Recently, the information disclosed by the Shanghai Stock Exchange shows that Wuhan Changli New Material Technology Co., Ltd. (hereinafter referred to as "Changli New Material") and its sponsor Industrial Securities have withdrawn their listing application documents. As a result, the Shanghai Stock Exchange has decided to terminate its review of its initial public offering and listing on the Main Board.
According to Beduo Finance, Changli New Materials will pre-disclose the prospectus in 2022 and prepare to be listed on the main board of the Shanghai Stock Exchange, and will be updated in January 2023. After the implementation of the full registration system, Changli New Materials submitted a prospectus and continued the IPO process.
In this sprint listing, Changli New Materials originally planned to raise 5.031 billion yuan, which will be used for the first phase of the Changli Guangxi Silicon Science and Technology Industrial Park project, the Changli Beihai R&D Center project, the Wuhan R&D center construction project, the Changli Hannan Glass Processing Center technical transformation project, and another 1.5 billion yuan to supplement working capital.
According to the prospectus, Changli New Materials is engaged in the research and development, production and sales of glass products, the main products include float glass, coated glass, photovoltaic glass and other deep-processed glass, which are used in construction, real estate, transportation, photovoltaic power generation, decoration and other fields.
Tianyancha App information shows that Changli New Materials was established in February 2006 and was formerly known as Wuhan Changli Glass (Hannan) Co., Ltd. At present, the registered capital of the company is about 237 million yuan, the legal representative is Yi Qiaomu, and the shareholders include Changbo Industry, Yi Qiaomu, etc.
Changli New Materials said in the prospectus that float glass is the company's key product, and the thickness of float glass products spans 1.5~15mm, covering all mainstream specifications in the market. In addition, the company has also developed photovoltaic glass products. At present, this product has become one of the core products of Changli New Material.
In 2019, 2020, 2021 and the first half of 2022, Changli New Material's revenue was 2.240 billion yuan, 2.312 billion yuan, 3.399 billion yuan and 1.403 billion yuan respectively, the net profit was 355 million yuan, 574 million yuan, 1.063 billion yuan and 183 million yuan respectively, and the net profit after deducting non-profits was 339 million yuan, 564 million yuan, 1.056 billion yuan and 183 million yuan respectively.
In terms of business structure, Changli New Material's revenue is mainly contributed by float glass, coated glass and photovoltaic glass. During the reporting period, the company's float glass revenue was about 1.615 billion yuan, 1.596 billion yuan, 2.293 billion yuan and 857 million yuan respectively, accounting for 72.28%, 69.27%, 67.70% and 61.29% of its main business income respectively.
It is worth mentioning that the gross profit margin of Changli New Materials fluctuates significantly. During the reporting period, the gross profit margin of the company's main business was 26.89%, 38.82%, 46.25% and 22.08% respectively. Among them, the gross profit margin in 2020 increased by about 11.93 percentage points compared with the previous year, and in 2021, it increased by 7.43 percentage points, while the first half of 2022 was lower than that of 2021.
Before this listing, the controlling shareholder of Changli New Materials was Changbo Industry, holding 86.9422% of the company's equity. According to the prospectus, the actual controller of Changli New Materials is Yi Qiaomu, chairman and general manager of the company, who directly holds 0.8851% of the shares, and holds a total of 41.9018% of the company's shares.
Changli New Materials said in the prospectus that the predecessor of Changbo Industry was Wuhan Glass Factory, which was restructured from a nationally owned enterprise, and the restructuring procedures were compliant, and the Wuhan Municipal People's Government and the Hubei Provincial People's Government had obtained confirmation documents for the restructuring of Wuhan Glass Factory.
Due to specific historical background reasons, Changbo Industrial has historically had the situation of entrusting shareholdings and employee shareholding associations, actually holding its own equity and the number of shareholders exceeding 200 after penetrating into natural persons, and then the entrusted shareholding has been released through the shareholders' confirmation and trusteeship to the Wuhan Equity Custody and Trading Center.
As of June 30, 2022, the number of shareholders of Changbo Industrial was 497, all of whom were natural person shareholders.