On April 7, the information disclosed by the Shanghai Stock Exchange showed that Zhejiang Mingtai Holding Development Co., Ltd. (hereinafter referred to as "Mingtai Shares") and its sponsor Zheshang Securities withdrew their listing application documents. As a result, the Shanghai Stock Exchange terminated its issuance and listing review.
According to Beduo Finance, Alpha Co., Ltd. pre-disclosed the prospectus in June 2020 and prepared to be listed on the main board of the Shanghai Stock Exchange, and updated the pre-disclosure in November of the same year. In January 2021, Alpha shares passed the meeting, but failed to go public. Previously, Alpha had replied that "the listing process of the issuer depends on many factors".
It was not until February 2023 that Alpha shares resubmitted the prospectus and restarted the IPO. In this sprint listing, Alpha originally planned to raise 920 million yuan, which will be used for the R&D and production project of standard parts of Ritai Automobile (Phase I) and the production project of 33,000 tons of automotive special-shaped high-strength fasteners (Phase I).
Tianyancha App shows that Mingtai Co., Ltd. was established in October 2001, and its former name included Ruian Meitou Metal Nut Factory, Ruian Standard Parts Manufacturing Company, Zhejiang Mingtai Standard Parts Co., Ltd., etc. At present, the registered capital of the company is 364 million yuan, the legal representative is Chen Jinming, and the shareholders include Shanghai Jinforging Industrial Co., Ltd. and Chen Renping.
According to the prospectus, the predecessor of Mingtai shares was Ruian County Meitouyumen General Electric Factory, which was registered and established in 1984 by six natural persons, including Chen Jinming, Chen Meijin, Chen Jinguang, Chen Yuanke, Tu Kaiyu and Wu Jinwang, in 1984 in the Yumen Production Brigade of Meitou People's Commune, Ruian County, Wenzhou City, Zhejiang Province.
In April 1987, the enterprise name of Ruian Meitouyumen General Electric Appliance Factory was changed to Ruian Meitou Metal Nut Factory. In addition, in 1993, Ruian Meitou Metal Nut Factory was changed to "Ruian Standard Parts Manufacturing Company". In 2001, it was changed to "Wenzhou Mingtai Standard Parts Co., Ltd.", and then gradually changed its name to Mingtai shares.
At present, Alpha Co., Ltd. is mainly engaged in the research and development, production and sales of fastener products, which are mainly used in the automotive field, with high-strength, high-precision, corrosion-resistant fasteners as the leading products, and are used in core components such as passenger car powertrain systems, chassis systems, body interior and exterior decorations, safety systems, gearboxes, and new energy vehicle battery packs.
At the same time, it also provides customers with cooperative development, testing, supporting after-sales and other related services. Alpha said in the prospectus that the company has two production bases in Wenzhou and Shanghai, with a production site of more than 240,000 square meters. At present, the company has established long-term and stable cooperative relations with many well-known Chinese and foreign automobile manufacturers.
According to reports, Alpha Co., Ltd. as a first-tier supplier of vehicle enterprise customers include SAIC-GM, SAIC Volkswagen, FAW-Volkswagen, Volvo Asia Pacific, GAC Honda, GAC Mitsubishi, Dongfeng Honda, Dongfeng Nissan, Changan Ford and other joint venture brands, SAIC Group, GAC Group, FAW Group, BAIC Group and other car companies under their own brands, as well as Geely Automobile, BYD, etc.
In 2019, 2020, 2021 and the first half of 2022, the revenue of Alpha Co., Ltd. was 1.644 billion yuan, 1.748 billion yuan, 2.029 billion yuan and 1.041 billion yuan respectively, the net profit was 331 million yuan, 460 million yuan, 459 million yuan and 212 million yuan respectively, and the net profit after deducting non-profits was 364 million yuan, 438 million yuan, 443 million yuan and 205 million yuan respectively.
According to the prospectus, the products of Alpha are mainly divided into three categories: bolts, nuts and special-shaped parts, which are used in automobile engines, transmission systems, braking systems, steering systems, seat systems, body and body accessories and safety protection devices, new energy vehicle battery packs, etc.
According to Bedo Finance, the revenue of Alpha shares is mainly contributed by bolts. During the reporting period, the company's revenue from bolts was 1.443 billion yuan, 1.512 billion yuan, 1.729 billion yuan and 891 million yuan respectively, accounting for 88.18%, 86.88%, 85.43% and 85.77% of the main business income respectively.
During the reporting period, the output of fastener products of Alpha Co., Ltd. was 3.328 billion pieces, 3.422 billion pieces, 4.031 billion pieces and 2.059 billion pieces, and the sales volume was 3.189 billion pieces, 3.392 billion pieces, 3.996 billion pieces and 1.979 billion pieces respectively, and the scale of production and sales continued to grow, and the production and sales rate remained above 90%.
Before the listing, the actual controller of Mingtai shares was Chen Jinming, Chen Meijin, Chen Jinguang, Chen Yuanke, Tu Kaiyu and Wu Jinwang, who directly held 24.96% of the company's shares in total, and indirectly controlled 35.60% of the company's shares through a total of 100% of the shares of Jinforging Industry, and directly held and indirectly controlled 60.56% of the company's shares.
Among them, Chen Jinming is the chairman of Mingtai Co., Ltd., and Chen Jinguang is the director and general manager of the company. According to the prospectus, Chen Jinming, Chen Meijin, and Chen Jinguang are brothers, Chen Yuanke is the spouse of Chen Jinming, Chen Meijin, and Chen Jinguang's mother's sister, Tu Kaiyu is the spouse of Chen Jinming, Chen Meijin, and Chen Jinguang's sister, and Wu Jinwang is the younger brother of Chen Jinming's spouse.
Before the IPO, Jinduan Industry held 35.60% of the shares, Chen Renping held 4.56% of the shares, Chen Senyong, Chen Shengwu, Tu Ren'an, and Wu Yiyang held 4.55% of the shares respectively, Chen Jinming, Chen Meijin, Chen Jinguang, Chen Yuanke, Tu Kaiyu, and Wu Jinwang held 4.16% of the shares respectively, and the shareholding ratio of other individual shareholders was less than 4%.