Lei Jianping on April 12
Lobo EV Technologies (hereinafter referred to as "Lobo EV", stock code: LOBO) was recently listed on the NASDAQ in the United States.
The offering price is US$4, and 1.38 million shares are issued, raising a total of US$5.52 million.
Luobei Electric originally planned to issue 1.625 million shares at $4 per share to raise $6.5 million. The fundraising was also $1 million less.
In March 2023, Luobei Electric Vehicle submitted a prospectus to the SEC in the United States, and after a year, it finally completed its listing. Before July 2021, this speed to market could be called a snail crawling speed, but after that, it was quite fast.
As of today's close, the share price of Luobei Electric Vehicle is $3.84, with a market capitalization of only $29.88 million.
In March 2024, a total of 4 Chinese concept stock IPOs will land on the U.S. stock market, namely: Rokos Technology, Huiyue Finance, Luobei Electric Vehicle and Youjia Insurance.
However, on the whole, these Chinese concept stocks are very small in scale and have extremely limited influence on the market, and there is no typical IPO like Lotus.
Revenue in the first half of the year was $8.14 million and net profit was $670,000
According to reports, Luobei Electric Vehicle is an electric vehicle manufacturer and seller located in Wuxi, Jiangsu Province, the company designs, develops, manufactures and sells electric bicycles, electric mopeds, electric tricycles and electric off-road four-wheel shuttles, such as golf carts and scooters for the elderly and disabled.
According to the prospectus, the revenue of Luobei Electric Vehicle in 2020 and 2021 will be US$14.13 million and US$18.3 million respectively, the operating profit will be US$2.24 million and US$1.52 million respectively, and the net profit will be US$1.66 million and US$1.12 million respectively.
In 2022, the sales and marketing expenses of Luobei Electric Vehicle were US$585,800, the administrative expenses were US$690,000, and the R&D expenses were US$227,600, compared with only US$53,000 in the same period last year.
Luobei Electric Vehicle reported revenue of $8.14 million in the first half of 2023, compared to $5.49 million in the same period last year, operating profit of $0.44 million compared to $0.24 million in the same period last year, and net profit of $670,000 compared to $136,000 in the same period last year.
In the first half of 2023, the sales and marketing expenses of Luobei Electric Vehicle will be 325,800 yuan, the administrative expenses will be 284,000 US dollars, and the research and development expenses will be 132,000 US dollars, compared with only 28,500 US dollars in the same period last year.
Luobei Electric Vehicle's operating profit for the first half of 2023 was $441,000, compared to $2.423 billion and $672,000 in the same period last year, compared to $136,000 in the same period last year.
The overall volume of Luobei electric vehicles is not large, the profit is very small, and the market is limited.
Insufficient R&D efforts
IPO前,Huajian Xu持股为57.88%,Jiancong Cai、Huiyan Xie分别持股为10%。
Huajian Xu是公司创始人、CEO,Jiancong Cai为公司COO。
IPO后,Huajian Xu持股为46.16%,Jiancong Cai、Huiyan Xie分别持股为7.98%。
The lack of R&D efforts for electric vehicles will have a great impact on long-term competitiveness.
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