Leidi.com Lei Jianping June 19
Zhejiang Kaichuang Electric Co., Ltd. (abbreviation: "Chuangjian Electric", stock code: 301448) was listed on the Growth Enterprise Market of Shenzhen Stock Exchange today.
Kaifeng Electric issued 20 million shares this time, with an issue price of 18.15 yuan and raised 363 million yuan. Kaifeng Electric originally planned to raise 540 million yuan, which means that it has raised nearly 200 million yuan less.
The opening price of Kaichuang Electric was 35.1 yuan, a 93% increase from the issue price; the closing price was 39.87 yuan, a 119.67% increase from the issue price; based on the closing price, the company's market value was 3.19 billion yuan.
Annual revenue of 600 million, down 25.8% year-on-year
Founded in December 2015, Kaichuang Electric is located in Jinhua City. It covers an area of 94,412 square meters and has 922 employees of various types. It is mainly engaged in the research and development, design, production and sales of household-grade hand-held electric tools and core components. and trading, is a professional manufacturer of electric tools.
Kaichuang Electric has provided products for well-known foreign companies such as Harbor Freight Tools in the United States, BOSCH in Germany, Stanley Black & Decker in the United States, and Adeo in France.
According to the prospectus, Kai Chuang Electric’s revenue in 2020, 2021, and 2022 will be 683 million yuan, 806 million yuan, and 598 million yuan respectively; net profits will be 91.348 million yuan, 65.8894 million yuan, and 54.6949 million yuan; 85.9147 million yuan, 57.1856 million yuan, and 47.59 million yuan.
In 2022, Kaifeng Electric’s revenue will drop by 25.8% year-on-year; net profit will drop by 17% year-on-year; net profit after deducting non-profits will drop by 16.77% year-on-year.
In the first quarter of 2023, Kaifeng Electric’s revenue was 132 million yuan, a decrease of 21.67% from 169 million yuan in the same period of the previous year; its net profit was 11.0799 million yuan, an increase of 2.35% from 10.8258 million yuan in the same period of the previous year.
The Wu Ning family has a strong color and its debts and guarantees are over 100 million
Before the IPO, Wu Ning, a natural person, directly held 38.95% of the shares. Since the company was founded, he has been the chairman of the company and presided over the daily operation and management.
Wu Yong is the younger brother of Wu Ning, who holds 18.42% of the company's shares and serves as a director of the company, but has a short period of performance and does not participate in the company's daily operations.
Xianhe Investment holds 20.95%, Wang Ying holds 6.5%, Luo Xiangchun holds 4.5%, Lin Zhenan holds 4%, Wu Jing holds 3.68%, and Huang Jiamei holds 3%.
Wu Ning is a limited partner of Xianhe Investment, holding 45.11% of the capital contribution. Wu Jing is Wu Ning's sister, Lin Zhenan and his wife are the sister of shareholder Wang Ying's husband, and Wang Ying's husband is the brother of shareholder Lin Zhenan's wife.
In December 2018, Wu Ning borrowed from Luo Xiangchun due to the capital turnover of Jinpan Electromechanical, and pledged part of his shares in Kaifeng Electric to Luo Xiangchun; in 2019 and 2020, the company's operating performance continued to grow. Luo Xiangchun, Wang Ying, Lin Zhenan Based on confidence in the company's development, negotiated with Wu Ning to become a shareholder of the company.
On September 18, 2020, Wu Ning and Luo Xiangchun, Wu Yong and Wang Ying, Lin Zhenan, Wu Jing and Lin Zhenan signed the "Share Transfer Agreement" respectively. Yuan/share was transferred to Luo Xiangchun, Wu Yong transferred the 900,000 shares and 350,000 shares held by him to Wang Ying and Lin Zhenan respectively at 11.67 yuan/share, and Wu Jing transferred the 25 10,000 shares were transferred to Lin Zhenan at 11.67 yuan per share. The pricing basis of the above-mentioned shareholding price was based on reference to 12 times the PE of Chuangdian Electric’s non-net profit deducted in 2019, and was calculated based on a valuation of 700 million.
As of the signing date of this prospectus, Wu Ning, the actual controller of Kaifeng Electric, and his spouse Chen Juan have personal liabilities and external guarantees totaling 120 million yuan. The appraised price is 106 million yuan, 32 million yuan has not been collected for the disposed villas, and the remaining calligraphy and painting works are about 13.25 million yuan (assessed value). and a loan of 50 million yuan provided by Wu Mingfang’s younger brother Wu Minggen).
In addition to the debts jointly guaranteed with Wu Ning, Wu Mingfang has about 35 million personal liabilities and guaranteed debts for Wu Kai’s 1.08 million yuan bank loan (the 24.94 million yuan guarantee for Ryan Power has been included in Wu Ning and his spouse Chen Juan’s personal liabilities and external guarantees), which may affect its solvency.
After deducting Wu Mingfang's other debts and guarantees that may affect his repayment ability, the amount of debt repayment funds provided by Wu Mingfang and his family members is about 265 million yuan, and the total amount of Wu Ning and Chen Juan's personal debts and external guarantees is 120 million yuan.
After the IPO, Wu Ning directly held 29.21%, Xianhe Investment held 15.71%, Wu Yong held 13.81%, Wang Ying held 4.88%, Luo Xiangchun held 3.38%, and Lin Zhenan held 3% , Wu Jing holds 2.76% of the shares, and Huang Jiamei holds 2.25% of the shares.
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