Recently, the information disclosed by the Shanghai Stock Exchange shows that Changzhou Baijiashi Film Technology Co., Ltd. (hereinafter referred to as "Baijiashi") and its sponsor Huatai United Securities withdrew their listing documents. As a result, the Shanghai Stock Exchange decided to terminate the review of the company's initial public offering and listing on the main board.
According to Beduo Finance, PARKnSHOP pre-disclosed the prospectus in January 2023 and is preparing to be listed on the main board of the Shanghai Stock Exchange, planning to raise 1.597 billion yuan. After the implementation of the full registration system, PARKnshop will submit a prospectus in March 2023 to continue the IPO process.
Tianyancha App shows that PARKnSHOP was established in September 2007 and is located in Changzhou City, Jiangsu Province, formerly known as Changzhou PARKnSHOP Magnetic Card Co., Ltd. At present, the registered capital of the company is about 187 million yuan, the legal representative is Ru Zhengwei, and the shareholders include Baixing Group, Sinopec Capital, Three Gorges Capital, etc.
According to the prospectus, PARKnSHOP is an enterprise engaged in the research and development, production and sales of functional films. At present, the company's main products include photovoltaic adhesive film, BOPET film, PVC film, PC film, adhesives and coating materials, which are used in photovoltaic modules, consumer electronics and home decoration industries.
In addition to its own production, there are a small number of outsourcing processing links in PARKnSHOP, which mainly includes: OEM production of masterbatch raw materials through outsourcing suppliers; The recycled material of some products is recycled granulated or recycled material viscosity increased through external suppliers; The production of adhesives and coating materials is outsourced to a subcontractor.
In the prospectus, Parknshop said that the company's products are mainly sold through a direct sales model. During the Reporting Period, the Company adopted a middleman model for the sale of some of Trina Solar's products, and Trina Solar negotiated specific procurement terms with the Company and procured them through a complete set in Shanghai.
ACCORDING TO REPORTS, THE IMPORTANT CUSTOMERS OF PARKNSHOP INCLUDE TRINA SOLAR CO., LTD., LONGi green energy technology co., LTD., Changzhou EGing Optoelectronics Technology Co., Ltd., JA Solar Technology Co., Ltd. and VIETNAMSUNERGY JOINT STOCK COMPANY and other large photovoltaic module companies.
In 2019, 2020, 2021 and the first half of 2022, the revenue of PARKnSHOP was 1.026 billion yuan, 1.347 billion yuan, 2.542 billion yuan and 1.987 billion yuan respectively, the net profit was 42.7141 million yuan, 122 million yuan, 131 million yuan and 191 million yuan respectively, and the net profit after deducting non-profits was 42.5673 million yuan, 118 million yuan, 128 million yuan and 187 million yuan respectively.
During the reporting period, the R&D, production and sales of photovoltaic film products were the core business of PARKnSHOP. In the prospectus, PARKnSHOP said that photovoltaic adhesive film is a key packaging material that affects the quality and life of photovoltaic modules, and its performance indicators such as light transmittance, shrinkage, peel strength, and aging resistance are very important to the life of photovoltaic modules.
Beduo Finance understands that the main income of PARKnSHOP is contributed by photovoltaic film and PVC film. During the reporting period, the company's photovoltaic film product revenue was 395 million yuan, 731 million yuan, 1.799 billion yuan and 1.606 billion yuan respectively, accounting for 38.72%, 54.56%, 71.36% and 81.49% of its main business income respectively.
PARKnSHOP said in the prospectus that the company's main business income is mainly composed of photovoltaic film, PVC film, BOPET film, PC film, adhesives and coating materials. Since 2020, with the rapid development of the downstream photovoltaic module industry, the revenue scale and proportion of the company's photovoltaic film business have been increasing.
Before this listing, the actual controllers of PARKnSHOP were Ru Boxing, Ru Zhengwei, Yin Fengdi and Du Guizhen, and the four of them controlled a total of 74.5132% of the shares of PARKnSHOP through direct and indirect shareholding. Among them, Ru Boxing and Ru Zhengwei are father and son, Ru Boxing and Yin Fengdi are husband and wife, and Ru Zhengwei and Du Guizhen are husband and wife.
In addition, Sinopec Capital (SS) and Three Gorges Capital (SS) are also shareholders of PARKnSHOP.