Breaking! 100% equity transfer: This lighting company takes over

According to records, Jiangmen Nature Home was established on July 4, 2019. The company's business scope includes manufacturing of home furnishings; sales of home furnishings; and manufacturing of daily wooden products.

Prior to the equity transfer, Nature Home held 100% of the equity in Jiangmen Nature Home; after the equity transfer, Jiule Lighting holds 100% of the equity in Jiangmen Nature Home. Nature Home's business scope includes the sales of building and decoration materials, home furnishings, and forestry products.

Jiule Lighting was established on December 6, 2023. The company's business scope includes retail of electronic components, manufacturing of semiconductor lighting devices, and sales of semiconductor lighting devices.

Regarding Nature Home's performance, from 2018 to 2020, its net profit was RMB 157 million, RMB 162 million, and RMB 17.899 million respectively, with year-on-year (YoY) growth rates of 129.95%, 3.40%, and -88.96%. The net profit growth rate declined for three consecutive years. Nature Home was delisted in Hong Kong on October 19, 2021. The company spent RMB 523 million to complete privatization. Since Nature Home went public (IPO) in Hong Kong in 2011, its stock price has remained sluggish, and liquidity has long been at a low level.

Termination of ChiNext IPO for Jiangyin Runma Electronic Materials Co., Ltd.

Additionally, on the evening of January 2, the official website of the Shenzhen Stock Exchange showed that the ChiNext IPO for Jiangyin Runma Electronic Materials Co., Ltd. (abbreviated as "Runma Shares") was terminated because the company applied to withdraw its issuance and listing application documents. This is the first IPO withdrawal in 2024.

Runma shares mainly serve customers in the fields of large-scale integrated circuits and high-generation display panels, providing wet electronic chemicals centered on high-performance etching solutions, photoresist stripping and cleaning reagents. The company's products are widely used in processes such as cleaning, photolithography, development, and etching in integrated circuit wafer manufacturing and chip Packaging, as well as in display panel manufacturing. They are indispensable key materials supporting the development of industries such as integrated circuits and display panels.

Thanks to its outstanding product advantages, Runma has become a qualified supplier for many leading enterprises in the semiconductor, display panel and other fields. In the field of integrated circuit materials and manufacturing, cooperating famous manufacturers include SMIC, Xinsheng Semiconductor, CR Micro, Silan Micro, Jita Semiconductor, Shanghai Advanced, Sanan Optoelectronics, etc.; in the field of integrated circuit Packaging, cooperating famous manufacturers include JCET, Huatian Technology, Tongfu Microelectronics, etc.; in the field of display panels, cooperating famous manufacturers include BOE, TCL CSOT, HKC, Visionox, Fujian Huajiacai, Tianma, CEC Panda, Hehui Optoelectronics, etc.

In terms of performance, from 2020 to the first half of 2022, Runma achieved Revenue of RMB 357 million, RMB 524 million and RMB 273 million respectively, with Net profit of RMB 30.2537 million, RMB 77.5735 million and RMB 49.1565 million during the same periods.

Meanwhile, since June 2022, Fujian Huajiacai, one of the top five customers of Runma during the reporting period, has stopped purchasing from the company. Currently, Runma is increasing efforts in secondary development of existing customers and actively exploring new customers based on its product and technical advantages. Runma stated that if the issuer's market expansion performs poorly or if other important customers continue to be lost in the future, there will be a risk of declining performance.

This is not the first time Runma has attempted an IPO. In November 2015, Runma submitted its IPO application draft to the ChiNext for the first time and it was accepted. In December 2016, Runma's initial public offering failed at the meeting review stage.

After many years, in June 2022, Runma Shares' IPO on the ChiNext Board was accepted by the stock exchange again. Before the IPO withdrawal, the stock exchange had issued three rounds of review inquiries to Runma Shares. For this IPO, Runma Shares originally planned to raise RMB 655 million, investing in the second phase construction project for an annual output of 100,000 tons of ultra-clean high-purity electronic chemicals, the construction project for the integrated circuit materials R&D center, and the project for supplementing working capital. With the withdrawal of the IPO application, Runma Shares' fundraising effort this time was declared a failure.

As stated by Runma Shares in its prospectus, the company faces the risk of high customer concentration. Due to the high concentration characteristics of downstream industry markets such as semiconductors and display panels, the company's customer concentration was relatively high during the reporting period. The proportion of Revenue from the top five customers to the total Revenue for the respective periods was 50.53%, 61.97%, 61.92%, and 61.83%, respectively. If there are significant adverse changes in the company's cooperative relationships with major customers in the future, or if major customers themselves encounter significant problems in their production and operations, it will have an adverse impact on the stability of the company's performance and its sustainable profitability.

Comprehensive compilation