17 months after the meeting, Goethe (002241 .SZ ）The plan to spin off a subsidiary and list it separately ended in failure.
Red Star Capital Bureau noted that GoerMicro announced that the company plans to terminate the spin off of its subsidiary GoerMicro Electronics Co., Ltd. (hereinafter referred to as "GoerMicro") and list on the Shenzhen Stock Exchange's GEM, and withdraw the relevant listing application documents.
At the opening of the market on May 23, the stock price of Goer shares showed a downward trend. As of press release, the decline was 1.87%, at 16.78 yuan/share, with a total market value of about 57.1 billion yuan.
The picture is from the announcement of the listed company Termination of separate listing of subsidiaries
As for the reasons for the termination of listing, Goer Shares said in the announcement that, based on the current market environment and other factors, in order to make overall arrangements for the operation plan of Goer Micro Capital, it made the decision to terminate listing after full communication and careful demonstration with the relevant parties.
According to the public data, Golwey originated from the MEMS R&D team established by Golog in 2004 and was established as a wholly-owned subsidiary to operate independently in 2017. Previously, Golwey has been known as "China's first MEMS sensor enterprise". The prospectus shows that Goethe micro products are widely used in consumer electronics, automotive electronics and other fields, and Apple, Xiaomi and OPPO are its main end customers. In March 2021, Gerway launched the Pre IPO round of financing, and the valuation at that time was about 20.65 billion yuan.
Reviewing the listing process of GoerMicro, in November 2020, the board of directors of GoerMicro reviewed and approved the proposal of GoerMicro's spin off listing; In December 2021, Gerway received the notice of Shenzhen Stock Exchange accepting listing application documents; In October 2022, Shenzhen Stock Exchange issued an announcement announcing the Golwegian meeting.
Until March 2023, because the financial information recorded in the IPO application documents has expired, Gerway will be suspended from the IPO review. Three months later, Gerway completed the update of financial information and resumed the review of issuance and listing. However, since then, there has been no clear progress in the IPO of Gerwei.
Performance not up to standard for two consecutive years
The delayed listing of Golwex also attracted investors' attention.
Just a month and a half ago, Goethe Holding held the 2023 annual performance briefing. Some investors asked why Goerway could not be listed yet? Xu Dapeng, Secretary of the Board of Directors of GoerMicro, said that the listing of GoerMicro is still in progress, please pay attention to the future announcement in a timely manner.
In addition, according to the 2022 and 2023 annual reports disclosed by GoerMicro, the performance of GoerMicro in the last two years has not met expectations. According to the 2022 annual report of GoerMicro, because the performance of GoerMicro in 2022 is not up to the standard, and the second exercise period of the incentive plan for equity options of GoerMicro does not meet the exercise conditions, GoerMicro plans to cancel 2.668 million equity options.
It was also mentioned in the 2023 annual report that, because the performance of Gerway in 2023 was not up to the standard and the third exercise period of its 2020 equity option incentive plan did not meet the exercise conditions, Gerway had written off the corresponding equity options.
Gol shares said in the announcement that the termination of this spin off listing will not have a material impact on the company, nor will it have a significant adverse impact on the company's existing production and operation activities and financial status, nor will it affect the implementation of the company's future strategic planning.
Red Star Capital Bureau noted that in April this year, the new "National Ninth Article" clearly proposed for the first time in the "Strict Control of Issuance and Listing Access" that "Strict Supervision and Split Listing". Since this year, a number of listed companies, including Wal Nuclear Materials (002130. SZ) and Weichai Power (000338. SZ), have successively announced to terminate the listing of spin off subsidiaries.
Red Star News Reporter Qiang Yaxian
Edit Yu Dongmei
