Another setback, Meizhi Optoelectronics terminates listing

According to information announced by the Shenzhen Stock Exchange on December 23, because Meizhi Optoelectronics applied to withdraw its listing application documents on December 19, the Shenzhen Stock Exchange decided to terminate the review of its initial public offering and listing on the GEM.

This is the second time that Meizhi Optoelectronics has withdrawn its IPO application. It is reported that Meizhi Optoelectronics submitted an IPO application to the GEM for the first time on June 29, 2021 and was accepted. After three rounds of inquiries, it voluntarily withdrew the application and failed on July 27, 2022. On April 19 this year, Meizhi Optoelectronics once again sprinted for the GEM, but in the end it still chose to withdraw voluntarily.

In this regard, on December 25, Jiang Peng, secretary of the board of directors of Midea Group, said that the termination of listing of Meizhi Optoelectronics was a proactive adjustment made by Midea Group based on the current market environment. Whether to restart the IPO again in the future will need to be decided based on the actual situation of the market and Midea Group.

It is reported that Meizhi Optoelectronics focuses on the design, research and development, production and sales of lighting and intelligent front-end products. The products are widely used in various scenarios such as residences, hotels, commercial complexes, schools, hospitals, transportation venues and so on.

Among them, in the field of lighting, Meizhi Optoelectronics has independently developed core technologies such as optical light control technology, deep logarithmic curve dimming technology, eye protection lighting technology, and biological rhythm lighting technology, and has continuously optimized parameters such as glare, dimming accuracy and smoothness, and illumination uniformity.

From 2020 to 2022, the operating income and revenue proportion of the lighting business will increase year by year.

In terms of equity, according to the Meizhi Optoelectronics prospectus, Midea Group directly holds 50% of the shares of Meizhi Optoelectronics, and holds 6.70% of the shares of Meizhi Optoelectronics through its wholly-owned subsidiary Midea Venture Capital. It controls a total of 56.70% of the shares of Meizhi Optoelectronics and is the company's controlling shareholder; Midea Holdings controls Midea Group and is the indirect controlling shareholder of Meizhi Optoelectronics.