Source: China Economic Network
China Economic Network Beijing, October 27, 2017 Today, Jiusheng Electric Co., Ltd. (hereinafter referred to as "Jiusheng Electric", 301082.SZ) was listed on the Growth Enterprise Market of the Shenzhen Stock Exchange. As of today's close, Jiusheng Electric reported 26.21 yuan, an increase of 69.32%, a turnover of 662 million yuan, a turnover rate of 72.59%, an amplitude of 38.70%, and a total market value of 4.237 billion yuan.
Jiusheng Electric is mainly engaged in the research and development, production, sales and service of fireproof special cables and power cables. During the reporting period, the company's main products are mineral insulated cables, inorganic mineral insulated metal sheathed cables and other fireproof special cables, as well as medium and low voltage power cables and plastic insulated cables.
Huzhou Dike Industrial Investment Co., Ltd. holds 69.9551 million shares of Jiusheng Electric, accounting for 57.70% of the total share capital of Jiusheng Electric, and is the controlling shareholder of Jiusheng Electric; Zhang Jianhua is the actual controller of Jiusheng Electric, and there is no change during the reporting period. As of the date of signing of the prospectus, Zhang Jianhua directly held 9.86% of the equity of Jiusheng Electric, and indirectly controlled 57.70% of the equity of Jiusheng Electric through Huzhou Dike Industrial Investment Co., Ltd., which controlled 67.56% of the total share capital of Jiusheng Electric before the initial public offering of shares.
Jiusheng Electric made its first meeting on March 18, 2021, and the main questions raised at the 16th review meeting of the GEM Listing Committee in 2021 were:
1. Jiuli Group is the parent company of Jiuli Electric, the main supplier of the issuer, and there are shareholdings, previous positions, and capital business transactions between the issuer and its controlling shareholders, actual controllers, directors, supervisors, senior management personnel, and other core personnel and Jiuli Group and its subsidiaries. The representative of the issuer is requested to explain whether the issuer and Jiuli Group and its subsidiaries are related parties, and whether there is any situation of conveying benefits. Ask the sponsor's representative for a clear opinion.
2. During the reporting period, the external sales service fee accounted for a relatively high proportion of the issuer's sales expenses. The representative of the issuer is requested to explain: (1) whether the commercial reasonableness of providing sales services through external sales service personnel is in line with industry practice; (2) the calculation method and distribution method of sales commissions and market development fees paid to external sales personnel, and whether the relevant taxes and fees are withheld and paid in accordance with the law. Ask the sponsor's representative for a clear opinion.
Jiusheng Electric was listed on the ChiNext board of the Shenzhen Stock Exchange this time, and the number of new shares publicly issued was 40.4124 million shares, accounting for 25.00% of the total share capital of the company after the issuance, all of which were new shares publicly issued at an issue price of 15.48 yuan per share, and the sponsoring institution was China Merchants Securities Co., Ltd., and the sponsor representatives were Yan Kun and Zhang Yang. The total amount of funds raised by Jiusheng Electric in this offering was 626 million yuan, and after deducting the issuance expenses, the net amount of funds raised was 508 million yuan.
The net proceeds of Jiusheng Electric's final fundraising were 39.7327 million yuan more than originally planned. According to the prospectus disclosed by Jiusheng Electric on October 18, 2021, the company originally planned to raise 468 million yuan, of which 268 million yuan was used for the annual output of 12,000 km of inorganic insulated cables and 600 km of oil well heating cable projects, and 200 million yuan was used to supplement working capital.
Jiusheng Electric's total offering expenses were RMB117 million, of which the sponsor, China Merchants Securities Co., Ltd., received sponsorship and underwriting fees of RMB94.5004 million.
According to the prospectus, from January to June 2021, Jiusheng Electric achieved operating income of 859 million yuan, an increase of 65.58% year-on-year; net profit attributable to shareholders of the parent company of 40.9143 million yuan, an increase of 23.77% year-on-year; net profit attributable to shareholders of the parent company after deducting non-recurring gains and losses of 40.9039 million yuan, an increase of 29.84% year-on-year; net cash flow from operating activities -38.4832 million yuan, an increase of 171.94% year-on-year.
According to the listing announcement, from January to September 2021, Jiusheng Electric achieved operating income of 1.419 billion yuan, an increase of 64.20% year-on-year; net profit attributable to shareholders of the parent company of 69.6738 million yuan, an increase of 30.65% year-on-year; net profit attributable to shareholders of the parent company after deducting non-recurring gains and losses of 69.3221 million yuan, an increase of 34.20% year-on-year; net cash flow from operating activities -45.4405 million yuan, down 297.58% year-on-year.