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Source: international Financial News

Lasted for 3 years, "fruit chain" leader Gol shares split subsidiary in the gem listing plan failed.

On May 22, both the official website of the Shenzhen Stock Exchange and Goyle shares were announced.CrashofthetitansnintendodsThe news of breaking up the halberd.

In this regard, Gale shares explained that based on the current market environment and other factors, in order to make overall arrangements for the operation plan of Gore micro capital, after full communication and careful argumentation with relevant parties, the company decided to terminate the spin-off of Goewe to the gem listing and withdraw the relevant listing application documents.

Since the opening of the new rules for the spin-off and listing of A shares at the end of 2019, it has become a choice for many companies to spin off important businesses and create opportunities for independent listing. In December 2019, Goehl announced that it would integrate its microelectronics business into Goewick, which would be operated in an integrated manner by Goewe and other subsidiaries. In November 2020, Goehl issued a reminder to plan the differential listing of Goehl, and then, at the end of April 2021, Goewe submitted its IPO tutoring record to the Securities and Futures Administration, which is Citic Construction Investment Securities.

However, after passing the examination of the Shenzhen Stock Exchange in October 2022, Goewe has been slow to submit an application to the CSRC to enter the registration process. In March 2023, Golmud was suspended from the IPO review because the financial information recorded in the IPO application document had expired. Three months later, Goewe completed the update of its financial information and resumed the IPO review, but its IPO progress has stagnated since then.

Spin-off listing failed

Founded in 2017, Golfei is formerly known as the MEMS R & D team established by Goehl in 2004. In November 2020, Goyle shares announced plans for the listing of its subsidiary, Goyle differential. A year later, the gem IPO was accepted and planned to raise 31.Crashofthetitansnintendods913.3 billion yuan, mainly invested in three major projects: "R & D and production expansion of intelligent sensor microsystem modules", "research and development and expansion of MEMS sensor chips and modules" and "MEMS MIC and module product upgrading".

According to the prospectus, the main end customers of Gale Micro products include Apple, Glory, Xiaomi, OPPO, Harman, Valeo, etc., and have established business relationships with customers such as Meta, Ulay, DJI, etc. From 2019 to 2022, Golmud's operating income was 25.CrashofthetitansnintendodsThe net profits of .66 billion yuan, 3.16 billion yuan, 3.348 billion yuan and 3.125 billion yuan were 309 million yuan, 346 million yuan, 329 million yuan and 326 million yuan respectively. In the first half of 2023, Golmud's operating income was 1.232 billion yuan, down 15.775% from the same period last year, while its net profit was 90 million yuan, down 38.39% from the same period last year.

At present, Golmud has not yet released its full-year results for 2023. However, it was mentioned in the 2023 financial report that Golmud had cancelled the corresponding equity options because its subsidiary Golmud did not meet the performance standards in 2023 and the third exercise period of its 2020 equity option incentive plan did not meet the exercise conditions. Prior to this, in the 2022 annual report, Goewe also pointed out that because Golmud's 2022 performance did not meet the standards and the second exercise period of the Gohr micro equity option incentive plan did not meet the exercise conditions, Goewe planned to cancel 2.668 million equity options.

"Golfei's performance is difficult to meet the detailed requirements of the regulatory authorities on the listing threshold." An industry insider told reporters, "the gem is a special sector in China's securities market. Its stocks are mainly concentrated in emerging industries and high-tech sectors, focusing on the growth and innovation of companies to be listed." but at present, Golmud's performance is not satisfactory. "

Shen Meng, director of Xiangsong Capital, told the International Finance News that the Securities Regulatory Commission issued new rules for spin-off listing in early 2020, setting off an upsurge of A-share spin-off and listing. At that time, the listing of Gore's spin-off microelectronics business was promoted under the encouragement of relevant industrial policies. The move to withdraw the IPO is that in April this year, the new "National Nine articles" clearly proposed "strict supervision and split listing" in the "strict access to issuance and listing", and Golmud was affected by the change in IPO policy.

The dream of "Capital Feast" is broken.

As the leader of acoustic components in the field of consumer electronics, Gale shares was established in June 2001, formerly known as Goyle Acoustics. In May 2008, it was renamed "Goyle shares" and listed on the Shenzhen Stock Exchange. the main business includes precision components business, intelligent acoustic machine business and intelligent hardware business. The products are widely used in smart phones, tablet computers, intelligent wireless headphones, VR virtual reality / AR augmented reality, smart wearable, smart home and other fields.

Obviously, when it comes to Gale shares, Apple can't get around the topic. Since 2010, Gale shares have cut into Apple's supply chain, providing Apple with products such as acoustic components and wired headphones. By 2018, Gore took 30 per cent of Apple's AirPods contract manufacturing share to become the second largest contract manufacturer of AirPods in the world, and has since become one of the A-share "fruit chain giants".

As Goewick withdrew its IPO, it was not only the controlling shareholder, Goyle shares, but also a group of investors who stormed into the shares before it submitted its IPO application.

In the initial public offering prospectus, Golwei mentioned that in March 2021, 14 institutional shareholders, including Qingdao Innovation, Gongqingcheng Chunlin, Qingdao Henghuitai, and Tang Wenbo, and Tang Wenbo added a total of 2.15 billion yuan to the company because they were optimistic about the future development of the company. the capital increase price is 35.49 yuan per share, with a total stake of 10.4075% after the capital increase and share expansion.

Before the capital increase, Goewe had only three shareholders, namely, 95.88 per cent of Gore shares, and 2.06 per cent of Jiang long and Song Qinglin, who were then chairman of GE Microelectronics and Song Qinglin, director and general manager of Gale Microelectronics. After the completion of this round of investment, Gore's stake in Gore Microelectronics was changed from 95.8773% to 85.8989%.

Specifically, among the 15 investors introduced by Goewe, there are many well-known investment institutions, such as local state-owned assets and CITIC Construction Capital, CICC Qichen, Cornerstone Capital, Jianyin International and so on. Among them, Qingdao Innovation is wholly state-owned, which is 100% owned by the Finance Bureau of Laoshan District of Qingdao City, and it has become the largest investor in this round with 550 million yuan.

It is worth noting that at the 2023 results presentation held on April 8, Gale shares also said in response to investors' questions about the progress of the listing, that "the listing of Golmud is still in progress".