After submitting the IPO application, the Asian fishing port, which was repeatedly questioned about the company’s positioning, finally failed to break through the customs.
On February 18, the GEM Listing Committee of Shenzhen stock exchange held the 7th review meeting in 2022 to consider the IPO applications of three companies, including Asian fishing ports. Finally, only the Asian fishing port failed to pass, becoming the first A-share company whose IPO was rejected in the year of the tiger.
It is worth noting that meituan, New Hope Liuhe Co.Ltd(000876) and other powerful shareholders are among the top ten shareholders of Asian fishing ports.
Source: screenshot of the official website of Shenzhen Stock Exchange
supply of fresh catering ingredients
According to the prospectus, the main business of Asian fishing port is the R & D, sales and distribution services of standardized fresh catering ingredients. It is a brand supplier of fresh catering ingredients. The company’s products are mainly frozen seawater deep-processing and primary processing products, mainly including shrimp, shellfish and fish products.
Some products of Asian fishing ports
Source: Company prospectus
Asian fishing port said that the company’s products and services are mainly for the catering industry, and its end customers mainly include large and medium-sized chain Chinese restaurants, Western restaurants, western style simple restaurants, hot pot catering industry, hotel wedding banquets, etc.
In the company’s deep-processing products, the distribution channels account for about 65%, mainly buyout distribution. The company sells directly to large catering chain enterprises, such as IKEA, Wallace, Dalian tongdelai and quququ; At the same time, it supplies food to small wholesalers of catering materials or catering terminals in direct selling mode.
In addition, in order to further expand the business of seawater primary processing products, the company has established Haiyan and Haiying with minority shareholders Zhu Haihong and Dalian Pinshan Food Co., Ltd. respectively since the end of 2018 to sell shrimp and abalone primary processing products.
In terms of performance, from 2018 to 2020 and the first half of 2021, Asian fishing ports achieved operating revenue of 914 million yuan, 1.203 billion yuan, 897 million yuan and 561 million yuan respectively; The net profits attributable to the shareholders of the company were 64.0889 million yuan, 69.0487 million yuan, 53.5214 million yuan and 33.265 million yuan respectively.
This time, the fund raised by the IPO of Asian fishing port is intended to be used for the central cold chain processing project of Asian fishing port and the Qiangbao supply chain project of Asian fishing port.
It is worth noting that Asian fishing ports are backed by powerful shareholders such as meituan and New Hope Liuhe Co.Ltd(000876) . Among them, New Hope Liuhe Co.Ltd(000876) is Houyi investment and New Hope Liuhe Co.Ltd(000876) investment, which hold 7.47% and 6.42% shares respectively.
Source: Company prospectus
In addition, Tianjin Zhongmei and Longzhu investment hold 9.96% and 4.98% equity of Asian fishing ports respectively. It is reported that the final controlling party of Tianjin Zhongmei is meituan. The executive partner of Longzhu investment is Ningbo Meishan free trade port Meixing Private Equity Fund Management Co., Ltd., and the shareholders of Meixing investment are Wang Xing of meituan (the controlling shareholder of meituan), Chen Shaohui (the senior manager of meituan) and Zhu Yonghua, the founding partner of meituan Longzhu capital
is it suspected to have the “three innovations and four innovations” attribute
In fact, Asian fishing ports submitted their prospectus as early as July 2020 to sprint the gem.
It is worth mentioning that after the reform of the registration system, the gem is more in line with the general trend of innovation, creation and creativity, focuses on serving growth innovative and entrepreneurial enterprises, and supports the deep integration of traditional industries with new technologies, Shenzhen New Industries Biomedical Engineering Co.Ltd(300832) , new formats and new models. Whether the Asian fishing port is consistent with the “three innovations and four innovations” attribute of the gem has been criticized by the market. This has also become one of the focuses of questioning in Asian fishing ports.
During the inquiry at the municipal Party committee meeting, it was mentioned that the compound growth rate of operating revenue and net profit of the company from 2018 to 2020 was negative, and the proportion of R & D expenses in operating revenue during the reporting period was 1.17%, 0.83%, 0.84% and 0.71% respectively; The four invention patents owned by the company were obtained in 2013, and the income of products related to invention patents accounted for 5%, 2.74%, 2.45% and 2.16% respectively; At present, the company only controls its own factories and some OEM manufacturers through z-network, but has not achieved the whole process control; The company mainly adopts outsourcing processing mode to carry out production.
In this regard, the municipal Party Committee on the gem asked the Asian fishing port to explain whether it is in line with the positioning of the gem in terms of “three innovations and four innovations” in combination with its business model, business growth, innovation ability and R & D transformation ability.
In its prospectus, Asian fishing port introduced scientific and technological innovation, model innovation, format innovation and the integration of new and old industries, saying that the company is an innovative enterprise with deep integration of traditional industries and new technologies, formats and models.
Among them, the standardization and large-scale development of raw and fresh catering materials industry is a new business form; The company has explored a new service model of branded fresh food supply chain; The company has realized the deep integration of traditional industries and the Internet; The company has realized the upgrading of traditional industries.
