On October 31, Zhejiang Tianzhen Technology Co., Ltd. (hereinafter referred to as "Tianzhen Co., Ltd.", SZ: 301356) started the subscription. According to Beido Finance, Tianzhen Co., Ltd. issued 30 million shares for the initial public offering, accounting for 25% of the total share capital after issuance, with an issue price of 63.00 yuan per share, and the sponsor is Anxin Securities .
It is understood that the amount of funds required for the fundraising project plan of Tianzhen Co., Ltd. to be issued this time is about 1.373 billion yuan. Based on the issuance of 30 million shares and the issuance price of 63.00 yuan per share, the total amount of Tianzhen Co., Ltd. raised is approximately 1.89 billion yuan, and the net amount of funds is expected to be approximately 1.785 billion yuan.
Earlier, the prospectus of showed that Tianzhen Co., Ltd. plans to raise 1.373 billion yuan, which is planned to be used for the intelligent production line project of new inorganic material composite flooring of 30 million square meters per year, and the intelligent production line project of new inorganic material composite flooring of 25 million square meters per year.
According to reports, Tianzhen Co., Ltd. has WPC foam core board secondary shaping production process technology, composite floor silent waterproof process technology, SPC extrusion primary molding process technology, PVC floor online flowering technology, LVT floor online bonding technology, automatic metering stone plastic compound operating system and other core technologies.
As of the date of signing the prospectus, Tianzhen Co., Ltd. has obtained 20 authorized patents, including invention patents and 8 utility model patents. According to Smart Ya data, Tianzhen Co., Ltd. has a total of 66 patent application information, including 59 invention patents, mainly focusing on technical fields such as composite flooring, composite materials, foam boards, feeding devices, and plastic layers.
According to the prospectus, Tianzhen Co., Ltd. is an enterprise with the main business of research, development, production and sales of new PVC composite flooring. Its main products include wood-plastic composite flooring (WPC flooring), stone-plastic composite flooring (SPC flooring), glass magnesium flooring (MGO flooring) and plastic crystal flooring (LVT flooring).
and Tianyancha information shows that Tianzhen Co., Ltd.'s predecessor was Zhejiang Tianzhen Bamboo and Wood Development Co., Ltd., which was established in 2003. It is an enterprise mainly engaged in wood processing and wood, bamboo, rattan, brown, and grass products. Currently, the company's registered capital is 90 million yuan, and the legal representative of is Fang Qinghua.
It is worth mentioning that Tianzhen Co., Ltd. had been involved in the financial field and subscribed to 18% of the equity of Anji Xincheng Microfinance Co., Ltd. (now cancelled). Currently, Tianzhen Co., Ltd. is also one of the shareholders of Zhejiang Anji Bank of Communications Rural Bank Co., Ltd., with a shareholding of in the bank's in . In terms of performance of
, Tianzhen Co., Ltd.'s revenue in 2019, 2020 and 2021 was RMB 1.728 billion, RMB 2.243 billion and RMB 3.181 billion, RMB 338 million, RMB 372 million and RMB 279 million, respectively, and the net profit after deducting non-operating items was RMB 280 million, RMB 355 million and RMB 305 million, respectively.
In the first half of 2022, Tianzhen Co., Ltd.'s revenue was 1.797 billion yuan, an increase of 53.02% from 1.174 billion yuan in the same period of 2021; net profit was 223 million yuan, an increase of 112.14% from 105 million yuan in the same period of 2021; net profit after deducting non-operating items was 216 million yuan, an increase of 113.43% from 101 million yuan in the same period of 2021.
During the reporting period, the proportion of product sales revenue of Tianzhen Co., Ltd.'s top five customers accounted for 89.61%, 83.33%, 82.22% and 86.25% of operating income, respectively. Among them, the sales revenue from SHAW, the largest customer, accounted for 55.40%, 37.76%, 35.54% and 36.13% respectively.
According to reports, Tianzhen Co., Ltd.'s PVC flooring products are mainly exported to developed countries such as Europe and the United States. During the reporting period, Tianzhen Co., Ltd.'s main overseas business revenue was RMB 1.714 billion, RMB 2.23 billion, RMB 3.16 billion and RMB 1.793 billion, respectively, accounting for 99.43%, 99.62%, 99.42% and 99.95% of the main business revenue, respectively.
In fact, North America is also the most important PVC floor consumption area in the world. According to relevant reports from Tarkett Group in 2020, the total sales of PVC flooring in North America in 2019 was 575 million square meters, accounting for about 38.10% of the global PVC flooring market size.
Before this listing, the controlling shareholder of Tianzhen Co., Ltd. was Fang Qinghua, and the actual controllers were Fang Qinghua and Zhu Caiqin, who controlled a total of 99% of the company's equity.Among them, Fang Qinghua directly holds 54.3% of the company's shares, and Zhu Caiqin directly holds 18.7% of the shares. The two indirectly control 10.0% of the company's shares through Angelahua, which they actually control.
At the same time, Tianzhen Co., Ltd.'s shareholders Zhu Fangyi and Fang Xinyue are the daughters of the actual controller and constitute the joint actors of the actual controller of the company. The two hold 8% of Tianzhen Co., Ltd. respectively. Therefore, the actual controllers Fang Qinghua and Zhu Caiqin together control 99.00% of the company's voting rights and can actually control the company.
Currently, Fang Qing is the chairman and general manager of Tianzhen Co., Ltd., and Zhu Caiqin is the director.
