Reporter of the Economic Business: Zhu Wanping Editor of the Economic Business Business: Wei Guanhong
Registration system Under the general trend, more companies have the opportunity to enter the capital market and share development opportunities with investors. For many companies, the journey of A shares IPO is not smooth. The reporter of " Daily Economic News " sorted out the companies that passed the IPO meeting, rejected and newly accepted IPOs last week, analyzed the value of the company, and also observed the pace of the IPO market, policy trends, etc. for readers.
Last week (December 12 to December 18, 2022, the same below), a total of 17 companies in in A-share market were arranged to be held for the first time at the meeting, of which 15 companies passed the meeting, with a pass rate of 88.24%. Xintong Drugs was suspended from voting; the other one was Jianghe Paper , which was cancelled from deliberation.
In terms of new IPO acceptance, four companies applied for IPOs and received acceptance last week, namely Youyou Green Energy, Aike Cyber, Kaike Consciousness-Environment and Haosheng Electronics. In terms of new stock performance, 8 new stocks fell below the issue price on the first day of listing last week, all of which were , new stocks on the North Exchange. This week, 13 stocks will be held. Among them, there is 1 company on the main board, 43 companies on the Science and Technology Innovation Board, 44 companies on the GEM, and 5 companies on the Beijing Stock Exchange.
Red List: 15 companies passed the review. Changhong Holdings Group welcomed its 7th listed company.
Last week, 17 companies were arranged for A-shares to attend, of which 15 companies successfully passed the review. Among them, Sichuan Huafeng Technology Co., Ltd. (hereinafter referred to as Huafeng Technology) will receive widespread attention from the outside world.
Huafeng Technology originated from the state-owned Huafeng Radio Equipment Factory established in 1958. It is the core backbone enterprise and high-tech enterprise in my country that was the first core enterprise and high-tech enterprise to engage in the development and production of electrical connectors. The company has been engaged in the research, development, production and sales of optical and electrical connectors and cable assemblies for a long time, and provides customers with system solutions.
Prospectus (paper version of the previous meeting) shows that Huafeng Technology’s registered address is located in the Economic and Technological Development Zone of Mianyang City, Sichuan Province. The controlling shareholder is Sichuan Changhong Electronics Holding Group (hereinafter referred to as Changhong Holding Group), and the actual controller is Mianyang State-owned Assets Supervision and Administration Commission. Huafeng Technology is the 7th listed company under Changhong Holdings Group and is also the first company to pass the Science and Technology Innovation Board in Mianyang City.
At present, Huafeng Technology's main products are divided into three categories according to their application areas: defense connection products, communication connection products, and industrial connection products. The company's main customers include communication equipment manufacturers, aerospace and defense units, automobile manufacturers and rail transit equipment manufacturers, etc.
From 2019 to 2021 and the first half of this year, Huafeng Technology's direct sales to Huawei accounted for 16.77%, 34.35%, 20.36% and 28.28% of the company's operating income, respectively. Huawei is the company's largest customer. (For details, please refer to the Daily Economic News report " Huawei supplier Huafeng Technology Science and Technology Innovation Board IPO passed the meeting, Changhong Holdings Group welcomed the 7th listed company ")
However, there are restrictive agreements between Huafeng Technology and Huawei in the cooperation process of some high-end products, which also increases the difficulty of expanding new customers for some high-end products of the company. Due to overall resource restrictions, the company's sales to major communication customers such as ZTE and Nokia have declined to varying degrees.
It is worth mentioning that Huawei is not only an important customer of Huafeng Technology, but also one of its shareholders. In December 2021, Huawei's investment platform Hubble Investment increased its capital in Huafeng Technology. After the capital increase is completed, Hubble Investment holds 3.47% of shares of Huafeng Technology .
Huafeng Technology stated that before Hubble invested in to invest in , the company had established a long-term, stable and good cooperative relationship with Huawei. Hubble Investment's investment in the issuer is a long-term strategic cooperation with . There are no relevant agreements or special arrangements regarding procurement, sales and performance.
yellow list: 9 companies are on the list. The innovative Chinese medicine pharmaceutical company Shengnoki terminated IPO
Last week, there were 9 companies that ranked on the "IPO yellow list" due to suspension of review, cancellation of review, and suspended voting, namely Ruige Technology, Shengnoki, Chengrui Optics, Yikelai, Jianghe Paper, China Net Huaxin, Chuangmi Shulian, Xintong Drug and Conlectory. Among them, Shengnoki, an innovative Chinese medicine pharmaceutical company, is worth mentioning.
Shennoki's main business is the research and development of a variety of innovative drugs for cancer, the most core product is Acoridine. According to reports, Akolade is an innovative Chinese medicine drug, and is a first-in-class drug. It is an effective monomer extracted and purified from the traditional Chinese herbal medicine epimeal , and is mainly used to treat advanced hepatocellular carcinoma.
