Ketong Technology, which has been hovering outside the door of the Shenzhen Stock Exchange for nearly two years, is waiting for the cancellation of the review.
On February 6, the Listing Committee of the Shenzhen Stock Exchange announced that in view of the fact that Shenzhen Ketong Technology Co., Ltd. *** referred to as "Ketong Technology") after the announcement of the Listing Committee review meeting, due to the need to verify the relevant audit matters, in accordance with the relevant procedures, the Listing Committee review meeting cancelled the review of the application for the issuance and listing of Ketong Technology.
Previously, the Listing Committee of the Shenzhen Stock Exchange planned to hold the 8th review meeting of the Listing Review Committee in 2024 on February 7 to review the initial offering of Ketong Technology.
Ketong Technology is a well-known chip application design and distribution service provider. The company works closely with more than 80 leading chip manufacturers around the world, covering the world's major chip manufacturers and many domestic chip manufacturers, and has obtained Xilinx, Intel, Sandisk, OSRAM, Microchip, Skyworks, AMD (Chaowei Semiconductor), ST (STMicroelectronics) and other internationally renowned original manufacturers, as well as Rockchip, Allwinner Technology, GigaDevice and other well-known domestic OEMs have authorized their product lines to provide chip application technology services and distribution services for the above-mentioned OEMs to expand the downstream market.
The main product types of Ketong Technology include FPGA (Programmable Logic Chip), ASIC (Application Specific Chip), Processor Chip, Analog Chip, Memory Chip, Software and Others.
In terms of performance, from 2020 to the first half of 2023, the operating income of Ketong Technology was 422.1 billion yuan, 762.1 billion yuan, 807.4 billion and 350.7 billion yuan, with a compound growth rate of 38. from 2020 to 202230%；The net profit was 15.9 billion yuan, 31.3 billion yuan, 30.8 billion and 12.2 billion yuan, with a compound growth rate of 39. from 2020 to 202229%。
It is worth noting that Ketong technology is more concentrated. In each period of the reporting period, according to the catalog procurement with rebates, the proportion of the purchase amount from Xilinx, the largest supplier, was .84% and 7531%, the proportion of procurement is relatively high.
Ketong Technology said that the company's procurement from Xilinx accounted for a relatively high proportion, mainly because FPGA chips have the characteristics of semi-customization and programmability, and in recent years, the application demand and market scale have been growing, and the procurement ratio has increased accordingly; Xilinx's products are highly competitive in the market, and as an authorized distributor of the Xilinx brand, the company's procurement demand from Xilinx has always been maintained at a high level; In order to ensure the premium of the brand, Xilinx has unified the global catalog procurement** and given differentiated rebates according to different application fields; Ketong Technology needs to purchase from it according to the catalog purchase price (book price) formulated by it, and the follow-up Xilinx company will give Ketong Technology corresponding rebates in combination with Ketong Technology's sales to downstream customers** and other factors.
It is understood that Ketong Technology is a Hong Kong-listed company Ingdan Innovation (00400.).HK) spin-off subsidiary. In December 2019, Ingdan planned to spin off its chip distribution business to A-share listing, and chose Ketong Technology as the subject of the proposed listing.
The shareholding structure shows that the actual controller of Ketong Technology is Kang Jingwei. As of June 30, 2023, Kang Jingwei held 4663% of the shares, directly holding 013% of the shares, a total of 4676% of the shares, and Kang Jingwei serves as the chairman of the board and chief executive officer of Ingdan Innovation. Ingdan Innovation is a listed company on the Hong Kong Stock Exchange, and Kang Jingwei is the actual controller of Ingdan Innovation. Ingdan Innovation indirectly holds 6684% of the shares, Ketong Technology is a holding subsidiary of Ingdan Innovation, so Kang Jingwei is the actual controller of Ketong Technology.
Looking back on the listing process of Cocom Technology, on June 30, 2022, the IPO of Cocom Technology GEM was accepted, and the first round of inquiry letters was received the following month. After half a year, the company replied to the inquiry letter. The Listing Committee of the Shenzhen Stock Exchange originally planned to review the IPO of Cotone Technology on February 7, 2024, but it was ultimately cancelled on the eve of the meeting.
In this IPO, Ketong Technology plans to raise 204.9 billion yuan, which will be used to expand the distribution product line project, R&D center construction project and supplement working capital to further open up the market and improve the core competitiveness of the enterprise.