Recently, Hangzhou Luqiao and other 5 proposed Companies on the North Stock Exchange have withdrawn their listing applications, and Gao Dexin has also taken the initiative to withdraw the IPO application of the North Stock Exchange. By terminating the IPO on the Beijing Stock Exchange, AutoN said it would "select a capital market that is in line with the company's strategic development."
After withdrawing IPO applications from the Beijing Stock Exchange, some companies experienced a sharp decline in the secondary market. A number of companies received inquiry letters from the National Stock Transfer Company.
A number of companies withdrew their IPO applications on the Beijing Stock Exchange
Since March 29, Dingfeng Shares, Yinshan Shares, Hangzhou Luqiao, Lvlian Intelligent and Taichuan Shares have successively received the decision of the Beijing Stock Exchange to terminate the company's listing review. AutoNavi also announced plans to withdraw its listing application on the Beijing Stock Exchange.
For the termination of the IPO plan of the Beijing Stock Exchange, most companies said that it was out of consideration for the re-study of the capital market path and future strategic development, and Gao Dexin said that "in view of the recent changes in the capital market and policy orientation, based on the company's current situation and the needs of strategic development, the company carefully considered and decided to adjust the investment project of the raised funds." ”
In addition, Gao Dexin said that the company will adhere to the capital strategy of using the capital market to become bigger and stronger, and plans to renew Huaan Securities as a counseling agency, submit counseling filing materials to the Shenzhen Regulatory Bureau of the China Securities Regulatory Commission as soon as possible, and select the capital market in line with the company's strategic development in a timely manner. The implication is that Gao Dexin may shift from the IPO of the Beijing Stock Exchange to the IPO of the Shanghai and Shenzhen markets.
According to the information, since the application was accepted on November 9, 2021, Gao Dexin has experienced two rounds of inquiries, and the company recently replied to the second round of inquiries and supplemented the 2021 annual report data.
The company is a professional value-added telecommunications operators and service providers, mainly to provide customers with Internet access, private line networking services, the company also provides communication equipment commissioning, integrated wiring engineering, communication program design and IT maintenance and other services according to customer needs. Listed companies such as Zhongqingbao and China Unicom were the company's major customers last year.
In fact, At one point, Gao Dexin shifted from planning for listing on the selected layer (now the Beijing Stock Exchange) to preparing for listing on the ChiNext board. Previously, in January 2021, the company announced the termination of the application for the select layer and the preparation for the GEM IPO, and then in October 2021, the company said that it would terminate the preparation for the GEM IPO and diverted to the selected layer, that is, it entered the Beijing Stock Exchange for the second time.
Gold & Colton is an authentic IPO philatelic stock, the company's stock is market-making trading, and the company's secondary market trading is quite active. The news of the establishment of the Beijing Stock Exchange was boosted, and the stock saw a round of pull-up, with a cumulative increase of 93% from September 2021 to October 2021. According to the 2021 annual report, the number of shareholders of the company is nearly 500.
(Chart of autoNavi's stock price since February 4, 2021)
Now it is once again turning to the Shanghai and Shenzhen market IPOs, or confidence based on profit scale. According to the 2021 annual report recently disclosed by Gao Dexin, the company achieved revenue of 205 million yuan last year, an increase of more than 10% year-on-year; net profit of 70.22 million yuan, net profit after deduction of non-profit was 70.19 million yuan, an increase of 19% year-on-year.
After the termination of the IPO of the Beijing Stock Exchange
After the termination of the IPO on the Beijing Stock Exchange, most companies fell sharply in the secondary market.
Hangzhou Road bridge will resume trading from April 6. Previously, the Company's shares were suspended from 30 June 2021, and the Company's shares were suspended for more than 9 months.
Dingfeng shares resumed trading on March 31, after the company's shares were suspended from July 16, 2021. Yinshan shares have also been suspended for more than 9 months, and the company's shares have resumed trading on March 31, and the stock fell 37.77% on the day of resumption.
From the perspective of action, after withdrawing the listing application of the selected layer or the Beijing Stock Exchange, some companies have the phenomenon of second impact on the listing of the Beijing Stock Exchange, and some companies have turned to the Shanghai and Shenzhen markets for IPOs.
Zhefu Medical withdrew the application for the selected layer in July 2021 and terminated the listing of the selected layer. However, after the opening of the Beijing Stock Exchange, the company once again launched the listing counseling of the Beijing Stock Exchange at the end of December 2021 and entered the listing counseling stage. On February 28 this year, the company announced the IPO plan of the Beijing Stock Exchange approved by the company's board of directors.
These companies received inquiry letters
After withdrawing the listing application of the Beijing Stock Exchange or terminating the IPO of the Beijing Stock Exchange, a number of enterprises received inquiry letters from the national stock transfer company.
A number of companies proposed to be on the North Stock Exchange, such as Taichuan Shares, Isjia, Dingfeng Shares, and Greenlink Intelligence, have received inquiry letters due to inquiries related to listing review. Taichuan Co., Ltd. was asked about production and operation issues, and the inquiry letter asked the company to explain whether the company's collection, storage and use of personal information was legal and compliant, and whether there was a violation or litigation risk in accordance with relevant laws and regulations such as the Cybersecurity Law, the Personal Information Protection Law, and the Method for Determining the Illegal Collection and Use of Personal Information by APP.
Greenlink Intelligent was asked about the operating performance, and the company was asked to explain the reasons and rationality of the company's gross profit margin and net profit fluctuations in each reporting period in combination with the revenue recognition method, cost accounting method, raw material price changes, sales price changes of related products, and comparable companies in the same industry.
When asked about the transaction with the original related party, the company was required to quantitatively analyze and explain whether the relevant transaction price was fair and whether the company's income profit or cost expenses and profit transmission were adjusted through the non-related party transactions and other means of non-related party transactions through non-related party transactions, combined with the average unit price of similar products sold (purchased) by the company, the settlement method (split freight rate and the factory price), and the specific product specifications.
Huiqun Chinese Medicine received an annual report inquiry letter due to the 2021 annual report, the company's personnel stability, advance payment, unincorporated customer situation related aspects have received attention, the inquiry letter requires the company to combine the industry status quo, the company's development strategy, the employee performance appraisal system, the departing employee job categories and levels, etc., to explain the reasons and rationality of the high turnover rate and large mobility of employees in the past two years, whether it is in line with industry practices; and whether there is a loss of personnel in key positions. The Company intends to take or has taken specific measures to maintain the stability of personnel.
Zhongyang Shares, which is in the listing counseling stage of the Beijing Stock Exchange, also received an annual report inquiry letter, the company was asked about business performance and other related issues, the company was asked to combine the industry cycle, major customer operating conditions and demand changes, various product pricing policies and post-period payment collection and revenue recognition policies, etc., to further explain the reasons for the substantial increase in operating income compared with last year, whether it is in line with industry trends, whether it is sustainable.
(Editor-in-Charge: Zhong Tian)
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