of net profit, which will be RMB - 3.007 billion, - 2.07 billion and - 1.981 billion respectively; The adjusted net profits were - 2959 million yuan, - 1651 million yuan and - 966 million yuan respectively. The accumulated loss in the past three years is nearly 7 billion yuan. Nevertheless, 2023 is also a turning year for Cao Cao's travel, with its gross profit margin turning from negative 24.4% to positive 5.8%, and the net cash flow generated by operating activities improving from - 1.1 billion yuan in 2022 to 136 million yuan in 2023.
In order to rapidly increase the order scale, Cao Cao Chuxing actively cooperates with various aggregation platforms. These aggregation platforms provide a large amount of user traffic for Caocao Travel, making its order volume continue to grow from 2021 to 2023, respectively 370 million, 383 million and 448 million. Thanks to the higher cost-effective traffic obtained by the aggregation platform, the company's sales and marketing expenses will decline by 30.83% in 2023. But at the same time, Cao Cao's dependence on the aggregation platform has deepened. The proportion of total order transactions from the aggregation platform has increased from 43.8% in 2021 to 49.9% in 2022, and further surged to 73.2% in 2023. This change makes Caocao travel enjoy traffic dividends, but also have potential risks. (Source: interface news)
[Changya IPO: the son of the subsidiary's vice president turned into a supplier, and the actual controller cooperated with the younger generation in the year of establishment]
Since the application for listing on the main board was formally submitted to the Shenzhen Stock Exchange and accepted on June 26, 2023, the listing process of Changya Shares has been difficult to describe smoothly for more than 10 months. It has not only been subject to two rounds of review and inquiry from the Shenzhen Stock Exchange, but also completed four updates and supplements of the prospectus application during the period. So far, it has not been qualified to go through the main board of the Shenzhen Stock Exchange.
In this presentation, the fact that Xu Jianhai, the actual controller, took care of the related party transactions of the younger generation was particularly eye-catching. In fact, the related party transactions between Changya Shares and Ying Cheng, the son of Cheng Xiufang, the deputy general manager of Vietnam Changya, were also questioned by the outside world. The prospectus shows that Tianjie Plastics, controlled by Ying Cheng, the son of Cheng Xiufang, the deputy general manager of Changya's Vietnam subsidiary, is the outsourcing packaging film supplier of Changya, and the transaction amount in 2022 will reach 82.49% of the similar purchase amount of Changya. In fact, Ying Cheng is not only the son of Cheng Xiufang, Deputy General Manager of Vietnam Changya, but also worked in Changya from 2017 to 2020. He founded Tianjie Plastics based on his personal development and his optimistic attitude towards the plastic packaging industry.
As for the cooperation with Yingcheng, Changya explained that "considering the entrepreneurial support for the younger generation, after recognizing the service quality, stability and response speed of Tianjie Plastics, the company further increased the purchase amount." Not only that, in addition to the cooperation at the company level between the two sides, Changya's controller Xu Jianhai and Yingcheng still have capital exchanges. From 2020 to 2021, Xu Jianhai has provided loans to Ying Cheng for many times, totaling 3.08 million yuan. Since May 2023, Changya has stopped its business cooperation with Tianjie Plastics, and the personal loan borrowed by Ying Cheng from Xu Jianhai will be fully settled in May 2023. (Source: Huiju Finance)
[The IPO of Intel's main board was terminated, the concentration of customers and suppliers was high, and the company's comprehensive gross margin continued to decline]
On the evening of May 9, the Shanghai Stock Exchange announced its decision to terminate the review of the IPO of the main board of Intepai Platinum Industry Co., Ltd. The direct reason was that the company and the sponsor Huaying Securities withdrew its declaration/recommendation. The company's IPO application was accepted on June 29, 2023, and the first round of inquiry reply was released on February 1, 2024. The company only published the prospectus at the time of initial declaration. The company plans to raise 1.096 billion yuan in this IPO.
From 2020 to 2022 (hereinafter referred to as the "reporting period"), the sales revenue of the company's top five customers totaled 916.7152 million yuan, 1110.670 million yuan and 1429.5886 million yuan, accounting for 89.21%, 78.52% and 84.07% of the operating revenue, respectively. The concentration of the top five customers was high. The main customers of the company are large LCD substrate glass and glass fiber manufacturing enterprises such as Rainbow, Sinoma Technology, China Jushi, and International Composite.
During the reporting period, the main raw materials purchased by the company were platinum, rhodium and other precious metals, and the main raw material suppliers included Shanghai Gold Exchange, China Jushi, Guiyan Platinum Industry, etc. In each reporting period, the purchase amount of the company's top five raw material suppliers accounted for 93.77%, 82.99% and 96.98% of the total purchase amount of the current period, respectively. The concentration of the top five suppliers was high.
In addition, during the reporting period, the Company's comprehensive gross profit margin was 19.01%, 15.69%, 13.84% and 11.23% respectively. The company's gross profit margin fluctuated, mainly due to changes in business structure and the cost of precious metal raw materials. (Source: V under Chinese parasol tree)
