The latest IPO review schedule disclosed by the China Securities Regulatory Commission shows that as of July 31, 2014, the number of IPO companies accepted and pre-disclosed by the China Securities Regulatory Commission increased to 626. It is worth mentioning that a new face has finally appeared in the IPO acceptance process, Inventron Electronics (Hangzhou) Co., Ltd. (hereinafter referred to as "Inventron"), which is newly accepted by GEM companies.
Previously, in July, except for the companies that had suspended the review to complete financial information, issued pre-disclosures and resumed normal review, no new companies had been accepted.
Including Inventronics, the number of companies in the queue for normal review in the last week of July has increased from 45 in the previous week to 56. Among them, 29 companies have passed the review and 27 companies are in the normal review stage.
Compared with the data disclosed in the previous week, 10 companies to be listed last week were transferred back to the normal review channel. Previously, the review of these 10 companies was suspended due to expired financial data.
Among them, there are 7 companies planning to be listed on the main board, including Ningbo Dongfang Cable, Jiangsu Provincial Transportation Planning and Design Institute, Zhejiang Wansheng, Zhejiang Jiuzhou Pharmaceutical, China Electric, and Nanwei Software and New Century Optoelectronics; there are 1 and 2 companies planning to be listed on the SME Board and GEM, respectively Guangzhou Jinyi Film and Television Media; Shanghai Feikai Optoelectronics Materials and Tianjin Kaifa Electric.
However, as of now, among the companies awaiting IPO review, the number of companies planning to be listed is still as high as 570, and as many as 558 companies have expired financial reports. Another 10 companies planning to be listed were suspended from review due to expired financial information and restrictions on the practice of sponsor agency Ping An Securities.
In contrast, in July, only one company's IPO application for Chinachem New Materials was approved by the IPO Review Committee, and Huamao New Materials became the only IPO company that went to the IPO Review Committee for review and successfully passed the meeting that month.
Inventronics initial application was accepted
According to the pre-disclosure prospectus released by Inventronics on August 1, the company is a key high-tech enterprise of the National Torch Plan mainly engaged in the research and development, production, sales and technical services of LED drive power supplies. The company plans to publicly issue 33 million shares this time, of which no more than 33 million new shares will be issued and no more than 15 million old shares will be transferred. The company plans to raise a total of 906.4626 million yuan in funds.
Previously, the company led the formulation of the first domestic LED driver alliance standard and is recognized as the global leader in LED driver technology. Up to now, the company's LED drive power sales volume ranks among the top in the world.
According to a source from a private equity firm in Shenzhen, Inventronics can be regarded as the "master" of Mosuo Power Supply. However, the "apprentice" is still ahead of the "master" in the listing process.
The person said that Inventronics has the world's leading LED power supply technology and is a R&D-oriented enterprise. Moso Power Supply has OEMed for it. The latter's rapid progress in the field of high-power LED drive power supplies is due to its cooperation with Inventronics.
It is worth mentioning that in addition to technical cooperation, Inventron was also one of the founder shareholders of Moso Power and held 4.55% of the latter's shares. Huarui Investment, one of Invent's shareholders, also indirectly held shares of Moso Power through multiple paths.
However, in order to successfully prepare for the IPO, Inventronics sold all its shares in Moso Power last year.
The issuance review is on the normal track
At the same time, the review work of the issuance review committee has also been on the normal track. On the evening of August 4, the China Securities Regulatory Commission announced that the GEM Issuance Review Committee is scheduled to hold its 12th issuance review meeting on August 8 (Friday) to review Feikai Optoelectronics’ IPO application.
"We expect that after Feikai Optoelectronics, there will be three more companies to be listed that may be reviewed by the issuance review committee within the month. Judging from the current disclosure process, Lanzhou Lanshi Heavy Equipment and Lanshi Heavy Equipment are lined up on the main board. Ningbo Oriental Cable has completed its pre-disclosure update and is expected to be the subject of review at the next main board issuance review meeting. In addition, Guangzhou Jinyi Film and Television Media, which is lined up for the small and medium-sized board, has also completed its pre-disclosure update and is waiting for the review," said the person in charge of the above-mentioned South China Securities Investment Bank.
According to the Feikai Optoelectronics prospectus (application draft), the company is mainly engaged in the research, production and sales of new materials such as ultraviolet curing materials suitable for high-tech fields. The company plans to issue no more than 20 million shares on the GEM, of which the company's shareholders will publicly offer no more than 7.5 million shares. The total share capital after the issuance will not exceed 80 million shares, and it plans to raise 330.99 million yuan.
However, an investment consultant from Qianzhan Investment said that judging from the company’s operating conditions, the business is overly dependent on large customers. From 2011 to the first half of 2014, Jiangsu Hengtong Optoelectronics, Jiangsu Tongding Optoelectronics, and Futong Group firmly occupied the top five customers. Moreover, from 2012 to 2013, the total revenue contributed by the above three major customers accounted for 42.09% and 44.24% of Feikai Optoelectronics' annual operating revenue.
"In the last week alone, 10 companies to be listed have resumed normal review. Since this year's semi-annual reports will be released before the end of August, according to the speed of corporate financial report production and auditing, after completing the interim report, it is expected that in mid-to-late August, companies that have suspended review will resume review on a large scale." In this regard, the person in charge of the aforementioned South China Securities Investment Bank believes.
Previously, after June 30, the financial information of 589 companies waiting for review has expired, and the review has been collectively suspended. If the financial information has not been updated before September 30, the review will be terminated.
ANNA