Reviewing Shengnoki's IPO path, the company submitted its prospectus in May 2020, and has not been able to attend the meeting since then, which means that after two and a half years, Shengnoki's road to listing ends. The direct reason for the termination of Sonoki's IPO is "because the sponsor has revoked the sponsor."
Prospectus (Draft of Application) data shows that Shengnuoki's net profit attributable to shareholders has been negative for three consecutive years (2017 to 2019) and has expanded year by year. The net loss in 2019 is as much as that in 2017, and the cumulative net profit in three years is 525 million yuan. The reasons include the lack of operating income of drugs under development, and the increase in management and R&D expenses year by year.
public information shows that on January 10, 2022, Akolading, the most core product of Shengnoki, was approved for listing, and the first prescription was issued on May 20. As of December 9 this year, in half a year, Shengnoki achieved a shipment invoice amount of 124 million yuan and sales collection exceeded 100 million yuan. However, it seems that this has not made Sonoki's IPO smoother.
13 companies will attend the HPV vaccine manufacturer this week - Can the Conleguard pass?
This week, 13 companies including Rongsheng Bio, Fute Technology, Boshijie, Jianghe Paper, Dameng Data, Huicheng Vacuum, Electronic Network, Bixing Technology, Chicheng Co., Ltd., Ainengju, Tiansong Medical, Kangle Guard, and Liarda will usher in the meeting. Among them, the HPV vaccine manufacturer, Conle Guard, has attracted much attention from the outside world.
Recreation Guardian was founded in 2008 and is mainly engaged in the research and development of vaccine , etc. As of the date of signing of the prospectus 4 (paper draft), Kangle Guard has 10 recombinant human vaccine research projects, and the R&D pipeline is relatively rich. Among the research projects, the faster progress are trivalent HPV vaccine, nine-valent HPV vaccine (female indication) and nine-valent HPV vaccine (male indication). In terms of performance, from 2019 to 2021 and the first three quarters of this year, Conle Guard's operating income was RMB 13.4073 million, RMB 86,100, RMB 274,800 and RMB 887,900, respectively, and net profits were RMB -0.42 million, RMB -152 million, RMB -380 million and RMB -211 million, respectively.
prospectus disclosed that the trivalent HPV vaccine and nine-valent HPV vaccine (female indication) projects under development by Kangle Guard have entered the Phase III clinical stage; and the nine-valent HPV vaccine (male indication) projects under development have also entered the Phase I clinical stage.
Although two vaccines have entered Phase III clinical trials, it does not mean that they are about to go on the market. For example, after the trivalent HPV vaccine is in phase III clinical trials, 8 cases monitoring and follow-up are required. Among them, the interval between the 7th and 8th follow-up was 12 months, and the interval between the remaining follow-up was 6 months.
According to the R&D plan of Conlegus, among the above three HPV vaccines, the trivalent HPV vaccine is expected to be approved for marketing first. "The company is expected to submit a application for the trivalent HPV vaccine BLA (biological products license) in 2025, complete the subject follow-up in 2026, and the trivalent HPV vaccine is officially approved for marketing." Kangle Guard said in its prospectus. (For details, please refer to the Daily Economic News report " raises 3.5 billion yuan, and also needs to make male HPV vaccines. Vaccine manufacturer Kangle Guard "passes the barrier" of the Beijing Stock Exchange ")
added 4 new companies to apply for IPOs last week. Deloitte expects the A-share IPO financing this year to increase by 8%
0 added 4 new companies, Youyou Green Energy, Aike Cyber, Kaike Consciousness and Haosheng Electronics, to apply for IPOs last week. Wind information shows that as of December 18, 398 companies in A-shares have successfully listed this year, with financing amounts of 565.171 billion yuan. In contrast, the financing amount of A-share IPOs last year was 542.643 billion yuan.
Recently, Deloitte China released a report that predicts that the A-share IPO market in 2022 will record 413 new stocks financing 581.8 billion yuan, and the number of new stocks has decreased, but the total amount of new stock financing will increase by 8%.
Deloitte China also predicts that in 2023, 120 to 140 new stocks on the Science and Technology Innovation Board will raise 305 billion to 340 billion yuan; 150 to 170 new stocks on the ChiNext can raise 185 billion to 210 billion yuan; 60 to 80 new stocks on the Shanghai and Shenzhen main boards will raise 110 billion to 125 billion yuan; and the Beijing Stock Exchange will raise about 100 to 120 new stocks on the financing of 20 billion to 24 billion yuan.
