Rui Finance Deng RufeiOn February 6, the Shenzhen Stock Exchange decided to terminate the review of the initial public offering of Shanghai Xinyan Industrial Equipment Co., Ltd. (hereinafter referred to as "Xinyan Industry") and its listing on the GEM.
According to the previous inquiry letter, Li Jun and Shen Yanqiong directly hold 40% of the company's shares, and indirectly control 13% of the company's shares through Zhirong Investment, and are the controlling shareholders and actual controllers of the company. It is inconsistent with the fact that Xinyan Industry was found to have no controlling shareholder when it was listed on the stock transfer system, when Li Jun and Dingxin Investment respectively held 269% and 385% of the capital contribution, Li Jun served as the general partner.
In this regard, the Shenzhen Stock Exchange requires an explanation of the actual impact of Tsingshan Industrial, a related party of Dingxin Investment, on the business development of Xinyan Industry, and further clarifies whether Dingxin Investment or Tsingshan Industrial and its related entities constitute control or joint control over Xinyan Industry, and the accuracy of the determination of the actual controller.
The reply to the inquiry letter stated that Tsingshan Industrial, a related party of Dingxin Investment, was an important customer of Xinyan Industry, but the proportion of the transaction amount in each period of the reporting period did not exceed 30% of the main operating income of Xinyan Industry. From January to June 2020, 2021, 2022 and 2023, Xinyan Industrial added 30, 34, 35 and 12 new induction melting equipment customers, respectively, and the new customers were all customers in the foundry industry, and the revenue of the new customers accounted for a high proportion of the main business income of the year, and none of the above new customers were related parties of Tsingshan Industrial. Tsingshan Industrial is an important customer of Xinyan Industry, but the business development of Xinyan Industry does not depend on Tsingshan Industry.
In addition, Li Jun and Shen Yanqiong are husband and wife, each directly holding 20% of the shares of Xinyan Industry, and Li Jun controls 13% of the voting rights of Xinyan Industry through Zhirong Investment, so Li Jun and Shen Yanqiong can independently control the voting rights of 53% of the shares of the shareholders' meeting of Xinyan Industry. Dingxin Investment did not have a concerted action arrangement with Li Jun and Shen Yanqiong, recognized the status of Li Jun and Shen Yanqiong as the actual controllers, and promised not to seek control of Xinyan Industry.
Xinyan Industry was established on December 8, 2008, the legal representative is Li Jun, with a registered capital of 25 million yuan, mainly engaged in the research and development, production and sales of metal smelting, refining equipment and related products, the main products or services include induction smelting equipment, accessories and maintenance and services.