On the 23rd, the CSRC disclosed that the IPO registration of New Hua Du Supercenter Co.Ltd(002264) Special Electric Co., Ltd. (hereinafter referred to as Xinte electric) on the gem came into effect.
According to the public information, Xinte electric was listed on the new third board on May 18, 2016. On July 2, 2020, it announced the suspension notice of applying for initial public offering (A shares) and listing on the gem on the official website of the national share transfer system. The transfer of the company’s shares has been suspended in the National SME share transfer system since July 3, 2020.
On July 9, 2020, Xinte Electric’s application for listing on the gem was accepted by Shenzhen Stock Exchange, and was approved at the initial meeting on September 10 of the same year. The initial public offering of the company shall not exceed 61.92 million shares, accounting for 25.01% of the total share capital after issuance. Although Xinte electric passed the meeting smoothly, according to the announcement of the audit results, the municipal Party Committee on the gem inquired about horizontal competition and higher gross profit margin than comparable companies in the same industry. On December 31, 2021, Xinte electric submitted an application for registration.
Statistics show that Xinte Electric is a leading manufacturer of domestic brand frequency conversion transformers. Its main business is the R & D, production and sales of various special transformers and reactors with frequency conversion transformers as the core and the sales of supporting products. From 2018 to 2020, the operating revenue of Xinte electric was 247 million yuan, 271 million yuan and 341 million yuan respectively, and the net profit was 57 million yuan, 68 million yuan and 83 million yuan respectively.
