Recently, the information disclosed by the Shanghai Stock Exchange shows that Guohong Tool System (Wuxi) Co., Ltd. (hereinafter referred to as "Guohong Tools") and its sponsor Shenwan Hongyuan Securities have withdrawn their listing application documents. As a result, the Shanghai Stock Exchange has decided to terminate the review of the initial public offering of shares and listing on the STAR Market of Guohong Tools.
According to Beduo Finance, Guohong Tools submitted a prospectus in June 2023 to be listed on the Science and Technology Innovation Board of the Shanghai Stock Exchange, and originally planned to raise 367 million yuan, which will be used for cemented carbide and superhard tool capacity expansion projects, precision cutting tool R&D center upgrade projects, and supplementary working capital projects.
Tianyancha App shows that Guohong Tools was established in July 2004, formerly known as Wuxi Guohong Cemented Carbide Mould and Cutting Tools Co., Ltd., located in Wuxi City, Jiangsu Province. At present, the registered capital of the company is about 366 million yuan, the legal representative is Wu Jianxin, and the shareholders include Guosheng Development Co., Ltd.
According to the prospectus, Guohong Tools is an enterprise engaged in the research and development, production, sales and service of ultra-high-precision CNC tools and integrated circuit packaging wedges. Among them, CNC tools can be used in various types of material processing in the fields of electronic information, aerospace, automobiles, general machinery, molds and other fields.
Guohong Tools said in the prospectus that the wedge-shaped capillary is a high-precision wire bonding tool used in the process of integrated circuit packaging, which plays an extremely important role in integrated circuit packaging technology, and is mainly used in special electronic fields, such as radar, electronic countermeasures, aerospace communications, etc.
In 2020, 2021 and 2022, the revenue of Guohong Tools will be 231 million yuan, 296 million yuan and 347 million yuan respectively, the net profit will be 23.7916 million yuan, 44.2951 million yuan and 59.3119 million yuan respectively, and the net profit after deducting non-profits will be 19.9017 million yuan, 38.6218 million yuan and 51.7378 million yuan respectively.
By product, Guohong Tools' revenue is mainly contributed by CNC tools, wedge-shaped capillary knives, etc. During the reporting period, the company's CNC tool revenue was 221 million yuan, 276 million yuan and 309 million yuan respectively, accounting for 96.88%, 94.06% and 90.82% of the main business income respectively.
It is worth mentioning that Guohong Tools has a high concentration of customers. During the reporting period, the company's sales revenue to the top five customers totaled 148 million yuan, 182 million yuan and 222 million yuan respectively, accounting for 64.61%, 62.18% and 65.21% of its main business income respectively, with a high customer concentration.
In addition, there is also a risk that the debt will be repaid at maturity. At the end of the reporting period, the company's loan balances were 131 million yuan, 122 million yuan and 97.1248 million yuan respectively, accounting for 76.26%, 62.25% and 55.30% of current liabilities respectively. If there is an adverse change in the company's operating conditions, it will face certain debt repayment risks.
Bedo Finance found that Guohong Tools has received multiple rounds of financing, but there are also shareholders who have withdrawn and reduced their capital in advance. In April 2020, Guohong Tools reduced its capital, reducing its registered capital from 36,000 shares to 35,000 shares, and the company repurchased its 10 million shares from Wuxi Zhiyuan at a repurchase price of about 5.94 yuan and a repurchase price of 59.3881 million yuan.
After the completion of the repurchase, Wuxi Zhiyuan withdrew from Guohong Tools. In addition, in May 2020, the investment valuation of 1.8 billion yuan invested by Wuxi Lijie and Wuxi Financial Investment in 2017 was retrospectively adjusted to 900 million yuan, and the corresponding compensation shares were transferred to Wuxi Lijie and Wuxi Financial Investment by Guosheng Development, Wuxi Jinhaorui and Wuxi Jianfeng according to their relative shareholding ratios.
Among them, Wuxi Lijie received 22 million compensated shares, 16,939,200 shares were compensated by Guosheng Development, 3,960,600 shares were compensated by Wuxi Jinhaorui, and 1,100,200 shares were compensated by Wuxi Jianfeng, and 8 million shares were compensated by Wuxi Jintou, 6,159,700 shares, 1,440,200 shares and 400,100 shares were compensated by Guosheng Development, Wuxi Jinhaorui and Wuxi Jianfeng respectively.
In January 2022, Guohong Tools carried out a capital increase, agreeing to increase the registered capital from 350 million shares to about 366 million shares, and the new 15,909,100 shares were subscribed by the new shareholder, Beijing Guofa, with a capital increase price of 3.14 yuan per share, and the premium part was included in the capital reserve.
Prior to this listing, Wu Jianxin, as the controlling shareholder of Guosheng Development, indirectly controlled 61.02% of the company's shares through Guosheng Development. At the same time, Wu Jianxin, as the executive partner, indirectly controls 3.96% of the company's shares through Wuxi Jianfeng, an employee shareholding platform.
In summary, Wu Jianxin controls a total of 64.99% of the company's shares and is the actual controller of the company. In addition, Wuxi Jinhaorui holds 14.27% of the shares, Wuxi Lijie holds 12.02% of the shares, Wuxi Jintou holds 4.37% of the shares, and Beijing Guofa holds 4.35% of the shares.