On February 24, Ruiboli Seals (Zhejiang), a leading supplier of automotive rubber products from China, submitted a NASDAQ listing application to the US SEC, planning to transfer from the OTC Pink market in the United States to NASDAQ, and RLEA (consistent with the company's current OTC), the company has not disclosed the issue price and issuance scale.
As of February 23, the company's OTC stock price was 5$59, market capitalization 2$300 million. The company currently has 4110 shares outstanding90,000 shares. Xingxiu Hua owns 8784% of the voting rights, the founder and actual controller of the company, as well as the chairman of the board of directors and CEO of the company.
In 2021, the company completed the listing on the OTC market in the United States.
The company's listed entity, Rubber Leaf Inc., is a company registered in Nevada in May 2021, and then directly holds 100% of the shares of the domestic operating entity, Ruiboli Seals (Zhejiang)**
Founded on July 8, 2019, Ruiboli Seals (Zhejiang) ** is an integrated group enterprise engaged in the production and sales of import and export, synthetic rubber, rubber compounds, window seals, auto parts, etc. Dongfeng Motor, French Renault and other well-known automobile brands of the first-class business. Since its establishment, the company has been engaged in the research and development, design, production and sales of auto parts such as automotive weatherstrips. It mainly provides sealing strip products for domestic and foreign automobile manufacturers, as well as supporting R&D and follow-up services.
The company's main products include automotive rubber and plastic seals tailored for specific models, these products are mainly based on the direct sales model, and the company directly contacts the automotive original equipment manufacturer or its first-class suppliers to obtain the first business qualification, determine product specifications and models, negotiate products and finalize orders. (However, at the same time, the financial data disclosure of the prospectus as of September 30, 2023, the company's revenue from the direct sales model accounted for only 19.)9%）
For the nine months ended September 30, 2023, the company achieved revenue of 62650,000 US dollars, of which 7823%, with a net loss of $590,000.
As of December 31, 2022, the company's sales largely depend on a customer and related parties: Shanghai Xinsen Import & Export *** According to the enterprise investigation, Hua Xingxiu holds 15% of the shares (originally held 90%), and Hua Changwei holds 85% of the shares.