The Beijing Stock Exchange yesterday announced the results of the first review meeting of the Listing Committee (hereinafter referred to as the “Listing Committee”) in 2021. According to the review results, Jiangsu Weibo Hydraulic Co., Ltd. (stock abbreviation: Weibo Hydraulic) meets the issuance conditions, listing conditions and information disclosure requirements.
According to the requirements of the Beijing Stock Exchange’s issuance and listing review rules, after the listing committee’s review process, a company to be listed needs to submit review opinions and register with the China Securities Regulatory Commission before it can be listed. If the registration application is passed, Weibo Hydraulics will become the 83rd listed company on the Beijing Stock Exchange.
Public information shows that Weibo Hydraulics was established in March 2003. The company was listed on the National SME Share Transfer System in April 2017, and entered the innovation layer of the New Third Board in June 2021. The sponsor of Weibo Hydraulics is Soochow Securities for the listing on the Beijing Stock Exchange. The issue price is expected to be no less than 8 yuan per share, and the planned amount of funds to be raised is 140 million yuan. The funds raised are planned to be used to invest 300,000 sets of high-end equipment intelligent electro-hydraulic power system construction, 200,000 sets of gear pump construction and supplementary working capital.
At the issuance review meeting on November 26, the listing committee of the Beijing Stock Exchange specifically requested Weibo Hydraulics to explain in detail and supplement to disclose the acceptance criteria for government subsidies, whether the company’s government subsidies are at risk of being withdrawn, and if the government subsidies are withdrawn, the company’s Countermeasures and other content. In addition, the distribution of Weibo hydraulic products has also become the focus of attention of the Listing Committee.
Prior to this, Weibo Hydraulics had already experienced a round of inquiries from the Beijing Stock Exchange. The Beijing Stock Exchange focused on 22 questions on corporate governance and independence, financial accounting information, and the use of raised funds, and paid attention to the reasons and impact of the company’s chief financial officer’s resignation, and the reasons for the company’s income changes that were not fully disclosed.
According to the prospectus, Weibo Hydraulics specializes in the research and development, production and sales of hydraulic power units and core components. The company’s products are mainly used in warehousing and logistics, aerial work platforms, and automotive machinery. The company’s main product is hydraulic power unit, which is a small integrated independent hydraulic system consisting of hydraulic components such as AC and DC motors, power components (gear pumps), control components (hydraulic valves) and auxiliary components (oil tanks). Its product structure is complex, performance requirements are different, and the degree of differentiation is high.
Weibo Hydraulics currently supplies many listed companies. In the domestic market, Weibo Hydraulics has long served warehousing and logistics equipment companies Nuoli Co., Ltd., Hangcha Group, and leading aerial work platform companies Zhejiang Dingli, etc., and has gradually established a cooperative relationship with the leading construction machinery company Zoomlion. In the international market, the company’s products are exported to India, Turkey, Brazil, the Netherlands and other countries.
From the perspective of financial data, Weibo Hydraulics achieved operating income of 168 million yuan, 180 million yuan, 218 million yuan and 151 million yuan in 2018, 2019, 2020 and the first half of 2021, respectively; correspondingly, the net profit attributable to the parent was 1792.77 The company’s R&D investment accounted for 4.64%, 4.48%, 4.53% and 3.52% of operating income, respectively.Return to Sohu to see more
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