Two years later, the IPO registration of Shadowstone Innovation Technology Co., Ltd. (hereinafter referred to as "Shadowstone Innovation") has not yet been fruitful.
On April 22, Beduo Finance inquired about the special page of the Shanghai Stock Exchange's issuance and listing review and found that there were a total of 1,146 applications for issuance and listing, including 204 on the main board and 942 on the Science and Technology Innovation Board. In particular, two companies that are currently in the "submission for registration" stage have not made progress for two years.
Beduo Finance understands that these two are Yingshi Innovation and Beijing Yitang Semiconductor Technology Co., Ltd. Among them, Shadowstone Innovation submitted a prospectus in October 2020 to be listed on the Science and Technology Innovation Board of the Shanghai Stock Exchange. In July 2021, the company's first meeting was suspended, and then passed the second meeting in September of the same year.
At the first meeting, the Listing Committee asked questions about Shadowstone Innovation, including the reasonableness and necessity of arranging 12 board members relative to the company's size and business complexity, the resolution of possible board deadlock, and whether there are significant risks to corporate governance.
At the same time, the Listing Committee requested Shadowstone to further explain the solution to the possible board deadlock and fully disclose the corporate governance risks caused by it, which was consistent with the question asked. At the second meeting, the Listing Committee did not raise any questions on the spot.
In January 2022, Shadowstone Innovation submitted a prospectus (registration draft), which has not yet been approved by the CSRC. This means that the IPO process of Shadowstone Innovation has been effectively terminated. In March 2022, Shadowstone Innovation was also suspended due to the expiration date of its financial information, and resumed the issuance registration process in June of the same year.
Tianyancha App shows that the predecessor of Shadowstone Innovation is Shenzhen Lanfeng Chuangshi Network Technology Co., Ltd., which was established in July 2015. At present, the registered capital of the company is 360 million yuan, the legal representative is Liu Jingkang, and the shareholders include Beijing Lanfeng Chuangshi Network Technology Co., Ltd., Huajin Capital, China Merchants Capital, etc.
According to Bedo Finance, Yingshi Innovation is a panoramic camera service provider with a panoramic camera brand Insta360. Shadow Stone Innovation said in the prospectus that the company has been focusing on the research and development, production and sales of intelligent imaging equipment such as panoramic cameras and action cameras since its establishment, and is a provider of intelligent imaging equipment.
At present, the main product types of Yingshi Innovation include consumer-grade intelligent imaging equipment, professional-grade intelligent imaging equipment, accessories and other products. According to the prospectus, the company's brand "Insta360" products are sold all over the world through various channels. Among them, more than 60% of the main business income comes from overseas sales.
From January to June 2018, 2019, 2020 and 2021 (hereinafter referred to as the "reporting period"), the revenue of Yingshi Innovation was 258 million yuan, 588 million yuan, 850 million yuan and 600 million yuan respectively, and the net profit was 18.287 million yuan, 56.2805 million yuan, 120 million yuan and 123 million yuan respectively.
During the reporting period, the gross profit margins of Shadow Stone Innovation were 51.71%, 54.10%, 46.59% and 50.21%, respectively, which remained basically stable and maintained a high level in the industry. Shadowstone Innovation said that the main factors affecting the company's gross profit margin include the company's product pricing power, sales channels, etc.
According to the prospectus, Yingshi Innovation mainly carries out outsourcing production through cooperation with processing manufacturers in the production process. Among them, the outsourced manufacturer is responsible for the processing of lens modules, SMT patches, batteries and other parts, and the assembly and testing of semi-finished products and finished products.
During the reporting period, the consumer-grade intelligent imaging equipment of Yingshi Innovation was mainly outsourced and produced, and the output of professional-grade intelligent imaging equipment through outsourcing accounted for 100%, 52.99%, 8.36% and 2.88% respectively. During the reporting period, the company's outsourcing processing expenses were 11.62 million yuan, 24.7835 million yuan, 63.9748 million yuan and 40.4993 million yuan respectively.
According to the prospectus, the revenue of Yingshi Innovation from January to September 2021 (the first three quarters) was 952 million yuan, an increase of 61.51% over the same period in 2020, and the net profit attributable to shareholders of the parent company and the net profit attributable to shareholders of the parent company after deducting non-recurring gains and losses were 208 million yuan and 200 million yuan respectively, an increase of 129.47% and 108.02% year-on-year respectively.
Since its establishment, Shadowstone Innovation has received multiple rounds of investment, including IDG Capital, Qiming Venture Capital, Xunlei, Suning Group, CITIC Securities, etc. Before this sprint listing, IDG Capital held 13.3239% of the shares through EARN ACE, Qiming Venture Capital held 9.4001% of the shares through QM101, and Xunlei held 8.7327% of the shares.
According to the prospectus, Liu Jingkang indirectly controls 29.9376% and 4.0667% of the shares of Yingshi Innovation through Beijing Lanfeng and Lanfeng Management, and can control 34.0043% of the company's voting rights in total, and indirectly holds 27.5653% of the company's shares, and is the actual controller of the company.
According to the prospectus, Liu Jingkang founded Yingshi Innovation Company in July 2015, and has served as the company's executive director, manager, chairman and legal representative. In particular, Shadowstone Innovation has been questioned for having too many board members. The latest prospectus shows that the number of members of its board has dropped to nine, from 12 previously.
In contrast, Yang Liu and Gong Xuan are no longer directors of Shadow Innovation, and Zhong Mingxia is no longer an independent director. Among them, Tong Chen is the shareholder representative of EARN ACE, YEH KUANTAI is the shareholder representative of QM101, Yang Liu is the shareholder representative of Xunlei, and Gong Xuan is the shareholder representative of Shenzhen McGao.