Jinko Electronics, which sprinted to the collapse of the Science and Technology Innovation Board, switched to the IPO of Hong Kong stocks.
On February 1, Guangdong Jinko Electronics Co., Ltd. (hereinafter referred to as "Jinko Electronics") submitted a prospectus on the Hong Kong Stock Exchange to be listed on the main board of the Hong Kong Stock Exchange.
Jinko Electronics is a provider of intelligent vision products and system solutions integrating "LED+" technology. Jinko Electronics' expertise covers automotive smart vision, high-end lighting, and new displays.
Jinko Electronics combines LED technology with integrated circuits, electronic controls, software, sensors, and optics to create a variety of "LED+" technologies. Jinko's green, energy-saving, and high-speed "LED+" technology further empowers Jinko's smart vision products and systems.
Jinko's main products include LED lighting devices and modules, LED backlight devices and modules, etc., which are mainly used in general lighting, indoor commercial lighting, new displays, UV IR special lighting, horticultural lighting, smart lighting and automotive lighting.
Jinko's reputation and reputation in the industry have helped Jinko Electronics build long-term relationships with its customers. Jinko Electronics has established cooperative relations with more than 20 domestic automobile OEMs, automobile brands and first-class manufacturers, including Geely Automobile, Lynk & Co, Zeekr, Genie, Lotus, GAC, Changan Automobile, Li Auto, Marelli and other industry leaders. Customers and end-users include first-tier international lighting companies such as Signify (formerly known as Philips Lighting), Samsung, Panasonic and Toyoda Gosei, as well as well-known TV brands such as Hisense, TCL, Skyworth, Changhong, LG and Samsung.
According to CIC, the revenue of China's LED smart vision market increased from 319.3 billion yuan in 2018 to 411.6 billion yuan in 2022, with a compound annual growth rate of 66%, revenue is expected to reach 643.5 billion yuan by 2027, with a CAGR of 93%。
Among them, the market size of China's automotive intelligent vision industry in 2022 will be 72.4 billion yuan, and it is expected that with the continuous improvement of penetration, the upgrading of light source technology and lamp design, as well as the increase in consumer customization demand, the market size is expected to reach 149.7 billion yuan by 2027, with a compound annual growth rate of 156%。
According to CIC, in terms of revenue, Jinko Electronics ranked third among domestic manufacturers of devices and modules in China's high-end lighting industry in 2022 and the nine months ended September 30, 2023, and fifth among domestic manufacturers in China's mid-to-high-end automotive intelligent vision industry. According to the same data**, in terms of revenue, Jinko Electronics ranked fifth and fourth respectively among domestic manufacturers in China's LCD TV backlight display industry in 2022 and the nine months ended September 30, 2023.
In terms of performance, Jinko Electronics' revenue in 2021 and 2022 will be 138.8 billion yuan, 14100 million yuan; Gross profit was 22.8 billion yuan, 2$3.5 billion; The profits during the period were 78 million yuan and 39.07 million yuan respectively. Jinko Electronics' revenue for the first nine months of 2023 was 133.9 billion yuan, gross profit of 23.4 billion yuan, and the profit during the period was 49.57 million yuan.
According to the prospectus, Jinko Electronics' financing will be used to expand the production capacity of automotive intelligent vision products; technological innovation and product upgrading; Enhance marketing capabilities at home and abroad, expand sales channels and customer base.
It is worth noting that this is not the first time that Jinko Electronics has broken through the IPO. Before going to Hong Kong for stock financing, Jinko Electronics was listed in ***. In February 2019, after the company was delisted, it submitted an IPO application to the A-share Science and Technology Innovation Board in December of that year. In January 2020, the Shanghai Stock Exchange issued the first round of inquiries to Jinko Electronics, raising questions about its related party transactions, single procurement channels and customer concentration, and product gross profit margin lower than the industry average. In May 2020, Jinko Electronics and the sponsor applied to withdraw the application documents, and Jinko Electronics did not respond to the relevant inquiries of the Shanghai Stock Exchange before the termination of the review.