After failing to achieve A in June 2024, Guangdong Deju Technology Co., Ltd. (hereinafter referred to as "Deju Technology") wants to go through the IPO again. Recently, the official website of the China Securities Regulatory Commission showed that Deju Technology has launched listing counseling, and the counseling agency is still CITIC Securities Co., Ltd. Looking back on the previous IPO process, Deju Technology’s acquisition of major distributors at the end of 2020 has attracted regulatory attention.
According to the listing guidance filing report, Deju Technology was established on May 5, 2016, with a registered capital of 73.407 million yuan. According to the official website of Deju Technology, the company relies on the technical advantages of customized electronic-grade functional materials to continuously expand the application of high-performance materials in semiconductors, consumer electronics, new energy (automobiles, photovoltaics) and other fields. It is a high-tech enterprise integrating R&D, production, application support and sales.
Before launching listing counseling, Deju Technology had sprinted towards an IPO on the Science and Technology Innovation Board. On December 29, 2023, Deju Technology’s listing application submitted to the Science and Technology Innovation Board of the Shanghai Stock Exchange was accepted. However, due to its own development strategy, it withdrew its previous listing application and received a decision to terminate the review from the Shanghai Stock Exchange on June 24, 2024.
Yuan Shuai, deputy secretary-general of the Zhongguancun Internet of Things Industry Alliance, said that the company's restart of IPO may mean that it will make strategic adjustments after withdrawing the order and re-plan the listing path and development direction. It is expected to obtain more financial support through listing to further expand production scale, improve technological innovation capabilities, expand market share, etc.
A reporter from Beijing Business Daily combed through the IPO prospectus and found that Deju Technology had experienced a merger of companies not under common control, which constituted a major asset reorganization. That is, the company acquired the equity of the main distributor Shenzhen Meiketai Technology Co., Ltd. (hereinafter referred to as "Shenzhen Meiketai"). Specifically, at the end of 2020, Wang Yankun used his 100% stake in Shenzhen Meiketai to subscribe for an additional registered capital of approximately 15.382 million yuan from Deju Co., Ltd. (the predecessor of Deju Technology) at an estimated price of 101 million yuan. Financial data shows that the year before the reorganization, Deju Technology's total revenue and total profit in 2019 were approximately 50.6547 million yuan and 15.7608 million yuan respectively; during the same period, Shenzhen Meiketai's total revenue and total profit were approximately 203 million yuan and 26.4671 million yuan respectively.
At that time, Deju Technology stated that this restructuring would help the company expand sales channels, deepen customer stickiness, integrate business resources, and help the company further enhance its industry competitiveness and sustainable operating capabilities in the field of electronic adhesives.
However, it should be noted that after this acquisition, the gross profit margin of Deju Technology's main business in 2021 will decline sharply year-on-year. During the reporting period, the gross profit margins of Deju Technology's main business were 81.32%, 65.02%, 67.84%, and 64.55% respectively. Regarding the decline in gross profit margin of its main business in 2021, Deju Technology explained that it was mainly due to the increase in the proportion of trading business after the company acquired Shenzhen Mecotech, which lowered the comprehensive gross profit margin.
In addition, during the previous IPO, Deju Technology planned to raise approximately 875 million yuan. After deducting issuance costs, it will invest in Deju high-end composite functional material production projects, Deju Northern Headquarters production and research integration projects, Deju Northern Headquarters production and research integration projects (Phase II), and supplement working capital.
In response to related questions, a reporter from Beijing Business Daily called Deju Technology and sent an interview letter for an interview. Deju Technology stated that it was "inconvenient to accept an interview."
Beijing Business Daily reporter Ma Huan changed Li Jiaxue
