Recently, the Shenzhen Stock Exchange disclosed information showing that Guangzhou Ruxing Technology Co., Ltd. (hereinafter referred to as "Ruxing Technology") and its sponsor CITIC Securities withdrew their listing application documents. As a result, the Shenzhen Stock Exchange has decided to terminate its review of its initial public offering and listing on the Main Board.
According to Beduo Finance, Ruxing Technology submitted a prospectus in June 2023 to be listed on the main board of the Shenzhen Stock Exchange, and originally planned to raise 1.5 billion yuan, which will be used for the industrialization construction project of high-performance crystalline silicon solar cell paste (the first phase of the project), the construction project of the R&D center, and the replenishment of working capital.
Tianyancha App shows that Ruxing Technology was established in July 2000 and was formerly known as Guangzhou Ruxing Technology Development Co., Ltd. At present, the registered capital of the company is about 360 million yuan, the legal representative is Xu Shan, and the shareholders include Xu Xianchang, Liao Hui, Zhang Yuxin, Xia Guorui, Zhang Weiguo, etc.
According to the prospectus, Ruxing Technology is mainly engaged in the research and development, production and sales of photovoltaic electronic paste. At present, the company's photovoltaic electronic paste products cover crystalline silicon solar cell silver paste and aluminum paste, and the main products include back silver paste and aluminum paste, which are mainly used in the photovoltaic industry.
In 2020, 2021, 2022 and the first half of 2023, Ruxing Technology's revenue will be 2.196 billion yuan, 2.729 billion yuan, 2.832 billion yuan and 1.808 billion yuan respectively, net profit will be 225 million yuan, 223 million yuan, 356 million yuan and 199 million yuan respectively, and net profit after deducting non-profits will be 211 million yuan, 297 million yuan, 329 million yuan and 195 million yuan respectively.
According to the prospectus, Ruxing Technology's main business income mainly comes from silver paste and aluminum paste. During the reporting period, the company's silver paste revenue was 1.578 billion yuan, 2.047 billion yuan, 2.043 billion yuan and 1.365 billion yuan respectively, accounting for 72.07%, 75.27%, 72.32% and 75.61% of its main business income respectively.
In contrast, Ruxing Technology's revenue from aluminum paste was 611 million yuan, 673 million yuan, 782 million yuan and 440 million yuan respectively, accounting for 27.93%, 24.73%, 27.68% and 24.39% of the company's main business income, respectively. It is not difficult to see that Ruxing Technology's silver paste revenue will decline in 2022, while aluminum paste revenue will continue to increase.
In particular, the capacity utilization rate and production and sales rate of Ruxing Technology continue to be at a high level. Among them, the output of silver paste was 528.14 tons, 628.90 tons, 707.33 tons and 390.8 tons, the capacity utilization rate was 90.93%, 91.62%, 92.18% and 91.95%, and the production and sales rates were 98.85%, 97.44%, 94.96% and 101.07% respectively.
In contrast, the production and sales of aluminum paste of Ruxing Technology are significantly higher than that of silver paste. During the reporting period, the company's aluminum paste output was 10,600 tons, 9,936.55 tons, 11,200 tons and 6,238.91 tons, respectively, the capacity utilization rate was 81.71%, 76.50%, 82.25% and 91.17%, and the production and sales rates were 101.92%, 96.67%, 97.03% and 100.63% respectively.
According to the prospectus, Ruxing Technology expects its revenue in 2023 to be about 3.6 billion yuan to 3.9 billion yuan, a year-on-year increase of 27.11% to 37.70%, a net profit of 360 million yuan to 390 million yuan, a year-on-year increase of 1.14% to 9.57%, and a net profit of 346 million yuan to 376 million yuan, a year-on-year increase of 5.20% to 14.32%.
Before this listing, the actual controller of Ruxing Technology was Xu Shan, who directly held 26.2721% of the company's shares, Xu Jian entrusted him to exercise 9.4444% of the company's share voting rights, and maintained a consistent action relationship with Xia Guorui and Xu Jin, totaling 50.4694% of the company's share voting rights.
According to the prospectus, Xu Xianchang, the original shareholder of Ruxing Technology, died on November 22, 2022, and his 110,844,500 shares of Ruxing Technology were inherited, and Xu Xianchang's spouse Jin Huizhen gave up his share of common property and inheritable shares, and was inherited by his daughter Xu Shan and son Xu Jian.
According to the "Equity Distribution Agreement" signed by Jin Huizhen, Xu Shan and Xu Jian, Xu Shan obtained 76,844,500 shares of Ruxing Technology and Xu Jian obtained 34 million shares. Before the succession, Xu Jian did not hold shares in the company, and Xu Shan held 17,735,100 shares of the company.
After the succession, Xu insisted on having 34 million shares of Ruxing Technology, and Xu Shan held 94,579,600 shares of the company. After inheriting the above shares, only Xu Jian is the new natural person shareholder of the company. Among them, Xu Jian is the elder brother of Xu Shan, the actual controller of Ruxing Technology, and Xu Jian entrusted Xu Shan to exercise 9.4444% of the company's share voting rights.
At present, Xu Shan is the chairman and general manager of Ruxing Technology, Xu Jin is the director and deputy general manager of the company, Hu Xiangyu and Zheng Shijin are directors, Ouyang Jieyu is the secretary of the board of directors of the company, and Chen Meixiang is the chief financial officer.