A few days ago, the review project dynamics on the website of the Beijing Stock Exchange showed that the review status of Red Oriental's updated IPO was "terminated", which means that the "giant" IPO project of the Beijing Stock Exchange was finally "aborted". Red Dongfang originally planned to raise 1.09 billion yuan for the comprehensive utilization of industrial by-product salt resources and the production of 2,000 tons of lithium hexafluorophosphate project and R&D center construction project. If it is successfully listed, its fundraising amount is second only to beiteri in the Beijing Stock Exchange.
At the same time, this week, 4 companies updated the IPO project dynamics of the Beijing Stock Exchange, among which AD Xinneng and Kobaier entered the second round of inquiry, and Minshan Huaneng also entered the inquiry stage. It is worth mentioning that the star enterprise Wanda Bearing recently updated the IPO review status of the Beijing Stock Exchange, and some industry insiders expect it to become the first share of the Beijing Stock Exchange to open the 920 section.
Red East sounded the "retreat"
Another company intends to terminate the listing review. According to the news from the website of the Beijing Stock Exchange, the Beijing Stock Exchange decided to terminate the decision of Red Oriental to issue shares and list on the Beijing Stock Exchange. This means that the "giant" IPO project of the Beijing Stock Exchange has been terminated.
Red Oriental is mainly engaged in the research and development, production and sales of pesticide raw materials and preparations, fine chemical products, and the main product is glyphosate. After years of development, the company has built a complete industrial chain from steam supply, production of fine chemical products, synthesis of original ingredients, to comprehensive utilization of glyphosate preparations and by-product resources, with glyphosate as its core business, and has become a glyphosate production enterprise with the advantages of industrial chain integration. After long-term market accumulation, the company's products have covered the country's major provinces, autonomous regions and municipalities directly under the central government and exported to overseas, is one of the core backbone enterprises of glyphosate production in China, is the director unit of China Pesticide Industry Association, the director unit of China Pesticide Development and Application Association, the vice president unit of Henan Pesticide Management Association, the director unit of Henan Quality Association, and the "specialized, special and new" small and medium-sized enterprises in Henan Province, and has been selected as one of the "Top 100 Sales in China's Pesticide Industry" for many years. As of the signing date of the prospectus, Red Oriental Ecology directly held 37.5 million shares of the company, accounting for 48.96% of the company's total share capital before issuance, and was the controlling shareholder of the company.
Previously, Red Oriental had announced that based on the consideration of "the company's overall business development strategy", the amount of funds to be raised in the proposed IPO was reduced from 1.291 billion yuan to 1.091 billion yuan, and the amount of funds raised of 1.091 billion yuan was very conspicuous in the IPO project of the Beijing Stock Exchange this year.
However, in the first round of inquiry letters from Red East, it became the first listing project to be suspended by the regulator since the opening of the Beijing Stock Exchange because of the negative public opinion on environmental protection and the over-approved production.
In fact, Red Eastern's performance is also quite outstanding. From 2020 to 2022, Red Oriental's operating income will be 592 million yuan, 1.129 billion yuan and 1.915 billion yuan respectively, and the net profit in the same period will be 63 million yuan, 340 million yuan and 746 million yuan respectively. However, in 2023, its performance suffered a decline, achieving operating income of 1.15 billion yuan, a year-on-year decrease of 39.95%, and net profit attributable to owners of the parent company of 173 million yuan, a year-on-year decrease of 76.82%.
Including Red East, a total of 32 companies have terminated the IPO of the Beijing Stock Exchange this year, of which 8 were officially announced in April, including Tengmao Technology, Zhida Technology, Mengtianmen, Taichuan Shares and Pengye Software.
With the recent tightening of IPO review, some companies in the counseling period have terminated their public offerings and listed on the Beijing Stock Exchange. For example, North Chuangxin recently announced that due to the company's strategic development adjustment, after friendly consultation and agreement between the two parties, the counseling agency terminated the relevant counseling work for the company's plan to publicly issue shares to unspecified qualified investors and list on the Beijing Stock Exchange. On April 18, 2024, the two parties signed the Termination Agreement of the Mentoring Agreement. Guorong Securities submitted the application materials for the termination of counseling to the Shandong Securities Regulatory Bureau, and the Shandong Securities Regulatory Bureau confirmed the company's termination of counseling on April 22, 2024.
