A shares are rare! The IPO was the fastest "flashback", and it took only 29 days from acceptance to termination.
At the beginning of the Year of the Dragon in Nanshen, the IPO project was intensively withdrawn, and the thinking technology from Dongguan created the fastest withdrawal record after the implementation of the comprehensive registration system, from the acceptance of the exchange to the withdrawal of the application, only 29 days. On March 2, the Shenzhen Stock Exchange** updated that on January 26, 2024, Dongguan Sisi Technology Co., Ltd. *** and its sponsor Minmetals ** applied for the withdrawal of the issuance and listing application documents. In accordance with the relevant regulations, the Shenzhen Stock Exchange has decided to terminate the review of the initial public offering** and listing on the Growth Enterprise Market of Sisi Technology. 
During the reporting period, the company's revenue and net profit maintained growth as a whole, but there is still a gap compared with the volume of peers. The net worth of the company is only 3300 million yuan, but this time it threw out 4600 million yuan financing plan, of which 60 million yuan will be used to supplement working capital. A more abnormal phenomenon is that although the company's scale is not small compared with its peers, its gross profit margin is significantly higher than that of its peers. In addition, the company has had many equity transfers during the reporting period, basically from the actual controller, but more than once there has been a phenomenon that the transfer of shares in the later time is lower, which is also abnormal. The size is much smaller than comparable companiesGross margins are much higher than averageAccording to the prospectus, Sisi Technology is mainly engaged in the research and development, production and sales of connectors and their components, providing customers with precision connectors and solutions. The company's products can be used in automobiles, consumer electronics, industrial control and new energy industries, and are mainly used in automotive lights, household appliances, power motors, energy storage batteries and photovoltaic fields. Among them, in 2022 and the first half of 2023, the company's automotive connectors will contribute about 60% of the revenue. 
In terms of finance, the operating income of Sisi Technology during the reporting period (2020 to the first half of 2023) was 19.2 billion yuan, 23.8 billion yuan, 3100 million yuan and 15.5 billion yuan, net profit was 4427710,000 yuan, 4553280,000 yuan, 7588750,000 yuan, 328180,000 yuan. Although the company maintained growth from 2020 to 2022, it is not far behind comparable companies in terms of revenue and net profit. Taking the 2022 data as an example, even Weifeng Electronics, which has the lowest revenue, has 4800 million yuan, which is about 155 times, and the highest revenue of Hexing shares (14600 million yuan), it reached 47 times. The comparison of net profit is similar. 
However, in the absence of scale effect, the company's gross profit margin is significantly higher than that of its peers. According to the prospectus, in each period of the reporting period, the company's comprehensive gross profit margin was respectively. 47% and 4491%, compared to the average for comparable companies. 06% and 301%。In other words, the company's gross profit margin is about 11 to 17 percentage points higher than the average of its peers. 
The company did not explain the reason why the comprehensive gross profit margin is significantly higher than that of its peers, but for the reason for the high gross profit margin of the main automotive lamp connector in the past two years, the company explained: "The main competitors are foreign brands, as a domestic alternative to local manufacturers, the company compared with the world's first-class manufacturers in cost control, customer response and other aspects of outstanding performance, in product quality, product richness and customization also has corresponding advantages." ”Equity transfer** is high before and low afterWho's buying at a low price? Another strange feature of the company is the number of equity transfers that occurred during the reporting period. The first equity transfer during the reporting period of Sisi Technology occurred in December 2021, when Dong Kun, one of the shareholders and actual controllers of the company, transferred the company's 9464% of the equity was transferred to Sizhong Partnership for 23.66 million yuan, and Dong Fen, one of the shareholders and actual controllers, held the company 2366% equity to 591The ** of 50,000 yuan was transferred to Sizhong Partnership. In this transfer, the overall valuation of the company is 2500 million yuan. About four months later, the company had its second share transfer during the reporting period. On March 28, 2022, all shareholders unanimously agreed that Dong Kun would hold 15151% equity to 151The ** of 510,000 yuan was transferred to the new partnership, and the other shareholders waived the exercise of the right of first refusal. It is not difficult to find that the overall valuation of the company has dropped sharply by 1500 million yuan, turned into 100 million yuan. After another four months, in August 2022, the company had its third equity transfer during the reporting period, and Dong Kun held 04% of the equity was transferred to Gu Yi, a natural person, at a rate of 400,000 yuan. Although the time interval is also four months, the overall valuation of the company remains unchanged at 100 million yuan. According to the prospectus, from October 2022 to the present, Gu Yi has served as the company's chief financial officer and secretary of the board of directors. 
After another four months, in December 2022, the company issued 59 shares to new shareholders Pan Li and Ouyang Zhong390,000 shares, 1223 yuan per share, but the corresponding company's overall valuation has reached 4700 million yuan, an increase of nearly 4 times from four months ago. However, the company said, "(Issuance**) on the basis of comprehensive consideration of the company's current financial situation, future development prospects and profitability, and jointly negotiate with investors to determine, ** fair." "Another year has passed after the above-mentioned private placement, and the time has come to December 2023, and the company has submitted a listing application, and the proposed public offering will not exceed 131980,000 shares, not less than 25% of the total share capital after issuance, and plans to raise 4600 million yuan. At this time, the company's overall valuation has come to about 18400 million yuan. 
This also means that less than two years after investing in the shares, the investment appreciation rate of Sixin Partnership and Guyi, which entered at a valuation of 100 million yuan, is more than 10 times. Editor: Xiaomo Review: Xu Wen.