China Economic Network Beijing, September 30th, the Shenzhen Stock Exchange website released a decision to terminate the review of Skyworth Electric Co., Ltd. (hereinafter referred to as "Skyworth Electric")'s initial public offering and listing on the GEM.
On September 30, 2022, Skyworth Electric Appliances submitted an application document for Skyworth Electric Appliances Co., Ltd. withdrew the application document for the initial public offering project and listed on the GEM" to the Shenzhen Stock Exchange. The sponsor submitted an application document for the initial public offering project of Skyworth Electric Appliances Co., Ltd. withdrew the application document for the initial public offering project and listing on the GEM" to the Shenzhen Stock Exchange. According to the relevant provisions of Article 67 of the "Shenzhen Stock Exchange GEM Stock Issuance and Listing Review Rules", the Shenzhen Stock Exchange decided to terminate the review of Skyworth Electric's initial public offering and listing on the GEM.
Skyworth Electric Appliances was established in April 2013. It is mainly engaged in the research, development, production and sales of refrigerators, washing machines, tablets and other products. It has now formed a business model of coordinated development between independent brands and ODM.
As of the date of signing the prospectus, Hong Kong Skyworth held 45.78% of Skyworth Electric's equity , and is the controlling shareholder of Skyworth Electric. As of the date of signing the prospectus, Skyworth Electric has no actual controller. As of March 31, 2022, Huang Hongsheng and his joint actors directly or indirectly held 47.14% of the shares of Skyworth Group (Bermuda), while Skyworth Group (Bermuda) directly or indirectly held 74.69% of the shares of Skyworth Electric.
Skyworth Electric originally planned to issue shares on the Shenzhen Stock Exchange GEM , the total number of shares not exceeding 64.5 million (including 64.5 million shares), accounting for no less than 25% of the total number of shares of the company after this public offering; all of this issuance is the company's public offering of new shares, and the company's original shareholders will not sell shares publicly. Skyworth Electric originally planned to raise 818.5505 million yuan of funds, which will be used for "annual production of 800,000 commercial refrigerators, multi-door refrigerators, and 800,000 dryer , Gemini washing machine production line expansion project", "R&D center construction project", "Efficient marketing network construction project", and "supplementary working capital".
The sponsor (lead underwriter) of Skyworth Electric Appliances issuance is CITIC Securities Co., Ltd., and the sponsor representatives of are He Guangfeng and Ling Peng.