Wanda Bearing may become the first share of the "No. 920 section" of the Beijing Stock Exchange
Although a number of companies have recently announced the termination of the IPO of the Beijing Stock Exchange, there are also many companies that continue to promote the IPO process, and four companies have updated the IPO project dynamics of the Beijing Stock Exchange since this week.
Among them, AD Xinneng announced today that it received the second round of inquiries from the Beijing Stock Exchange, focusing on the stability and sustainability of its operating performance, the authenticity of overseas sales revenue, and requiring it to further disclose innovative features. According to the prospectus, AD New Energy is mainly engaged in the research and development, production and sales of solar photovoltaic products and energy-saving and environmental protection products in the field of new energy, of which solar photovoltaic series products mainly include solar photovoltaic modules, photovoltaic power generation systems, photovoltaic building integration, etc.;
As of the signing date of this prospectus, the Shenzhen Stock Exchange-listed company AD shares (stock code 002641) directly hold 95 million ordinary shares of AD Xinneng, accounting for 68.27% of the company's total shares, and AD shares indirectly hold 3.59% of the company's shares through its controlled subsidiary AD International Trade, a total of 71.86% of the company's shares, and are the company's direct controlling shareholders. AD Group indirectly holds 71.86% of the company's shares through AD shares and is the indirect controlling shareholder of the company.
Also in the second round of inquiries was Kobeer. Kobay is a high-tech enterprise specializing in the R&D, production and sales of modified plastics and masterbatches, which can be widely used in household appliances, consumer goods, auto parts and other fields, and its main customers include Sichuan Changhong, Midea Group, TCL, Whirlpool, Hisense Group and other well-known enterprises. In this IPO, Kobay plans to raise 202 million yuan, plans to invest 122 million yuan for the "annual output of 50,000 tons of polymer functional composite materials project", plans to invest 29.8816 million yuan for the "R&D center construction project", and plans to supplement the working capital of 50 million yuan.
It is worth mentioning that the star enterprise Wanda Bearing recently updated its Beijing Stock Exchange IPO review status, according to which industry insiders predict that Wanda Bearing may become the Beijing Stock Exchange's "No. 920 section of the first shares". Wanda Bearing is one of the earliest enterprises engaged in the professional production of forklift bearings in China, and it is also the first batch of specialized and new "little giant" enterprises and national manufacturing single champion enterprises in China. The company's main business is the research and development, production and sales of forklift bearings and slewing rings, the main products include forklift bearings (main roller bearings, side roller bearings, sprocket bearings, composite bearings, composite bearing components), slewing bearings, etc. Wanda Bearing intends to open up A-shares to the public no more than 8,917,374 shares, and the net amount of the raised funds after deducting the issuance costs will be fully invested in the production capacity improvement project of special bearings for industrial vehicles, the development and industrialization of special bearings for intelligent equipment and supplementary working capital projects.
On April 19, in order to implement the relevant deployment of the "Opinions of the China Securities Regulatory Commission on the High-quality Construction of the Beijing Stock Exchange", enhance the recognition of listed companies, and facilitate investors to search and trade listed stocks, the Beijing Stock Exchange is scheduled to launch the 920 code segment function on April 22, 2024 after careful preparation. According to the Beijing Stock Exchange, in the future, after the new listed companies determine the securities code through lottery selection or direct number selection, they will use the securities code to complete the inquiry, subscription and listing and trading on the Beijing Stock Exchange. Considering the connection with the work of switching the 920 code segment with the existing listed companies, the Beijing Stock Exchange will reserve the securities code for the existing listed companies in accordance with the last three unchanged ways when the 920 code number segment function is launched for the new listed companies, and if the last three digits are repeated, the fourth digit code will be progressively processed by the listed companies one by one according to the listing time order until it is not repeated with the reserved securities code.
Editor-in-charge: Liang Qiuyan
Proofreading: Peng Qihua
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