As the holding company of China National Aviation Fuel Group, the largest aviation fuel supplier in China, China Aviation Fuel Group Petroleum Co., Ltd. (hereinafter referred to as "AVIC Petroleum") has suffered a setback in entering the capital market.
On January 11, the Shanghai Stock Exchange announced that due to the withdrawal of the application for issuance and listing by AVIC Petroleum and its sponsors, the Shanghai Stock Exchange terminated its issuance and listing review in accordance with relevant regulations. 
It has 89 commercial gas stations.
As a holding subsidiary of China Aviation Fuel Group, AVIC Petroleum is positioned as a land-based oil supplier, mainly engaged in refined oil sales and warehousing services, and after the completion of the 100% equity acquisition of Yan'an Gas in July 2019, its main business has increased to city gas business.
According to the prospectus, AVIC Petroleum has set up 31 holding subsidiaries in 23 provinces, municipalities and autonomous regions, built a nationwide refined oil sales and distribution system, established a retail terminal network in most central cities and surrounding cities across the country, as well as supporting oil depots, oil pipelines, special railway lines, waterway transportation terminals and other infrastructure, and has established deep cooperative relations with many large domestic oil companies.
Although it is a central oil enterprise with the "three barrels of oil", AVIC Petroleum currently has a negligible share of the national refined oil retail market.
As of the signing date of this Prospectus, AVIC Petroleum has 89 commercial gas stations, 1 gas station, 19 gas supply stations in the airport area, and 17 oil depots in use (with a total storage capacity of 73.).020,000 cubic meters) and 17 oil pipelines in use. In terms of the number of gas stations, there is a huge difference between the number of tens of thousands of gas stations of AVIC Petroleum and Sinopec and PetroChina.
In addition, Yan'an Gas, a wholly-owned subsidiary of AVIC Petroleum, is mainly engaged in the construction, maintenance and safe operation of commercial and residential natural gas in Yan'an urban area, supporting pipeline networks. As of June 30, 2022, Yan'an Gas had a medium and low pressure pipeline network length of 1,23922 kilometers, 3 natural gas transmission and distribution stations, with an annual gas supply capacity of about 26.5 billion cubic meters.
In China, the enterprises in the industry are divided into three categories: state-owned enterprises, private enterprises and foreign enterprises. In terms of state-owned enterprises, the representative enterprises include large state-owned enterprises such as PetroChina and Sinopec; In terms of foreign-funded enterprises, the representative enterprises include BP, ExxonMobil, Shell, Total and other multinational enterprises.
AVIC Petroleum said that the company's refined oil trading scale remains above 10 billion yuan every year, ranking fifth only among the top enterprises in the same industry, second only to PetroChina, Sinopec, CNOOC and Sinochem Group. In addition, AVIC relies on its controlling shareholder, China Aviation Fuel Group, to provide aviation fuel supply guarantee services for the airport and refined oil refueling services for the airport, which is a unique business of AVIC Petroleum in China.
The original plan was to raise more than $1.6 billion.
In terms of performance, AVIC's performance has fluctuated greatly in recent years. From 2019 to the first half of 2022, AVIC achieved revenue of 1998.5 billion yuan, 1571.5 billion yuan, 2010.1 billion and 99$2.6 billion; In the same period, the net profit was 93.5 billion yuan, 19.5 billion yuan, 11.8 billion and 7974460,000 yuan.
Regarding the fluctuations in performance in recent years, AVIC Petroleum said that during the reporting period, affected by factors such as the new crown epidemic, the conflict between Russia and Ukraine and international oil price fluctuations, the company's operating profit and net profit attributable to the parent company declined significantly.
In terms of gross profit margin, from 2019 to the first half of 2022, AVIC's comprehensive gross profit margin was % and 5., respectively1%。China Aviation Oil said that during the reporting period, the company's comprehensive gross profit margin was lower than the average level of listed companies in the same industry, mainly in the refined oil circulation industry, the gross profit margin of the first business was low, and the company's first business income accounted for a relatively high level, which affected the overall gross profit margin.
It is worth noting that as early as May 2020, AVIC Petroleum has submitted IPO application materials to the China Securities Regulatory Commission to land on A-shares. With the implementation of the comprehensive registration-based reform, in March 2023, AVIC Petroleum's "lane change" registration-based system was reviewed, and the initial offering application was accepted, and in June of the same year, it was reviewed and inquired by the exchange. However, before the withdrawal of the IPO, AVIC Petroleum still did not disclose its response to the inquiry.
In this IPO, AVIC Petroleum originally planned to raise 16300 million yuan, mainly used for the construction of 24 gas station projects, Daozhen oil depot project, the acquisition of 82% of the equity of Tianjin National Oil Company and the replenishment of working capital projects.
Of the 24 refueling and refueling station projects raised and invested, except for 2 refueling stations, the remaining 22 are refueling stations or oil and gas co-construction stations. AVIC said that the proposed 24 new gas station projects are an excellent opportunity for oil companies to expand the sales market of refined oil and natural gas in Yan'an, in line with the requirements of coordinated regional economic and social development, and in line with the requirements of national industrial and technical policies. In addition, the acquisition of Tianjin National Oil Company is to open up the complete chain of refined oil storage by sea, automobile transportation, railway and pipeline, and promote the development of AVIC's Beijing-Tianjin-Hebei refined oil business.
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