Recently, the information disclosed by the Shanghai Stock Exchange shows that Jiangsu Xinyang New Materials Co., Ltd. (hereinafter referred to as "Xinyang Shares") and its sponsor Guojin Securities have withdrawn their listing application documents.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 STAR Market.
According to Beduo Finance, Xinyang Co., Ltd. submitted a prospectus in May 2023 to be listed on the Science and Technology Innovation Board, and originally planned to raise 950 million yuan, which will be used for the construction of aircraft fuselage structure and related parts production line, radome and related functional composite material production line construction project, missile core composite material structural parts production line construction project, R&D center construction project, etc.
Tianyancha App information shows that Xinyang Co., Ltd. was established in June 2002 and is located in Yangzhou City, Jiangsu Province, formerly known as Yangzhou Xinyang Electric Power Equipment Co., Ltd. At present, the registered capital of the company is 54,422,864 yuan, the legal representative is Li Jun, and the shareholders include Li Jun and Li Lin.
According to the prospectus, Xinyang Co., Ltd. is committed to the research and development, design, manufacturing and sales of military equipment components and systems in the fields of aviation, aerospace, electronics, and ships, mainly providing key components and system integration for large manned special aircraft, large fixed-wing UAVs, fighter jets, missiles, solid fuel launch vehicles, radars, unmanned boats and other equipment.
Xinyang shares said in the prospectus that the company focuses on the cutting-edge technical needs of the military equipment industry, adheres to the innovation-driven development strategy, and is deeply involved in military scientific research projects.
In 2020, 2021 and 2022, the revenue of Xinyang shares will be 291 million yuan, 539 million yuan and 660 million yuan respectively, the net profit will be 9.582 million yuan, 53.9939 million yuan and 63.8034 million yuan respectively, and the net profit after deducting non-profits will be -11.5768 million yuan, 49.7087 million yuan and 60.7914 million yuan respectively.
According to the business structure, the revenue of Xinyang Co., Ltd. mainly comes from aviation products and aerospace products, and the oilfield pipeline business has also contributed a lot. During the reporting period, the company's oilfield pipeline business revenue was about 113 million yuan, 190 million yuan and 212 million yuan respectively, accounting for about 38.92%, 35.34% and 32.06% respectively.
Xinyang said in the prospectus that the company's revenue mainly comes from the aerospace business and oil and gas pipeline business segments. During the reporting period, the revenue of aerospace-related products accounted for 57.51%, 57.63% and 65.62% of the main business income respectively, and the gross profit accounted for 64.38%, 66.27% and 68.41% of the gross profit of the main business respectively, increasing year by year.
It is worth mentioning that Xinyang shares also have part of its income from overseas. During the reporting period, the company's epoxy FRP pipe business revenue was mainly concentrated in the Middle East, with overseas income of about 96.0923 million yuan, 184 million yuan and 205 million yuan respectively, and the proportion of overseas income was 33.01%, 34.17% and 31.06% respectively, accounting for a relatively high proportion.
Before this listing, the controlling shareholders and actual controllers of Xinyang shares were Li Jun and Li Lin, and the two were brothers. According to the prospectus, Li Jun and Li Lin have a total of 48.87% of the voting rights of the company's shares. Among them, Li Jun is the chairman and general manager of the company, and Li Lin is the vice chairman and deputy general manager.
As of the signing date of the prospectus, Li Jun directly held 24.03% of the shares, and indirectly controlled 1.29%, 1.19% and 1.19% respectively through Xinyang Dinghui, Xinyang Hangxin and Xinyang Ruitai; Li Lin directly holds 19.36% of the shares. At the same time, Li Jun's son Li Bangxu and Li Lin's son Li Bangyao directly hold 0.90% of the shares respectively.