Leidi.com Lei Jianping July 21
Shanghai Veken Precision Molding Co., Ltd. (abbreviation: "Veken Precision", stock code: 301499) was listed on the Growth Enterprise Market of Shenzhen Stock Exchange today.
Veken Precision issued 34,563,717 shares this time, with an issue price of 19.5 yuan and raised funds of 674 million yuan.
Veken Precision originally planned to raise 435 million yuan, but this time it raised 239 million yuan.
The opening price of Veken Precision was 40 yuan, a 105% increase from the issue price; the closing price was 35.28 yuan, an 80.92% increase from the issue price; based on the closing price, the company's market value was 4.878 billion yuan.
Annual revenue of 700 million
Veken Precision is mainly engaged in the R&D, production and sales of automotive electronic precision parts, non-automotive connectors and parts, and precision molds.
The main products of automotive electronic precision parts are power system parts, chassis system parts, automotive connectors and parts, with energy saving, emission reduction and new energy as the development direction; non-automotive connectors and parts are mainly used in communication transmission, consumer electronics and industrial automation.
Veken Precision takes precision mold design and processing, automatic production line design and assembly as the core, and through synchronous R&D and design with customers, integrates a series of process technologies such as injection molding, stamping, winding, welding, assembly, etc., to provide customers with product and mold design, precision manufacturing and testing and other full-process supporting services.
Veken Precision has formed a long-term and stable cooperative relationship with first-tier auto parts suppliers such as United Electronics, Bosch, and BorgWarner, and world connector manufacturers such as Tyco Electronics, Amphenol, and Molex.
According to the prospectus, the revenue of Veken Precision in 2020, 2021, and 2022 will be 554 million yuan, 680 million yuan, and 707 million yuan respectively; the net profit will be 37.745 million yuan, 55.4086 million yuan, and 67.58 million yuan;
Veken Precision’s revenue in the first quarter of 2023 was 168 million yuan, a decrease of 3.18% from 173 million yuan in the same period last year; its net profit was 9.784 million yuan, an increase of 10.85% from 8.8267 million yuan in the same period last year.
Veken Precision expects revenue in the first half of 2023 to be 340 million to 360 million yuan, and the net profit range after deducting non-existing expenses is 23 million to 25 million yuan.
Chen Yanlai's father and daughter are Singaporeans
Before the IPO, the actual controllers of the company, TAN YAN LAI (Chen Yanlai), Zhang Yin and his wife controlled 92.83% of the company’s shares through Singapore Tiangong, and the daughter of the company’s actual controller controlled 7.17% of the voting rights through Weifeng Investment and Weisheng Investment. Therefore, the company’s actual controllers TAN YAN LAI (Chen Yanlai), Zhang Yin and his wife jointly controlled 100.00% of the company’s voting rights.
TAN YAN LAI (Chen Yanlai): Born in 1968, Singaporean nationality, has the right of permanent residence in China, college degree, studied in the general manager class of China Europe International Business School from 2005 to 2006. Since 1999, he has worked in the company as the chairman of the company.
Ms. Zhang Yin: Born in 1969, Chinese nationality, with permanent residency in Singapore, graduated from the Textile Department of Donghua University with a college degree. Since 1999, he has worked in the company as director and general manager of the company. TAN YING XUAN (Chen Yingxuan), female, born in February 1999, Singaporean nationality, graduated from a university.
After this issuance, the proportion of TAN YAN LAI (Chen Yanlai) and Zhang Yin's couple controlling the company's shares will drop to 75%, and they are still in an absolute controlling position.
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