Majestic Assets responded to rumors of its listing: it plans to launch its share reform in the fourth quarter of this year and then launch the IPO process in a timely manner.
AInvestMonday, Aug 5, 2024 3:50 am ET
1min read
SHEL --

August 5, in response to the report about listing, Joyson said that it has always adhered to the principle of open and transparent development and will continue to maintain a diversified shareholding structure. Joyson plans to launch the corresponding shareholding reform in the fourth quarter of this year and then launch the IPO process in a timely manner. Joyson will disclose relevant financial data in the process.

In addition, Joyson said that since January 1, 2021, it has not received any additional support from the Shenzhen municipal government except for the usual funding support provided to the company.

It was reported that rumors of Joyson listing through shell companies have been circulating in the market since last year. Joyson has indirectly denied the rumor of "listing through shell companies". In November 2023, Joyson issued an announcement saying that in order to realize the company's strategic development in the next stage, the company will continue to optimize its shareholding structure and attract diversified capital to promote the company's listing on the capital market through the IPO. CEO Zhao Ming of Joyson has previously made it clear that "listing through shell companies" has never been Joyson's choice and the company will definitely list in China in the future.

In terms of valuation, when Shenzhen Zhixin New Information Technology acquired Joyson in 2020, Joyson's valuation was $13.8 billion. When Joyson first announced its independent listing in the first half of 2022, the capital market once valued Joyson at $45 billion (over RMB320 billion).

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