Leidi.com Lei Jianping September 19
Jiangsu Changjing Technology Co., Ltd. (referred to as "Changjing Technology") recently terminated its IPO.
Changjing Technology had planned to raise 1.626 billion yuan, of which 523 million yuan would be used for the project to produce 8 billion new components per year, 285 million yuan for the expansion project to produce 600,000 6-inch power semiconductor chips per year, and 229 million yuan. It will be used for high-reliability power devices and power management IC projects, and 190 million yuan will be used for third-generation semiconductor and IGBT technology research and development projects. 400 million yuan will be used to supplement working capital.
Annual revenue 1.88 billion
Changjing Technology is an enterprise specializing in the research, development, production and sales of semiconductor products. The company's main products can be divided into two categories: finished products (discrete devices, power management ICs) and wafers according to whether they are packaged or not.
During the reporting period, Changjing Technology mainly adopted the Fabless asset-light operating model. Under this model, the company is responsible for product development, definition and sales related work, and entrusts the production process to third-party wafer manufacturers and packaging and testing manufacturers. The corresponding main procurement contents are wafers, packaging and testing services, and centralized entrusted finished products. Procurement etc.
Changjing Technology acquired a controlling stake in Xinshunwei in March 2022. Xinshun Micro's main business is wafer manufacturing, and it was the company's direct upstream supplier before the reorganization.
The company acquired the controlling stake of Xinshun Micro to extend and expand its main business areas. After the acquisition is completed, the company will have IDM full industry chain capabilities in some product areas.
The prospectus shows that Changjing Technology’s revenue in 2020, 2021, and 2022 will be 1.339 billion yuan, 1.9 billion yuan, and 1.884 billion yuan respectively; net profits will be 66.445 million yuan, 240 million yuan, and 130 million yuan respectively; net profit after non-deductible They were 131 million yuan, 223 million yuan, and 108 million yuan respectively.
Changjing Technology's revenue in the first quarter of 2023 was 482 million yuan, an increase of 16.52% from 413 million yuan in the same period last year; net profit was 37.13 million yuan, a decrease of 13.2% from 42.77 million yuan in the same period last year; net profit after non-exclusion was 41.16 million yuan, a decrease of 4% from 42.91 million yuan in the same period last year.
Xiaomi and OPPO are shareholders
In November 2021, Chenyueteng, Rockchip Crystal Cloud, Haitong Innovation, Guangzhou State-owned Assets Industry, Hubei Xiaomi, etc., because they were optimistic about the development prospects of Changjing Technology, they bought old shares from Shanghai Semiconductor and became shareholders. This transaction values Changjing Technology at 4.6 billion yuan, and the price per share is 12.89 yuan.
As of the signing date of this prospectus, Changjing Technology’s shareholding ratio is dispersed. Shanghai Jianghao directly holds 7.11% of the shares, and serves as the sole executive partner of the company’s employee shareholding platforms Shanghai Jiangcheng and Shanghai Fuyu.
According to the partnership agreement between Shanghai Jiang Cheng and Shanghai Fu Yu, Shanghai Jiang Hao has the right to exercise the shareholder rights of Shanghai Jiang Cheng and Shanghai Fu Yu as shareholders of the company without the consent of other partners. Shanghai Jiang Hao directly and indirectly controls 34.38% of the company's voting rights and is the controlling shareholder of Changjing Technology.
As of the signing date of this prospectus, Yang Guojiang, the actual controller of Changjing Technology, indirectly holds 16.61% of the company's shares through Shanghai Jiang Cheng, Shanghai Jiang Hao and Shanghai Fu Yu, and controls a total of 34.38% of the company's shares.
Yang Guojiang, born in 1971, served as the general manager of the Shenzhen Branch of Jiangsu Changdian Technology Co., Ltd. from June 2002 to December 2007; from December 2007 to the present, he has served as director, chairman and chairman of Shenzhen Changjing Semiconductor Co., Ltd. Executive Director and General Manager; from January 2018 to August 2019, he served as the general manager of Jiangyin Xinshen Hongda Semiconductor Sales Co., Ltd.; from January 2019 to December 2021, he served as the chairman of Jiangsu Changjing Technology Co., Ltd. and general manager; from April 2019 to present, he serves as the executive director of Shenzhen Changjing Microelectronics Co., Ltd.; from November 2020 to present, he serves as the executive director of Jiangsu Changjing Pulian Power Semiconductor Co., Ltd.;
Yang Guojiang has served as the executive director of Shanghai Jianghao Enterprise Management Consulting Co., Ltd. from August 2020 to the present; from September 2021 to the present, he has served as the executive director of Nanjing Changxin Testing Technology Co., Ltd.; from January 2022 to the present, he has served as the executive director of Nanjing Changxin Shunlian Electronics Co., Ltd. Executive Director and General Manager; From March 2022 to the present, he serves as the Vice Chairman of the Jiangsu Semiconductor Industry Association; From June 2022 to the present, he serves as the Chairman and General Manager of Jiangsu Xinshun Microelectronics Co., Ltd.; From December 2021 to the present , serves as chairman and general manager of Jiangsu Changjing Technology Co., Ltd.
Before the IPO, Shanghai Jiangcheng held 23.47% of the shares, Nanjing Ruilian held 10.69% of the shares, Chenyi Yueteng held 5.88% of the shares, Shanghai Changluo held 4.27% of the shares, Shanghai Guancheng held 3.95% of the shares, and Shanghai Fu Yu holds 3.79% of the shares, and Shanghai Moqin holds 3.05%;
Hubei Xiaomi holds 2.71% of the shares, Shenzhen Zhanxiang and OPPO hold 2.25% of the shares respectively, Huzhou Jingjian and Damei Zhongxin hold 1.84% of the shares respectively, Suzhou Fenhu holds 1.8% of the shares, and Dongfang Fuhai holds 1.64% of the shares. %, Ningbo Hantu holds 1.29%, Rockchip Crystal Cloud holds 1.2%, Haitong Innovation and Tongdaxin hold 1.1% respectively, Nantong Rockchip holds 1%, and Huaye Tiancheng holds 0.93%;
Taiya Fuguo, Shanghai Serui, Nanjing Chuangding, Gejin No. 6, Yuexiu Zhichuang, Guangzhou State-owned Assets Industry, Yuexiu Jinchan, and Chenyi Baiying each hold 0.92% of the shares, Jiangyin Chengxin holds 0.88%, and Suzhou Juyuan and Huiyou Haochuang each hold 0.75% of the shares, Wealth Trend, Quanzhou Haisi, and Service Trade Fund hold 0.74% each, Ningbo Lieyan holds 0.59%, Yuanzhi Xianxian holds 0.57%, and Changzhou Hongtu , Guangzhou Kedao hold 0.55% of the shares respectively;
Jiangyin Chengshun holds 0.44% of the shares, Jiangsu Binquan, Lingyi Jishi, and Xiamen Jianfa each hold 0.37% of the shares, Ningbo Meicheng holds 0.33% of the shares, and Junzhong Ruihua and Qingshi Jingsheng hold 0.28% of the shares respectively. %, and Shenzhen Venture Capital (CS) holds 0.18%.
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