China Economic Net, Beijing, January 31 According to the official decision of the Shanghai Stock Exchange, the Shanghai Stock Exchange decided to terminate the initial public offering of Zhejiang Shenghuabo Electric Appliance Co., Ltd. (hereinafter referred to as "Shenghuabo") and listed on the main board of the Shanghai Stock Exchange.
On March 2, 2023, the Shanghai Stock Exchange accepted the application documents submitted by Shenghuabo for initial public offering** and listing on the main board of the Shanghai Stock Exchange, which was reviewed in accordance with the law and deliberated by the second meeting of the Listing Committee in 2024.
The SSE Listing Review Center focused on the following matters in the audit inquiry: first, the effectiveness of corporate governance and internal control, the audit focused on the impact of the issuer's equity structure and the employment of relatives on the effectiveness of internal control, and the impact and rectification of various financial internal control irregularities during the reporting period. The second is customers and revenue, which focuses on the issuer's customer composition, the matching relationship between revenue growth and downstream customer sales, and the verification of the authenticity of income. The third is related parties and related party transactions, and review and pay attention to the completeness of the disclosure of related parties and related party transactions, the reasons for related party transactions and the fairness. Fourth, accounts receivable and cash flow, audit and pay attention to the aging of accounts receivable, the collection of payments, and the reasons for the difference between net cash flow from operating activities and net profit.
The Listing Committee considered that, according to the application documents, the issuer failed to demonstrate that the internal control system was sound and effectively implemented, and failed to fully explain that the financial statements fairly reflected the issuer's financial position, operating results and cash flows in all material respects, which did not comply with the relevant provisions of Article 11 of the Administrative Measures for the Registration of Initial Public Offerings**. Based on the deliberations of the Listing Committee, the Shanghai Stock Exchange has decided to terminate the review of Shenghuabo's initial public offering** and listing application on the main board of the Shanghai Stock Exchange.
Shenghuabo's main business is the R&D, production and sales of automotive wiper assemblies, seat motors and other auto parts. The core products of Shenghuabo are automobile wiper assemblies and automobile seat motors.
As of the signing date of the prospectus, the shareholders holding more than 5% of the shares of the issuer Shenghuabo are the controlling shareholder Shenghuabo Group, the actual controllers Wang Shangsheng, Wang Shanghua and Wang Shaobo, respectively, holding 6000% shares, 2000% shares, 1000% stake and 1000% shares. Wang Shangsheng, Wang Shanghua and Wang Shaobo hold a total of 21,960. issuers through Shenghuabo Group000,000 shares, with a shareholding ratio of 6000%；Wang Shangsheng directly holds 7,320000,000 shares, with a shareholding ratio of 2000%；Wang Shanghua directly holds 3,660000,000 shares, with a shareholding ratio of 1000%；Wang Shaobo directly holds 3,660000,000 shares, with a shareholding ratio of 1000%。Wang Shangsheng, Wang Shanghua and Wang Shaobo are brothers, and the three directly and indirectly hold 100 of the issuer's pre-issuance00% shares, the actual controller of Shenghuabo.
Shenghuabo originally planned to issue ** in quantities of no more than 4,080000,000 shares, not less than 10% of the total share capital after issuance; The offering does not involve the transfer of old shares. Shenghuabo originally planned to raise 40,206200,000 yuan, respectively, for an annual output of 4.5 million sets of wiper expansion project, an annual output of 15 million seat motor expansion project, Zhejiang Shenghuabo Electric Appliance Co., Ltd. *** automotive wiper assembly key parts intelligent transformation project.
The sponsor of Shenghuabo's issuance is Anxin** shares***, referred to as "Anxin**", and the sponsor representatives are Zhao Lei and Li Chao.
*: China Economic Net.