Mingmei New Energy's GEM IPO has been "terminated (withdrawn)" The company specializes in the research, development, and sales of lithium-ion battery modules.

On January 12, Guangzhou Mingmei New Energy Co., Ltd. (hereinafter referred to as Mingmei New Energy) changed its IPO review status on the Shenzhen Stock Exchange's GEM to "Terminated (Withdrawn)". Mingmei New Energy and its sponsor withdrew their IPO application, and according to Article 62 of the "Shenzhen Stock Exchange Stock Issuance and Listing Review Rules (2024 Revision)", the Shenzhen Stock Exchange decided to terminate its IPO review. The prospectus shows that Mingmei New Energy is a high-tech enterprise specializing in the research, development, and sales of lithium-ion battery modules. The Company mainly develops and designs related products according to customer needs, and produces lithium-ion battery modules that meet customer requirements by purchasing raw materials such as battery cells, electronic components, and structural parts, and combining its own advanced technologies (such as BMS design and development). The Company's lithium-ion battery modules are mainly applied in consumer electronics, industrial electronic devices, two-wheeled electric vehicles, power and energy storage. The Company has established long-term and stable cooperative relationships with well-known brands such as OPPO Group, Zebra Technologies, Wingtech, Veken, Continental Group, Ecovacs Robotics, and Enpower Technology Group at home and abroad, thanks to its excellent R&D capabilities, flexible production, and stable and reliable product quality. Financially, Mingmei New Energy achieved revenues of approximately RMB2.364 billion, RMB2.102 billion, RMB2.822 billion, and RMB1.486 billion in 2019, 2020, 2021, and 2022H1, respectively; and its net profits were RMB50.426 million, RMB30.133 million, RMB67.005 million, and RMB40.447 million in the same periods. In the prospectus, Mingmei New Energy mentioned that it faces the risk of customer concentration. During the reporting periods, the Company's total sales to its top five customers (including those under the same control) accounted for 74.75%, 62.73%, 53.83%, and 46.94% of its current operating income, respectively, with relatively high customer concentration. The Company's total sales to its top five customers accounted for a relatively high proportion of its current operating income, mainly because its main customers are well-known terminal equipment manufacturers in the consumer electronics, industrial electronic devices, power, and energy storage industries with high market share. The Company's main customers have good business conditions and stable cooperation with the Company, but if the main customers' business conditions change significantly, their development strategies change, or the Company's competitors seize its main customer resources through business strategies, technological innovations, etc., it will have a significant negative impact on the Company's operations.