GaoLung Marine is applying for IPO in Hong Kong Stock Exchange. China Securities Regulatory Commission requires additional explanations for the change of shareholding.
1min read On July 26, China Securities Regulatory Commission (CSRC) published the Supplemental Material Requirements for the Listing Application of Offshore Issuance (July 19, 2024 - July 25, 2024). Among them, CSRC required High Dragon Marine to explain the tax payment situation of the transfer of equity in 2016 March, whether it conforms to the relevant tax management and other regulatory requirements at that time. On June 28, High Dragon Marine Group Co., Ltd. (High Dragon Marine) filed an IPO application to the Stock Exchange of Hong Kong, and Guangzhou Yuexiu Capital was the sole sponsor.
Regarding the issue, CSRC required High Dragon Marine to explain (1) whether the company exercised the over-allotment option. If the over-allotment option was exercised, the number of shares issued, the proportion of the total issued shares after issuance, the expected amount of funds raised, and the changes in the equity structure before and after issuance were listed. (2) The progress of the domestic investment supervision procedures for the Longjiang Branch Project of the Company's IPO and the necessity and rationality of financing.
According to the information provided by HKEX, High Dragon Marine is a leading enterprise in the field of fish oil refining and concentration, and is also one of the promoters of the development of the fish oil industry in China. According to the information provided by Cuscal, the market is highly concentrated in the fish oil refining and concentration industry in China. In 2023, the market share of the top five market participants accounted for about 57% in terms of sales revenue. In 2023, High Dragon Marine was the largest fish oil refining and concentration enterprise in China in terms of both sales revenue and export value.
In the fiscal years 2021/22, 2022/23 and 2023/24, the total revenue of the Company was HK$246 million, HK$464 million and HK$532 million respectively. The net profit of the Company was approximately HK$141.85 million, HK$696.29 million and HK$60.06 million respectively.