Leju Finance Zhang Linxia On March 13, Leju Finance's "Pre-IPO Review" learned that (hereinafter referred to as "Fuel Technology") IPO on the Science and Technology Innovation Board has been accepted, and the company plans to raise 403 million yuan.
According to the prospectus, Fuene Technology is a high-tech enterprise focusing on the R&D, production, and sales of graphene heat dissipation materials, and is committed to providing customers with thermal management solutions based on high thermal conductivity graphene materials. Graphene heat dissipation materials are the first batch of cutting-edge new materials encouraged by the Ministry of Industry and Information Technology for demonstration applications. The company has overcome the technical barriers to the mass production of graphene thermally conductive film and has taken the lead in realizing the large-scale industrial application of graphene thermally conductive film in the world. The company is in the leading position in the graphene thermal film industry, and the main performance of the products is at the international leading level. The company is currently the largest supplier of graphene thermal film in China. In 2022, the company's operating income will reach 262 million yuan, and the compound growth rate in the past three years will reach 39.49%.
The main product of Fuchen Technology is graphene thermal conductive film. Four generations of graphene thermal conductive films including the H series, P series, U series, and E series have been developed successively. The coefficient exceeds /(m∙K). The company's products are mainly used in consumer electronics products such as mid-to-high-end smartphones and tablet computers, as well as small-scale applications in notebook computers, smart wearable devices, ICT equipment, aerospace, medical equipment, and other fields, and gradually expand to semiconductor packaging, new energy Expansion of thermal management fields such as automobiles.
Financial data shows that the revenue of Fuene Technology in 2020, 2021, and 2022 will be 135 million yuan, 231 million yuan, and 262 million yuan;
Before the IPO, Fullene Technology had a total of 17 shareholders, including star investment institutions and various types of capital. Among them, Hubble Investment, a subsidiary of Huawei, holds 8.92% of the shares and is the second largest shareholder; Gold Stone Investment and Qingyuan Investment are the third and fourth largest shareholders, with indirect shareholding ratios of 8.33% and 8.04% respectively; the company holds 5 More than 100% of the shareholders are Changzhou Xinshiwang, and Song Tao, the spouse of its executive partner Gu Xiaolei, owns many electronic companies; the state-owned shareholder is Shenzhen Venture Capital, with a total direct and indirect shareholding ratio of 2.41%.
The controlling shareholder of the company is Huawei Group, with a shareholding ratio of 47.8%. Huawei Group is held 25%, 25%, 25%, 12.5% and 12.5% by YAN (Yan Hanjing), YAN (Yan Hanlin), YAN (Yan Hanli), Xiang Xiaoqin and Yan Qixu respectively.
Xiang Xiaoqin and Yan Qixu are husband and wife, and they are the actual controllers of Funeng Technology. Yan Hanjing, Yan Hanlin, and Yan Hanli are the daughters of Xiang and Yan, and the family of five is the joint actual controllers of the company. In addition, the five people also control 6.02% of the equity of Fufen Technology through the employee stock ownership platform and control a total of 53.82% of the company's equity.
Leju Finance's "Pre-IPO Review" noted that as many as 11 of the current shareholders of Fuene Technology are private equity funds, and they will intensively invest in shares from October 2020 to November 2020.
In October 2020, Jinshi New Materials Fund, Changzhou Hongtu, and Shenzhen Venture Capital invested a total of 129 million yuan in shares, and the capital increase price was 9.64 yuan per share.
In November of the same year, Samsung Zhiqi, Shenxin Huayuan, and Changsha Huaye acquired shares of Huawei Group through share transfer for 9.64 yuan per share; Xindi Investment and Zhanxuan Sanyi acquired Qingyuan No. 8 shares through equity transfer. Through equity transfer, Huawei Group and Qingyuan No. 8 cashed out 48.2 million yuan and 21.3401 million yuan respectively.
However, on November 21 of that year, Zhanxuan Sanyi’s stock price was 11.7 yuan per share, while Xindi Investment’s stock price was 9.64 yuan per share when it bought shares on November 13, and the other three private equity funds bought shares in the same month. Each share rose by 2.06 yuan, an increase of more than 21%. The rationality of the pricing needs to be explained by Funeng Technology.
Since then, Huawei Group has continued to reduce its holdings and cash out. In January 2021, Huawei Group transferred 0.8% of the company's shares to Link for 14 million yuan; in August 2022, it transferred 3.21% of the company's shares to Bell Tower Investment for 62.72 million yuan.
In other words, from 2020 to 2022, during the three years when the company did not pay dividends, Yan Qixu's family of five obtained 125 million yuan in funds by reducing their cash holdings.