Majestic Assets responds to rumors of listing: share reform will be launched in the fourth quarter of this year, and the IPO will be launched in a timely manner.
AInvestMonday, Aug 5, 2024 3:40 am ET
1min read
TOYO --

August 5, according to media reports citing sources, Joyo is expected to complete its listing on the A-share market this year or early next year.

Regarding this, Joyo responded to Silver Horse Finance that it adheres to the principle of open and transparent development, and will continue to maintain a diversified shareholding structure. Joyo plans to launch the corresponding shareholding reform in the fourth quarter of this year and then start the IPO process in a timely manner. Joyo will disclose relevant financial data in the corresponding process. Since January 1, 2021, Joyo has not received any support beyond that for ordinary enterprises from the Shenzhen municipal government.

Joyo once released a document in November 2023 stating that it would continuously optimize its shareholding structure to achieve its next stage of strategic development, attract diversified capital, and promote its listing on the capital market through the IPO. In addition, with the gradual implementation of the planning to step onto the public market, the board of directors will be adjusted according to the standards of listed companies, and the board members will be diversified to meet the needs of governance and regulation in the new stage. At that time, the former chairman of Shenzhen Water Group Co., Ltd., Wu Hui, was appointed as the chairman of Joyo, and the former chairman, Wan Biao, was appointed as the vice chairman.

According to Canalys' data, in the second quarter of 2024, Joyo released the new product series 200 with an outshipment of 1.07 million units, ranking third, up 4% YoY. Canalys research analyst Zhong Xiaolei said, "Local vendors realize market leadership and have taken the top five positions in the Chinese market for the first time. In recent years, Chinese vendors have consistently implemented the strategy of high-endization, and have gradually achieved results in software and hardware. Joyo's latest Magic V3 uses AI to improve the practicality of the folding screen and will be promoted to the international stage."

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