As of December 18, the Science and Technology Innovation Board reviewed information disclosure . Among all 841 companies, 5 have been accepted, 44 have been inquired, 22 have been reviewed by the Listing Committee, 32 have submitted registration, 528 have been registered (registration results), 34 have suspended and updated financial reports, and 176 have terminated.
As of December 18, the GEM reviewed information disclosure, and there were 3 companies that had been accepted, 155 companies that had been inquired, 77 companies that had been reviewed by the Listing Committee meeting, 65 companies that submitted registration, 430 companies that had been registered (registration results), 42 companies that had suspended the review, and 271 companies that had terminated the review.
As of December 18, the official website of the Beijing Stock Exchange showed that the Beijing Stock Exchange had accepted 3 companies, 46 companies had inquiries, 9 companies had reviewed by the Listing Committee, 9 companies had submitted registration, 172 companies had registered, 14 companies had suspended the review, and 93 companies had terminated the review.
8 new stocks broke the issuance last week, all of which were new shares of the Beijing Stock Exchange
A shares listed 15 new shares last week. Among them, eight new stocks, Air China Oceanwide, Kangbit , Hanwei Technology, Baixinglong , Teres, Feng'an Co., Ltd., Chunguang Pharmaceutical Packaging, and Opte, broke the issue price on the first day of listing. Last week, the share price of in the first day of Feng'an shares listing fell the most, reaching 11.3%; it is worth mentioning that all new stocks that broke the issue price last week were listed companies on the Beijing Stock Exchange. The stock prices of Changyingtong and C Huaxin both rose significantly on the first day of listing, with an increase of 37.40% and 21.01% respectively.
This week, 10 new stocks were subscribed to , namely Baiwei Storage, Jiahe Technology, Fulede, Taihuxue, Sanxiang Technology, Hongming Co., Ltd., Zhejiang Danong, Huaguangyuanhai, Shangtai Technology, and Qingyue Technology.
Among them, Fuller is one of the earliest companies in China to engage in precision cleaning services for semiconductor equipment, mainly providing precision cleaning services for equipment in the general semiconductor field such as semiconductors and panels. The company has the first-mover advantage and has gradually become one of the leading service companies in the domestic general semiconductor field equipment cleaning technology and cleaning scope (cleaning target items).
In the field of semiconductor equipment cleaning, Fuller Precision Cleaning Service covers most domestic 6-inch, 8-inch and 12-inch wafer foundry production lines, and also provides chip manufacturing companies with supporting equipment repair, component maintenance and other precision cleaning derivative services. In the field of display panel equipment cleaning, the company's TFT equipment cleaning service involves cleaning services for about 1,500 parts and products, and the OLED equipment cleaning service involves cleaning services for about 900 parts and products. It also provides more comprehensive cleaning and regeneration solutions such as anodized , ceramic melting, and OPENMASK cleaning.
In the semiconductor field, Fuller has long been strategically cooperating with the world's three major semiconductor equipment manufacturers, and has stable cooperation with SMIC , Intel , Shanghai Huali and others; in the display panel field, the company's customers include BOE , Huaxing Optoelectronics , Tianma, etc. Rich customer resources and high-quality customers' brand effect will help the company further expand its business and gradually increase its market influence and share.
However, Fuller's performance scale and growth rate are not as high as the average level of comparable companies; but the gross profit margin level is leading, and the proportion of R&D investment is lower than that of comparable companies.
U.S. PCAOB accredited audit inspection process
According to Global Times , on December 15 local time, the US Public Company Accounting Supervision Committee (PCAOB) confirmed that it can complete inspections and investigations of accounting firms in mainland China and Hong Kong in 2022, and canceled the recognition that "cannot inspect or investigate Chinese stocks listed in " made in 2021. SEC Chairman Gary Gensler said in a statement that according to the PCAOB decision, the three-year compliance time of Chinese stocks listed in the United States has been reset.
The market generally believes that this marks a positive result of China-US audit supervision cooperation, and sends a positive signal to Chinese companies listing in the United States.
The China Securities Regulatory Commission official website said in an answer to reporters' questions released on December 16 that we have noticed the reports and public statements released by the US side. We have always advocated solving cross-border listing audit supervision issues through regulatory cooperation mechanisms. Practice has proved that as long as both parties uphold the spirit of mutual respect and professionalism, they will definitely be able to find a feasible cooperation path that meets their respective laws and regulatory requirements.
China Securities Regulatory Commission said that it welcomes the re-determined recognition made by US regulators based on the professional considerations of regulatory considerations. It is expected that together with US regulators, we will continue to promote audit supervision cooperation in the future on the basis of summarizing previous cooperation experience, respect each other, enhance mutual trust, form a normalized and sustainable cooperation mechanism, jointly create a more stable and predictable international regulatory environment, and safeguard the legitimate rights and interests of global investors in accordance with the law.
Daily Economic News
