On April 24, the Shanghai Stock Exchange disclosed information showing that Changchun Jieyi Automotive Technology Co., Ltd. (hereinafter referred to as "Jieyi Technology") and its sponsor Guotai Junan Securities withdrew their listing application documents. As a result, the Shanghai Stock Exchange decided to terminate the review of the company's issuance and listing.
According to Beduo Finance, Jieyi Technology submitted a prospectus in June 2023 to be listed on the main board of the Shanghai Stock Exchange, with a plan to raise 1.20 billion yuan, of which 840 million yuan will be used for the construction project of electronic and electrical network connection systems, and the other 360 million yuan will supplement working capital.
According to the prospectus, Jieyi Technology is mainly engaged in the research and development, production and sales of automotive electrical connection systems. Jieyi Technology said in the prospectus that the company has achieved multi-dimensional iteration from low voltage to high voltage, from low speed to high frequency and high speed, from the body to the outside of the vehicle, from single function to complex integration, from assembly assembly to self-made key components.
Focusing on the "external energy supplement + internal power transmission" scenario of automobiles, a multi-dimensional product matrix has been created, and the main products of Jieyi Technology have horizontally expanded high-voltage wiring harnesses, charging guns, charging docks, etc., and vertically expanded key components such as high-frequency and high-speed connectors, special cables, and high-voltage connectors.
Tianyancha App shows that Jieyi Technology was established in May 2010 and was formerly known as Changchun Jieyi Auto Parts Co., Ltd. At present, the registered capital of the company is 75 million yuan, the legal representative is Zhou Lixin, and the shareholders include Zhishun New Energy, Wang Chao, Zhou Lixin, etc.
In the domestic market, Jieyi Technology's downstream customers include major independent, joint venture and foreign brands such as China FAW, BMW Group, Geely Group, etc., and at the same time enter the supply chain system of mainstream new energy car companies such as BYD, Li Auto, Hezhong New Energy, Leapmotor, and Human Horizons.
In the overseas market, Jieyi Technology actively practices the "going out" strategy and widely participates in the competition in the global automotive supply chain market. According to reports, the company has become the global exclusive supplier of charging guns for all new energy vehicles of the BMW Group, taking the lead in achieving a major breakthrough in the industry.
In 2020, 2021 and 2022, the revenue of Jieyi Technology will be 1.075 billion yuan, 1.133 billion yuan and 1.268 billion yuan respectively, the net profit will be 287 million yuan, 333 million yuan and 199 million yuan respectively, and the net profit after deducting non-profits will be 238 million yuan, 298 million yuan and 183 million yuan respectively.
Bedo Finance understands that the revenue of Jieyi Technology mainly comes from the automotive electrical connection system sector. During the reporting period, the company's automotive electrical connection system revenue was 925 million yuan, 1.006 billion yuan and 1.118 billion yuan respectively, accounting for 88.07%, 90.60% and 91.53% of the main business income respectively.
It is worth mentioning that Jieyi Technology has paid large dividends many times. According to the prospectus, the company will pay cash dividends of 480 million yuan and 298 million yuan at the end of 2021 and 2022 respectively, far exceeding the net profit scale in the same period (332 million yuan and 199 million yuan respectively), with a total of about 800 million yuan.
Previously, a number of companies have been questioned for "surprise" dividends before the IPO. The "National Nine Articles" issued not long ago make it clear that the continuous supervision of listed companies will be strictly enforced. Strengthen information disclosure and corporate governance supervision, comprehensively improve the system of shareholding reduction rules, strengthen the supervision of cash dividends of listed companies, and promote listed companies to enhance their investment value.
At the same time, the "Opinions on Strictly Controlling the Access to Issuance and Listing to Improve the Quality of Listed Companies from the Source (Trial)" released on March 15 also pointed out that it is necessary to pay close attention to whether the enterprises to be listed have pre-listing surprise "clearance" dividends, etc., strictly prevent and strictly investigate, and implement negative list management.
For Jieyi Technology, dividends also flowed to Zhou Lixin and Wang Chao's mother and son. According to the prospectus, Zhou Lixin and Wang Chao, the actual controllers of Jieyi Technology, directly and indirectly control 100% of the company's shares, and Zhou Lixin and Wang Chao have a mother-son relationship.
Before the IPO, Zhishun New Energy held 55.99% of the shares, Ningbo Chaoli held 1.77% of the shares, Ningbo Chaoyi held 1.27% of the shares, Ningbo Ruiyi held 0.99% of the shares, and Zhou Lixin and Wang Chao directly held 19.99% and 19.99% of the shares respectively. Among them, Zhou Lixin serves as the chairman of Jieyi Technology, and Wang Chao serves as the company's vice chairman and general manager.