Leidi.com Lei Jianping July 15
Telink Microelectronics (Shanghai) Co., Ltd. (abbreviation: "Telelink Micro") recently submitted a prospectus and is preparing to be listed on the Science and Technology Innovation Board. Telink Microelectronics plans to raise 1.324 billion yuan.
Among them, 245 million yuan is used for IoT product technology upgrade projects, 220 million yuan is used for wireless audio product technology upgrade projects, 159 million yuan is used for WiFi and multi-mode product research and development and technology upgrade projects, and 138 million yuan is used for R&D center construction projects , 560 million yuan for development and technology reserve projects.
Annual revenue of 600 million
Founded in June 2010, Telink Micro is a chip design company dedicated to the development of high-performance and low-power wireless IoT SoCs. The company adopts the Fabless operation mode, engages in the research and development, design and sales of semiconductor chip products, and outsources the related processes of chip manufacturing.
Telink Micro's production procurement mainly includes wafers, memory chips, packaging and testing, etc. The company's suppliers mainly include SMIC, China Resources Shanghua, TSMC, GigaDevice, Huatian Technology and Zhenkun Technology. During the reporting period, the company's purchases from the top five suppliers accounted for 85.62%, 83.80% and 79.18% of the total purchases in the current period.
According to the prospectus, Telink Micro's revenue in 2020, 2021, and 2022 will be 454 million yuan, 645 million yuan, and 609 million yuan respectively; The net profits were 26.876 million yuan, 74.55 million yuan, and 34.8048 million yuan, respectively.
Telink Micro's revenue in the first quarter of 2023 will be 146 million yuan, an increase of 1.55% from 144 million yuan in the same period of 2022; The net profit was 6.9528 million yuan.
The actual controller Wang Weihang has a debt of over 400 million
The actual controller of Telink Micro is Wang Weihang, who directly holds 2.79% of the company's shares, and indirectly controls 8.07% and 7.16% of the shares through Shanghai Xindike and Shanghai Core Analysis;
Wang Weihang controls 22.15% of the company's shares by forming a concerted action relationship with Sheng Wenjun, Shanghai Lingxiwei, MINGJIANZHENG (Zheng Mingjian), Jin Haipeng, Huasheng Tiancheng, and Zhongyu Zhaotuo, and owns and controls the company's shares and voting rights The ratio is 40.17%.
Wang Weihang, born in 1966, holds a master's degree in microelectronics from the Department of Information Electronic Engineering, Zhejiang University. From July 1990 to June 1992, he worked as an engineer at the Sixth Research Institute of China Electronics Corporation; from June 1992 to September 1998 , served as the sales manager of Beijing Huasheng Computer Co., Ltd.; from November 1998 to May 2014, served as the general manager of Beijing Huasheng Tiancheng Technology Co., Ltd.;
From May 2014 to July 2019, Wang Weihang served as the chairman and general manager of Beijing Huasheng Tiancheng Technology Co., Ltd.; since July 2019, he has served as the chairman of Beijing Huasheng Tiancheng Technology Co., Ltd.; since December 2019, Executive Director of Automatic System Group Co., Ltd.; Director of Beijing Shenzhou Yundong Technology Co., Ltd. since December 2020; Chairman of Telink Co., Ltd. from June 2017 to January 2021; Chairman of Telink Microelectronics since January 2021 .
In order to pay the equity acquisition funds to Zhongyu Gaopeng, the original shareholder of Telink Co., Ltd., and complete the dismantling of the structural arrangement of the original shareholder Zhongyu Gaopeng, the actual controller of the company raised relevant funds by way of borrowing, resulting in a large amount of debt. As of March 31, 2023, the balance of the principal of the debt was 394 million yuan, and the balance of the principal and interest of the debt was approximately 445 million yuan.
From January to March 2023, Wang Weihang has returned the principal of 124 million yuan of stock pledged loans in advance, and the balance of stock pledged loans has dropped to 61.56 million yuan; the actual controller Wang Weihang's 2023 Huasheng Tiancheng stock reduction quota has been used up. The principal of Shanghai Pudong Development Bank's M&A loans has not changed, and the balance of M&A loans is 332 million yuan; the total loan balance has dropped to 394 million yuan.
Wang Weihang has repaid the interest payable to Essence Securities’ stock pledged loan in the first quarter of 2023 of 1.4278 million yuan and the interest of Shanghai Pudong Development Bank’s merger and acquisition loan in the first quarter of 2023 of 3.2905 million yuan in March 2023.
Wang Weihang will reasonably and appropriately arrange and dynamically adjust the repayment plan according to the income, financial and liquidity conditions in the future period, repay the stock pledge loan on schedule by selling personal assets and other means, and repay part of the principal of the Shanghai Pudong Development Bank loan reasonably and in advance, so as to Reduce overall debt size.
As of March 31, 2023, the specific repayment plan and main debt repayment arrangements formulated by Wang Weihang for the large amount of liabilities are as follows:
According to the repayment plan formulated by Wang Weihang, before the expiration of Essence Securities’ stock pledged loan on June 9, 2023, all stock pledged repurchases will be repaid through disposal of assets, personal remuneration, income from external investment returns and long-term credit support funds obtained. The principal and interest of the loan, after the repayment is completed, will no longer bear the debt of the stock-pledged loan. The due date of Wang Weihang’s stock pledge loan in Essence Securities is June 9, 2023. As of March 31, 2023, the performance guarantee ratio of Wang Weihang’s equity pledge business in Essence Securities is 231.20%, which is above the warning line of 150%
If the secondary market price of Huasheng Tiancheng stock continues to fluctuate, Wang Weihang is required to take measures such as early redemption, partial repayment, replenishment of pledged underlying securities, replenishment of other collaterals, or other methods negotiated by both parties before the due date of the stock-pledged loan debt. The risk of performance guarantee ratio.
The value of the remaining shares of Teamsun Tiancheng held by Wang Weihang, the expected project income of investment funds held by the holdings, and Wang Weihang’s good new financing capacity in the future after the effective reduction of debt scale are expected to cover 96.6873 million yuan from 2025 to 2027 Debt gap.
However, the calculation of the above repayment source is based on the static calculation based on the value of the assets currently held by Wang Weihang. Among them, the stock price of Huasheng Tiancheng is calculated based on the average price of the 20 trading days before February 27, 2023; The city, location and transaction activity are calculated based on the average transaction price of similar properties in the surrounding area in the past 90 days as of February 2023; the investment return of Wang Weihang's foreign investment projects is based on the latest financing valuation or equity of each project as of December 31, 2022 Transaction price calculation.
National Fund and Xiaomi Changjiang are shareholders
Before the IPO, State Fund (SS) held 11.94% of the shares, Teamsun Tiancheng held 9.92%, Zhongguancun Fund of Funds held 5.13%, Pudong Emerging Industry Investment (SS) held 3.49%, Kunshan Development Zone National Investment (SS) holds 2.68% of the shares, and Xiaomi Changjiang holds 1.58% of the shares.
After the IPO, Wang Weihang directly holds 2.09% of the shares, Shanghai Xindike holds 6.05%, Shanghai Core Analysis holds 5.37%, China National Fund (SS) holds 8.95% and Teamsun Tiancheng holds 7.44% ;
Zhongguancun Fund of Funds holds 3.85%, Sheng Wenjun holds 3.14%, Pudong Emerging Industry Investment (SS) holds 2.61%, Shanghai Lingxi Micro holds 2.3%, and Xiaomi Changjiang holds 1.18%.
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