Source: Jinjiang Electronics official website.
The IPO of the Science and Technology Innovation Board has been queuing for nearly 7 months, and Sichuan Jinjiang Electronic Medical Device Technology Co., Ltd. (hereinafter referred to as "Jinjiang Electronics") disclosed a new round of inquiry replies on January 9, and updated financial information and other information, of which the financing amount has increased from the original plan of 269.1 billion yuan was lowered to 19500 million yuan, a reduction of about 74.1 billion yuan, and its sponsor representative has also changed ......
The sponsor was changed, and the amount of funds raised was reduced by 700 million yuan
Sichuan Jinjiang Electronic Medical Device Technology Co., Ltd. (hereinafter referred to as "Jinjiang Electronics") is a medical device company that is sprinting to the Science and Technology Innovation Board, mainly engaged in the research and development, production and sales of cardiac electrophysiological diagnostic equipment products, and CITIC ** is the sponsor.
Source: Shanghai Stock Exchange official website.
On June 12, 2023, Jinjiang Electronics' IPO was accepted by the Shanghai Stock Exchange. However, more than half a year later, its review is still at a standstill. In its latest submission of relevant financial information, the original plan to raise funds increased from 269.1 billion yuan was lowered to 19500 million yuan, the amount of reduction is about 74.1 billion yuan.
In addition, the sponsor representative of Jinjiang Electronics has also changed. Previously, the company's sponsor representatives were Hu Chaofeng and Zhao Dongtian of CITIC**, and after this update, the sponsor representatives were Zhao Dongtian and Shao Caijie.
It is understood that at the beginning of the listing declaration, Jinjiang Electronics chose to adopt the fifth set of listing standards, which can be listed without making a profit. According to the financial data of Jinjiang Electronics, the company's performance has suffered two losses in the past three years, and the scale of operating income is only about 60 million yuan.
Financial data show that from 2020 to 2022, Jinjiang Electronics' operating income will be 413390,000 yuan, 6061590,000 yuan, 591590,000 yuan; The net profit was 2472520,000 yuan, -1658970,000 yuan, -104240,000 yuan; Net cash flows from operating activities were 188140,000 yuan, -2946520,000 yuan, -7502580,000 yuan, the scale of cash outflow is expanding year by year. It can be seen that the company's net profit has lost twice. In addition, its prospectus also said that the company cannot guarantee profitability in the short term.
Some industry insiders believe that the reduction of the amount of funds raised by companies that applied for IPOs in the past is based on inquiries raised by regulators. At present, Jinjiang Electronics has not completed the first round of inquiries and has taken the initiative to reduce the amount of funds raised, which may be related to the company's performance loss.
Five brothers acted in concert, and four had military experience
As of the end of the reporting period, the controlling shareholders and joint actual controllers of Jinjiang Electronics were Li Chuwen and Li Chuya, and the actual controllers acted in concert with Li Chuyu, Li Chusen and Li Chuwu, and the five were brothers.
Li Chuwen and Li Chuya directly hold a total of 350859% of the shares, Li Chuyu, Li Chusen and Li Chuwu directly hold the company. 1141% and 41719% of the shares. Li Chuwen and Li Chuya control a total of 52With 9,503% of the voting rights, Li Chuwen is the chairman and general manager, and Li Chuya is the director and deputy general manager.
Li Chusen, Li Chuwu and Li Chuyu are in fact consistent with Li Chuya and Li Chuwen in their decisions and implementation of the company's production and operation, corporate governance and other major decision-making matters.
Li Chuwen, Li Chuya, Li Chuyu, Li Chusen, and Li Chuwu were born in 1967, 1958, 1957, 1965, and 1970 respectively. Li Chuwen is the most educated of the five brothers, graduated from Beijing Medical University (now Peking University Health Science Center) with a master's degree.
Except for Li Chuwen, the rest of the Li brothers have a common feature, that is, they have served in the army. After changing jobs, the brothers all went to the university to gild. Among them, Li Chuya and Li Chuyu both graduated from Sichuan Radio and Television University with a junior college in electronic engineering, and Li Chuwu graduated from Chengdu University with a junior college in accounting; After joining the army, Li Chusen was admitted to the military academy and obtained a secondary school degree in radar.
According to the prospectus, Li Chuya worked in a research institute of the General Staff in her early years, served as an assistant and engineer, deeply involved in the research and development of military communication equipment, and participated in the research and development of China's first fully digital multi-channel physiological recorder in 1997.
At that time, he had just returned from the army, and he and his father and brother founded Chengdu Jinjiang District General Electronic Instrument Factory.
On January 18, 2002, Li Chuya, Li Chusen, Li Chuwen, Chen Youhui and Hong Guang jointly signed the Articles of Association, agreeing to invest in the establishment of Jinjiang Electronics Co., Ltd. At that time, the registered capital of Jinjiang Electronics Co., Ltd. was 500000,000 yuan, of which Li Chusen contributed 157 in cash and in kind500,000 yuan, Li Chuya contributed 157 in kind500,000 yuan, Li Chuwen contributed 140 yuan in cash and in kind000,000 yuan, Hong Guang contributed 40 in cash00000000 yuan, Chen Youhui contributed 5000,000 yuan. The registered capital shall be paid by the shareholders in a lump sum at the time of capital verification.
From 2020 to 2022, in the first two years of applying for listing, Jinjiang Electronics implemented a total of five equity transfers and three capital increases, and through a series of equity transfers, institutional shareholders entered the market to raise the company's valuation, and the Li family had cashed out part of its equity before listing, amounting to more than 200 million yuan.
Specifically, Li Chusen cashed out 9 million yuan, 50 million yuan, and 130.2 million yuan in three equity transfers in January 2020, December 2021, and February 2022, totaling 189.2 billion yuan; Li Chuya, Li Chuwu, Li Chuyu and others cashed out from 7 million yuan to 23 million yuan respectively in transactions in January 2022; In the fifth equity transfer in April 2022, Li Chuyu cashed out 20 million yuan. So far, the Li family has cashed out 26.9 billion yuan.
The product technology is in the leading position in the industry
Although Jinjiang Electronics has the problem of net profit loss, its technical strength and product competitiveness in the field of cardiac electrophysiology should not be underestimated. On December 27, 2023, Jinjiang Electronics' LEAD-PFA Cardiac Pulsed Electric Field Ablation Instrument and Pulsed FA Disposable Cardiac Pulsed Electric Field Ablation Catheter were approved by the State Food and Drug Administration.
PFA technology is a revolutionary technology in the field of cardiac electrophysiology, with improved safety, more reliable efficacy, and a shorter learning curve. The breakthrough made by Jinjiang Electronics in the field of PFA cardiac electrophysiology technology marks the further improvement of the technical level in the field of cardiac electrophysiology in China.
As a leading enterprise in the field of cardiac electrophysiology in China, Jinjiang Electronics is worthy of recognition for its technical strength and product competitiveness. So, will it be possible to break through the difficulties and go public smoothly in the future? We'll see!