SSE: Terminates IPO review of Yeelight Smart on the STAR Market

On the evening of July 9, according to the official website of the Shanghai Stock Exchange, the IPO of Qingdao Yeelight Intelligent Technology Co., Ltd. (hereinafter referred to as "Yeelight Intelligent") was terminated.

It is understood that on July 7, Yeelight Smart and its sponsor, CITIC Securities Co., Ltd., submitted to the Shanghai Stock Exchange the "Application by Qingdao Yeelight Smart Technology Co., Ltd. for Withdrawal of Application Documents for Initial Public Offering and Listing on the STAR Market" (Yeelight Smart [2021] No. YLKTZ001) and the "Application by CITIC Securities Co., Ltd. for Withdrawal of Application Documents for the Initial Public Offering and Listing of Qingdao Yeelight Smart Technology Co., Ltd. on the STAR Market" (Zi Zheng Tou Zi [2021] No. 875), applying to withdraw the application documents. In accordance with the relevant provisions of Article 67 of the "Shanghai Stock Exchange STAR Market Stock Issuance and Listing Review Rules", the Shanghai Stock Exchange has decided to terminate the review of Yeelight Smart's initial public offering and listing on the STAR Market.

The prospectus shows that Yeelight's main business is the design, R&D, production, and sales of smart lighting products and control systems. The company applies IoT technology, lighting control technology, wireless communication technology, and other technologies to lighting products. After years of development, the company has formed a rich product line of smart lighting, including smart ceiling lights, smart table lamps, smart basic lighting, smart electrical products, and decorative lighting, and provides whole-house smart lighting design and construction services.

Yeelight Smart Lighting originally planned to issue no more than 16.834126 million shares in its initial public offering, accounting for no less than 25% of the total share capital after issuance. This issuance does not involve public sale of shares by existing shareholders. Yeelight Smart Lighting originally planned to raise RMB 550 million, which will be used for the industrialization project of smart lighting products, the R&D center construction project, the sales network construction project, and supplementing working capital.

The sponsor for this issuance by Yeelight Smart is CITIC Securities Co., Ltd.

It is reported that in the first half of this year, the number of IPOs in China doubled compared to the same period last year, accounting for approximately 29% of the global IPO count and fundraising amount respectively. From the perspective of different financing markets, the STAR Market and the ChiNext Board had the highest number of new IPOs in the first half of 2021.