On December 23, the information disclosed by the Shanghai Stock Exchange showed that Shanghai Zhizhen New Energy Co., Ltd. (hereinafter referred to as “Zhizhen Shares”) withdrew its application for listing application documents on the Science and Technology Innovation Board. Therefore, the Shanghai Stock Exchange decided to terminate the review of the company’s initial public offering and listing on the Science and Technology Innovation Board.
According to Bedo Finance, Zhizhen shares submitted a prospectus on June 30, 2022, preparing to be listed on the Science and Technology Innovation Board. According to the previous prospectus, Zhizhen Co., Ltd. had planned to raise 1.221 billion yuan, of which 671 million yuan was used to expand the hydrogen fuel cell metal bipolar plate production project, and 289 million yuan was used for the construction of Shanghai Zhizhen R&D Center. Project, 260 million yuan is used to supplement working capital.
According to the prospectus, Zhizhen Co., Ltd. was established in 2016, formerly known as Shanghai Zhizhen New Energy Equipment Co., Ltd. At present, the registered capital of the company is 31.984545 million yuan, the legal representative is Chen Guanlong, and the shareholders include Shangqi Capital, Haitong New Energy, Xingfu Capital, Tongchuang Weiye, etc.
According to the prospectus, Zhizhen Co., Ltd. is a company specializing in the research and development, manufacturing, sales and related technical services of metal bipolar plates for fuel cells. At this stage, the company’s products are mainly used in the field of fuel cells for new energy vehicles, and can also be used in fields such as ships, drones, backup power supplies, and hydrogen energy storage.
According to reports, the products of Zhizhen Co., Ltd. have been applied to major domestic fuel cell stacks and system companies such as Jiehydro Technology, Xinyuan Power, Weishi Energy, Hydrogen Technology, and Weichai Power. , Dongfeng, GAC, Great Wall, Yutong and other domestic mainstream OEMs’ fuel cell vehicle platforms have been applied.
Zhizhen shares stated in the prospectus that it has developed more than 20 mass-produced fuel cell metal bipolar plates of three generations, and has supplied customers with more than 1.5 million metal bipolar plates in the past three years. The market share of metal bipolar plate products exceeds 50%, and the automotive battery stack using the company’s metal bipolar plate has passed the durability test and evaluation of continuous 10,000 hours in automotive conditions.
In 2019, 2020, 2021 and the first half of 2022, the revenue of Zhizhen shares will be 27.5049 million yuan, 69.6084 million yuan and 223 million yuan respectively; the net profit will be -33.5925 million yuan respectively .
In each period of the reporting period, the sales revenue of Zhizhen Co., Ltd. to the top five customers were 25.8747 million yuan, 66.8268 million yuan and 211 million yuan respectively, accounting for 94.07% and 96.07% of the company’s operating income. 00% and 94.53%. From this point of view, Zhizhen shares have the risk of relatively concentrated customers.
Beido Finance found that Zhizhen’s income is mainly contributed by metal bipolar plates. During the reporting period, Zhizhen’s income from metal bipolar plates was 21.769 million yuan, 54.3881 million yuan, and 203 million yuan, accounting for 79.36% and 78.22% of the main business income respectively. % and 91.05%.
During the reporting period, the research and development expenses of Zhizhen Co., Ltd. were 28.4336 million yuan, 59.0401 million yuan and 26.2557 million yuan respectively, and the proportions of research and development investment in operating income were 103.38%, 84.82% and 11.0% respectively. 75%. Up to now, the company and its subsidiaries have 48 patents, including 16 invention patents and 32 utility model patents.
According to Wisdom Bud data, Zhizhen shares have a total of 99 patent application information, including 75 invention patents, accounting for 75.76%. Through algorithm analysis, Zhizhen’s patent layout mainly focuses on technical fields such as fuel cells, metal bipolar plates, metal plates, bipolar plates, and membrane electrodes.
Before this listing, the actual controllers of Zhizhen shares were Chen Guanlong, Lan Shuhuai and Peng Linfa. Currently, Chen Guanlong, Lan Shuhuai, and Peng Linfa together control 37.74% of the company’s shares. Among them, Chen Guanlong is the chairman of the company, Lan Shuhuai is the director and general manager, and Peng Linfa is the director and chief scientist of the company.
Before the IPO, Shanghai Hydrogen held 20.48%, Jiling Weizhen held 14.68%, SAIC Venture Capital held 10.92%, Liaoning Zhongde held 5.56%, Zhongxinxingfu held 5% .48%, Tongchuang Furui holds 4.91%, Ningbo Fuqi holds 4.66%, Shanghai Hydrogen holds 4.59%, Lingang Science Ventures holds 4.30%, Shenzhen Hydrogen Holding 2.95%.
After the IPO, Shanghai Hydrogen held 15.35% of the shares, Jiling Weizhen held 11.00%, and SAIC Venture Capital held 8.18% of the shares.
Original title: The IPO of Zhizhen shares on the Science and Technology Innovation Board was terminated: it had planned to raise 1.2 billion yuan, and Chen Guanlong was the chairman