Recently, the Shanghai Stock Exchange disclosed information showing that Jiangsu Liken Technology Co., Ltd. (hereinafter referred to as "Liken Shares" or "Liyan Technology") and its sponsor Guojin Securities withdrew their listing application documents. As a result, the Shanghai Stock Exchange has decided to terminate its review of its initial public offering and listing on the Main Board.
According to Bedo Finance, Riken Technology submitted a prospectus in June 2023 to be listed on the main board of the Shanghai Stock Exchange, with the original plan to raise 488 million yuan. Among them, 343 million yuan will be used for the expansion project of new energy auto parts (phase I), and 145 million yuan will be used to supplement working capital.
Tianyancha App information shows that Riken Technology was established in July 2004 and is located in Yancheng, Jiangsu Province, formerly known as Yancheng Riken Precision Forging Co., Ltd. At present, the registered capital of the company is about 136 million yuan, the legal representative is Shu Jianpeng, and the shareholders include Yancheng Dafeng Dongyan Enterprise Management Co., Ltd.
According to the prospectus, Riken Technology is mainly engaged in the research and development, production and sales of key automotive precision forgings, and gradually forms a core of automotive drive shaft parts forgings, and expands to fuel injection system parts and new energy vehicle reducer parts, differential parts, and thermal management parts forgings.
At present, Riken Technology has established cooperative relations with auto parts suppliers such as NQF, GKN, NTN, Zhejiang Xianglong Machinery Co., Ltd., Nexteer, Yifa, Linamar, ZF, Bosch, Weifu Hi-Tech, Shanghai Automotive Transmission Co., Ltd., and Honeycomb Transmission System (Jiangsu) Co., Ltd., as well as Kennametal, Sandvik, Danfoss, etc.
According to reports, in the field of precision forgings for auto parts, Riken Technology's main competitors include Hirschvogel Automotive Parts Group, Jiangsu Senwei Precision Forging Co., Ltd., Jiangsu Pacific Precision Forging Technology Co., Ltd. and Wuhu Sanlian Forging Co., Ltd.
In 2020, 2021 and 2022, Riken Technology's revenue will be 575 million yuan, 728 million yuan and 763 million yuan respectively, net profit will be 61.8501 million yuan, 74.6703 million yuan and 84.1331 million yuan respectively, and the net profit after deducting non-profits will be 53.5205 million yuan, 65.3667 million yuan and 76.5109 million yuan respectively.
At present, Riken Technology's main customers are GKN Transmission Systems International Co., Ltd. and Huayu Automotive Systems Co., Ltd., a joint venture between GKN Transmission Systems International Co., Ltd. and Huayu Automotive Systems Co., Ltd., and its supply system companies. During the reporting period, the company's revenue to NROT and its supply system accounted for more than 60%, and the customer concentration was high.
It is worth mentioning that Riken Technology once had a VAM agreement. In January 2017, Dafeng Taurus increased its capital by 40 million yuan to Riken Precision Forging (the predecessor of Riken Technology) through a capital increase, and Sun Huiyan and Shu Jianpeng promised that Riken Precision Forging would complete the A-share listing within three years from the date of signing the agreement.
In the case that Party A (Dafeng Taurus) pays the subscription money in full and on time to Riken Precision Forging in accordance with the capital increase agreement, if the commitment is not realized, Party A has the right to require Party B and Party C to purchase all or part of the equity of Riken Precision Forging held by Party A at the purchase price, and the specific calculation of the purchase price is: purchase price = investment * (1 + 6% * n).
Until June 2023, Dafeng Taurus signed the Termination Agreement with Sun Huiyan and Shu Jianpeng<盐城理研精密锻造有限公司增资协议补充协议>, stipulating that the VAM agreement will be completely and automatically terminated, and the termination will be permanent, unconditional and irrevocable.
According to Bedo Finance, Sun Huiyan and Shu Jianpeng are husband and wife. Among them, Shu Jianpeng directly holds 9.1701% of the shares of Riken Technology, his wife Sun Huiyan and his son Shu Yuyang hold 50% and 9.26% of the shares of Dafeng Dongyan respectively, Shu Jianpeng serves as the chairman of Dafeng Dongyan, and Sun Huiyan serves as the general manager of Dafeng Dongyan.
According to the prospectus, the three indirectly control the voting rights of 47.7146% of the shares of Riken Technology through Dafeng Dongyan. Among them, Shu Jianpeng is the executive partner of Riken Partners, and indirectly controls the voting rights of 4.436% of the shares of Riken Technology through Rihui Partnership, and the three of them together control the voting rights of 61.3207% of the shares of Riken Technology.
Accordingly, Shu Jianpeng, Sun Huiyan and Shu Yuyang are the joint actual controllers of the Science and Technology Institute.