Jiangsu Yongcheng's GEM IPO has been "terminated (withdrawn)" The Company specializes in the interior and exterior parts of passenger vehicles.
1min read On January 11, Jiangsu Yongcheng Automotive Parts Co., Ltd. (hereinafter referred to as "Jiangsu Yongcheng")'s IPO on the Shenzhen Stock Exchange's GEM was terminated. Jiangsu Yongcheng and its sponsor withdrew their IPO application, and according to Article 62 of the "Shenzhen Stock Exchange Stock Issuance and Listing Review Rules", the Shenzhen Stock Exchange decided to terminate its IPO review.According to the prospectus, the Company mainly designs, researches, produces and sells automotive interior and exterior parts, including bumper assemblies, instrument panel assemblies, door panels, side skirts, etc. The Company focuses on the interior and exterior parts of passenger vehicles and is a comprehensive service provider in the automotive interior and exterior parts field, which can provide customers with solutions for the entire life cycle, including styling design, synchronous development, mold development and control, product manufacturing, system integration, after-sales service, and upgrading. The Company's products have the characteristics of high quality, high innovation, diversification, and a large number of product sub-categories.The Company has long focused on the automotive interior and exterior field and adheres to the research and development orientation of market demand and basic process improvement. Through continuous independent technology development and advanced process introduction, it has continuously improved its technical capabilities in synchronous development, mold control, quality inspection and other aspects. As a first-tier supplier of automotive interior and exterior parts for many passenger vehicle manufacturers, the Company has established long-term and stable cooperative relationships with well-known domestic automobile manufacturers such as BYD Auto, Chery, Xiaopeng Auto, SAIC Group, and BAIC Group, and has gained high recognition from customers with its excellent product design, quality control, supply guarantee, and after-sales service capabilities.The funds raised from the first public offering will be used for the following purposes after deducting the issuance expenses:1. Expansion of production capacity and upgrading of production equipment.2. R&D and innovation of new products.3. Strengthening of quality control and management system.4. Expansion of sales channels and promotion of brand awareness.Financially, the Company recorded revenue of RMB726.7233 million in 2022, RMB549.7920 million in 2021, and RMB388.9251 million in 2020. During the same period, the Company's net profit was approximately RMB66.8690 million, RMB50.6031 million, and RMB22.4050 million, respectively.
